Australian Broker Call

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February 22, 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
ARB - ARB CORP Downgrade to Neutral from Buy Citi
AWC - ALUMINA Downgrade to Sell from Neutral UBS
IDX - INTEGRAL DIAGNOSTICS Downgrade to Accumulate from Buy Ord Minnett
ILU - ILUKA RESOURCES Downgrade to Neutral from Buy Citi
Downgrade to Neutral from Outperform Macquarie
IRE - IRESS MARKET TECHN Downgrade to Accumulate from Buy Ord Minnett
PGH - PACT GROUP Upgrade to Outperform from Neutral Credit Suisse
SCG - SCENTRE GROUP Downgrade to Neutral from Outperform Credit Suisse
SGP - STOCKLAND Downgrade to Underperform from Neutral Credit Suisse
STO - SANTOS Downgrade to Neutral from Outperform Macquarie
WES - WESFARMERS Downgrade to Neutral from Outperform Credit Suisse
Downgrade to Sell from Neutral UBS
3PL  3P LEARNING LIMITED

Education & Tuition

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Overnight Price: $1.09

Deutsche Bank rates 3PL as Buy (1) -

First half results were broadly in line with Deutsche Bank's estimates. The broker notes solid cost control and new distribution agreements that will expand the product portfolio and accelerate growth.

The broker considers the company well capitalised and retains a Buy rating. Target is reduced to $1.60 from $1.65.

Target price is $1.60 Current Price is $1.09 Difference: $0.51
If 3PL meets the Deutsche Bank target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 56.0% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 5.1, 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 21.4.

Forecast for FY20:

Current consensus EPS estimate is 6.4, implying annual growth of 25.5%.

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

Current consensus EPS estimate suggests the PER is 17.0.

Market Sentiment: 1.0

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


Macquarie rates 3PL as Outperform (1) -

3PL's interim result missed Macquarie's expectations, again, and EMEA revenue decline of -9% is pointed at as the key reason. Macquarie analysts see enough positives, plus they note management's three year strategic plan is in the final stages.

Combine all of the above and Macquarie thinks there is sufficient optimism available to retain the Outperform rating. The emergence of "greenshoots" is mentioned in the report. Target falls to $1.50 from $1.70.

Target price is $1.50 Current Price is $1.09 Difference: $0.41
If 3PL meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 56.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 5.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.1, 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 21.4.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 5.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 25.5%.

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

Current consensus EPS estimate suggests the PER is 17.0.

Market Sentiment: 1.0

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


Morgan Stanley rates 3PL as Overweight (1) -

First half results were mixed versus Morgan Stanley's estimates. The company has flagged a change in revenue recognition across the half-years in FY19, with a greater skew towards renewals at the start of the school year (second half).

Morgan Stanley believes delivery on the second half sales performance will be the next catalyst. Target is $2.00. Overweight rating. Industry view is In-Line.

Target price is $2.00 Current Price is $1.09 Difference: $0.91
If 3PL meets the Morgan Stanley target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $1.70, suggesting upside of 56.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.1, 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 21.4.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.4, implying annual growth of 25.5%.

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

Current consensus EPS estimate suggests the PER is 17.0.

Market Sentiment: 1.0

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

ALL  ARISTOCRAT LEISURE LIMITED

Gaming

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Overnight Price: $25.93

Deutsche Bank rates ALL as Buy (1) -

The trading update at the AGM was well received, Deutsche Bank observes, and results for the year to date are tracking in line with the company's expectations. Earnings will be skewed to the second half because of the digital game releases.

The broker notes land-based gaming had a stronger start to the year while digital is in line with expectations. Buy rating and $39.75 target maintained.

Target price is $39.75 Current Price is $25.93 Difference: $13.82
If ALL meets the Deutsche Bank target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $31.68, suggesting upside of 22.2% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 131.3, implying annual growth of 15.1%.

Current consensus DPS estimate is 54.5, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY20:

Current consensus EPS estimate is 149.2, implying annual growth of 13.6%.

Current consensus DPS estimate is 62.6, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: 0.9

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


Ord Minnett rates ALL as Buy (1) -

The company has reiterated its outlook for FY19 at the AGM, indicating further expansion in the installed machine base and incremental growth in adjacencies in North America.

Moderately higher corporate costs are expected along with higher user acquisition expenditure (advertising, incentives).

Ord Minnett finds the risk/reward attractive and retains a Buy rating. Target is lowered to $31.25 from $32.45 as margin estimates for America are reduced to 52% from 54% and FY19-20 net profit estimates are reduced by -5.3% and -3.1% respectively.

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

Target price is $31.25 Current Price is $25.93 Difference: $5.32
If ALL meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $31.68, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 55.00 cents and EPS of 109.00 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 131.3, implying annual growth of 15.1%.

Current consensus DPS estimate is 54.5, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 19.7.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 67.00 cents and EPS of 131.00 cents.
At the last closing share price the estimated dividend yield is 2.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 149.2, implying annual growth of 13.6%.

Current consensus DPS estimate is 62.6, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: 0.9

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

ARB  ARB CORPORATION LIMITED

Automobiles & Components

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Overnight Price: $16.81

UPDATED

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

ARB Corp's first-half result disappointed, the broker citing weak passenger vehicle sales and potential headwinds from the Hayne Royal Commission.

Earnings-per-share forecasts fall -5% to -6% across FY20-FY21 and target price eases -2% to $18.38 from $18.66.

Citi downgrades to Neutral from Buy.

Target price is $18.38 Current Price is $16.81 Difference: $1.57
If ARB meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $17.82, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 40.00 cents and EPS of 70.30 cents.
At the last closing share price the estimated dividend yield is 2.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.6, implying annual growth of 11.4%.

Current consensus DPS estimate is 39.8, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 23.5.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 44.50 cents and EPS of 78.40 cents.
At the last closing share price the estimated dividend yield is 2.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.2, implying annual growth of 9.2%.

Current consensus DPS estimate is 43.4, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 21.5.

Market Sentiment: 0.3

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


Ord Minnett rates ARB as Hold (3) -

Ord Minnett analysts observe ARB Corp's underlying H1 result slightly missed, as did the 18.5c in declared dividends. Given the resilient business model, the shares continue trading on a relatively high multiple, and thus the broker does not see material upside in the near term.

Not making the outlook any easier, the analysts highlight the company is cycling tough comparables for the second half. Hold rating and $15.70 price target retained. Slight reductions have been implemented to forecasts.

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

Target price is $15.70 Current Price is $16.81 Difference: minus $1.11 (current price is over target).
If ARB meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.82, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 39.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.6, implying annual growth of 11.4%.

Current consensus DPS estimate is 39.8, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 23.5.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 43.00 cents and EPS of 78.00 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.2, implying annual growth of 9.2%.

Current consensus DPS estimate is 43.4, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 21.5.

Market Sentiment: 0.3

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

ASL  AUSDRILL LIMITED

Mining Sector Contracting

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Overnight Price: $1.69

Deutsche Bank rates ASL as Buy (1) -

First half earnings (EBIT) were slightly ahead of Deutsche Bank's forecasts.

Buy rating maintained. Target is $2.

Target price is $2.00 Current Price is $1.69 Difference: $0.31
If ASL meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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


UBS rates ASL as Buy (1) -

Strictly Ausdrill's result fell slightly short but composition was positive, the broker suggests, with underground mining outperforming and surface mining underperforming only because of the weather. The broker believes FY19 guidance appears highly achievable and FY20 risks are now skewed to the upside.

Adjusting for compositional earnings performance sees the target fall to $2.35 from $2.55, Buy retained.

Target price is $2.35 Current Price is $1.69 Difference: $0.66
If ASL meets the UBS target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 7.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 4.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.56.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 9.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 5.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.89.

Market Sentiment: 1.0

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: $2.69

Citi rates AWC as Buy (1) -

Alumina's 2018 result met the broker, the dividend outpacing the broker and consensus. Citi notes that costs rose but expects them to moderate.

The broker downgrades 2019 earnings forecasts by -4% and 2020 by -3% to reflect lower alumina production forecasts.

Target price increases to $2.80 from $2.70 to reflect FX movements. Buy rating retained given the stock is trading at a price-earnings multiple of 7.9x 2020 estimates.

Target price is $2.80 Current Price is $2.69 Difference: $0.11
If AWC meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 27.30 cents and EPS of 29.74 cents.
At the last closing share price the estimated dividend yield is 10.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of N/A.

Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 8.8%.

Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 27.84 cents and EPS of 30.15 cents.
At the last closing share price the estimated dividend yield is 10.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.7, implying annual growth of -10.9%.

Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 9.4%.

Current consensus EPS estimate suggests the PER is 11.4.

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 AWC as Outperform (1) -

2018 numbers were broadly in line with Credit Suisse estimates while net profit was ahead. Improvements are expected across the suite of assets with AWAC alumina production guidance of 12.6mt in 2019.

The company is expecting a balanced alumina market after Alunorte is re-started at the end of the March quarter.

Credit Suisse maintains an Outperform rating and $3.10 target for Alumina Ltd.

Target price is $3.10 Current Price is $2.69 Difference: $0.41
If AWC meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 28.30 cents and EPS of 22.47 cents.
At the last closing share price the estimated dividend yield is 10.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of N/A.

Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 8.8%.

Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 16.26 cents and EPS of 17.83 cents.
At the last closing share price the estimated dividend yield is 6.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.7, implying annual growth of -10.9%.

Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 9.4%.

Current consensus EPS estimate suggests the PER is 11.4.

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 AWC as Outperform (1) -

Macquarie found the 2018 result was strong with in line underlying earnings facilitating a record final dividend of US$0.141, and supported by buoyant alumina pricing. Macquarie analysts note uncertainty builds around the ramp-up of Alunorte, but there remains potential valuation upside at current spot prices.

While alumina prices are expected to fall, the same should apply to caustic soda prices, point out the analysts, which means costs should be materially lower in 2019. Estimates have been lifted by some 4%. Target price remains $2.70. Outperform.

Target price is $2.70 Current Price is $2.69 Difference: $0.01
If AWC meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 29.33 cents and EPS of 34.09 cents.
At the last closing share price the estimated dividend yield is 10.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of N/A.

Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 8.8%.

Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 31.10 cents and EPS of 29.74 cents.
At the last closing share price the estimated dividend yield is 11.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.7, implying annual growth of -10.9%.

Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 9.4%.

Current consensus EPS estimate suggests the PER is 11.4.

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 AWC as Hold (3) -

2018 underlying earnings were in line with Ord Minnett forecasts, albeit at a record. Production guidance for 2019 is 12.6mt, slightly below the broker's expectations.

Capital expenditure for 2019 is well above Ord Minnett's estimates and is principally for studies to examine ways to reduce the bottlenecks at the Western Australian refining assets.

Hold rating and $2.60 target maintained.

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

Target price is $2.60 Current Price is $2.69 Difference: minus $0.09 (current price is over target).
If AWC meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.68, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 10.86 cents and EPS of 19.01 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of N/A.

Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 8.8%.

Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 23.09 cents and EPS of 13.58 cents.
At the last closing share price the estimated dividend yield is 8.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.7, implying annual growth of -10.9%.

Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 9.4%.

Current consensus EPS estimate suggests the PER is 11.4.

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 AWC as Downgrade to Sell from Neutral (5) -

Alumina's result met expectations, driven by a 33% increase in alumina prices offset by only a 14% increase in costs. AWAC earnings nevertheless fell short of UBS' estimate on higher costs.

Ahead are a number of significant costs for site closures and Point Comfort holding costs that will continue for the next few years, the broker notes, reducing earnings and cash flow. On a premium to net present value, UBS downgrades to Sell from Neutral while retaining a $2.20 target.

Target price is $2.20 Current Price is $2.69 Difference: minus $0.49 (current price is over target).
If AWC meets the UBS target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.68, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 19.01 cents and EPS of 23.09 cents.
At the last closing share price the estimated dividend yield is 7.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of N/A.

Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 8.8%.

Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 23.09 cents and EPS of 23.09 cents.
At the last closing share price the estimated dividend yield is 8.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.7, implying annual growth of -10.9%.

Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 9.4%.

Current consensus EPS estimate suggests the PER is 11.4.

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

AX1  ACCENT GROUP LIMITED

Apparel & Footwear

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Overnight Price: $1.52

UPDATED

Citi rates AX1 as Buy (1) -

Accent Group's first-half result pleased the broker, thanks to solid margin expansion.

Like-for-like sales were good and Citi notes the stock has a lower housing exposure than peers such as Beacon Lighting ((BLX)) and Nick Scali ((NCK)).

The broker believes the franchise buyback of the Athlete's Foot network presages a substantial uptick for FY20 earnings, which has not been incorporated into forecasts given timing uncertainty.

Target price rises to $1.75 from $1.65 to reflect earnings revisions. Buy rating retained.

Target price is $1.75 Current Price is $1.52 Difference: $0.23
If AX1 meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 8.00 cents and EPS of 9.70 cents.
At the last closing share price the estimated dividend yield is 5.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.67.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 8.50 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.62.

Market Sentiment: 0.5

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


UPDATED

Morgans rates AX1 as Hold (3) -

Accent Group turned in a first-half result ahead of guidance. Like for like sales growth continued and the company has upgraded earnings guidance to at least 10% from the middle single digits.

The company was kicking goals on several fronts: vertical brand penetration, windfalls from higher margin businesses, accelerating franchise buybacks.

Earnings-per-share forecasts rise 3.1%, 3.8% and 7.9% across FY19 to FY21. Target price rises to $1.51 from $1.46 to reflect this. Hold rating retained, the broker concerned about weakening consumer sentiment, competition and foreign-exchange risk.

Target price is $1.51 Current Price is $1.52 Difference: minus $0.01 (current price is over target).
If AX1 meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 7.80 cents and EPS of 10.00 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 15.20.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 8.50 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.82.

Market Sentiment: 0.5

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

CCL  COCA-COLA AMATIL LIMITED

Food, Beverages & Tobacco

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Overnight Price: $8.23

Citi rates CCL as Sell (5) -

Coca-Cola Amatil's 2018 result disappointed, the stock reporting falling volumes despite price investment in Australia, where costs also rose. Margin pressure also surfaced in Indonesia and PNG.

Citi predicts a -9% fall in earnings for 2019 and cuts earnings-per-share forecasts -3% in 2019 and less than -1% in 2020.

Sell rating retained. Target price steady at $8.15.

Target price is $8.15 Current Price is $8.23 Difference: minus $0.08 (current price is over target).
If CCL meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.37, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 47.00 cents and EPS of 49.10 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.9, implying annual growth of N/A.

Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 47.00 cents and EPS of 51.50 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.1, implying annual growth of 4.3%.

Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: -0.3

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


Credit Suisse rates CCL as Neutral (3) -

The second half of 2018 was a little weaker than Credit Suisse forecast. There is no change to guidance and 2019 remains a transition year as the company invests in Australian selling capacity and increases marketing expenditure in Indonesia.

The second half weakness appears to relate to still beverages, as the company's business was put on EDLP with key supermarkets. Credit Suisse maintains a Neutral rating and $8.90 target.

Target price is $8.90 Current Price is $8.23 Difference: $0.67
If CCL meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.37, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 47.00 cents and EPS of 52.06 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.9, implying annual growth of N/A.

Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 47.00 cents and EPS of 55.38 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.1, implying annual growth of 4.3%.

Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: -0.3

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


Deutsche Bank rates CCL as Hold (3) -

Deutsche Bank observes volume trends deteriorated in the second half, driven by unfavourable weather as well as the loss of the Domino's Pizza ((DMP)) contract.

The broker found some positive signs, as investment in brand Coke is starting to provide benefits. The broker notes alcohol and coffee are well-positioned but Indonesian markets are tough.

Earnings are expected to decline again in 2019 in Indonesia. Hold rating and $8 target maintained.

Target price is $8.00 Current Price is $8.23 Difference: minus $0.23 (current price is over target).
If CCL meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.37, suggesting upside of 1.7% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 50.9, implying annual growth of N/A.

Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY20:

Current consensus EPS estimate is 53.1, implying annual growth of 4.3%.

Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: -0.3

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


Macquarie rates CCL as Neutral (3) -

Underlying, explains Macquarie, the rather dismal looking 2018 performance was in line with expectations. Though the analysts acknowledge, the accelerated investment in Australian Beverages stands out as a key negative in the released financial report.

Near-term pressures are here to stay, and 2019 will just be another transformational year, suggest the analysts without any hint of irony or sarcasm. Also observed: Indonesia and PNG are (still) not improving. Macquarie thinks management's long term targets are simply "unattainable".

Neutral rating retained. Price target drops to $8.15 from $8.28.

Target price is $8.15 Current Price is $8.23 Difference: minus $0.08 (current price is over target).
If CCL meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.37, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 42.20 cents and EPS of 52.10 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 15.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.9, implying annual growth of N/A.

Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 43.50 cents and EPS of 53.70 cents.
At the last closing share price the estimated dividend yield is 5.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.1, implying annual growth of 4.3%.

Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: -0.3

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


Ord Minnett rates CCL as Hold (3) -

2018 net profit was slightly ahead of Ord Minnett's forecasts. The broker finds some early positives emerging in Australian beverages, with volume growth evident in the second half.

2019 is expected to be another year of transition amid more investment in Australasian beverages and Indonesia.

Hold rating and $8.50 target maintained.

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

Target price is $8.50 Current Price is $8.23 Difference: $0.27
If CCL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.37, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 45.00 cents and EPS of 47.00 cents.
At the last closing share price the estimated dividend yield is 5.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.9, implying annual growth of N/A.

Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 46.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.1, implying annual growth of 4.3%.

Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: -0.3

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


UBS rates CCL as Sell (5) -

Coca-Cola Amatil delivered an in-line result, featuring improvement in Australia but further disappointment in Indonesia/PNG. Incremental investment made 2018 a transition year, the broker notes, and FY19 will be another year of transition ahead of what management forecasts as mid single-digit growth in FY20.

The broker is not so confident, believing further investment will be required in FY20, with earnings risk to the downside. There is little sign of return on investment to date. Sell retained, target falls to $7.70 from $7.85.

Target price is $7.70 Current Price is $8.23 Difference: minus $0.53 (current price is over target).
If CCL meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.37, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 44.00 cents and EPS of 50.20 cents.
At the last closing share price the estimated dividend yield is 5.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.9, implying annual growth of N/A.

Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 16.2.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 44.00 cents and EPS of 51.70 cents.
At the last closing share price the estimated dividend yield is 5.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.1, implying annual growth of 4.3%.

Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 15.5.

Market Sentiment: -0.3

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

CDP  CARINDALE PROPERTY TRUST

REITs

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Overnight Price: $7.10

UPDATED

Ord Minnett rates CDP as Hold (3) -

Marginally higher net property income helped Carindale Property achieve a slightly better-than-expected interim performance. Hold rating retained, alongside a target price of $6.90 (down from $7.50 previously).

Ord Minnett points outs the trust’s sole asset is a 50% stake in the Carindale shopping centre in Brisbane, while noting the fit-out of the latest format David Jones store inside the centre has commenced and is on track to open in December quarter of 2019.

The broker suggests the centre is not located in a competitive catchment area and it is not producing enough income growth to sustain the valuation. This explains the cut in price target.

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

Target price is $6.90 Current Price is $7.10 Difference: minus $0.2 (current price is over target).
If CDP meets the Ord Minnett 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 June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 20.00 cents and EPS of 35.00 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.29.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 19.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.19.

Market Sentiment: 0.0

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

CGR  CML GROUP LIMITED

Business & Consumer Credit

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Overnight Price: $0.53

Morgans rates CGR as Add (1) -

CML Group's first-half result met the broker, the stock posting solid performances on most fronts. 

Management reiterates guidance so the target price is steady at 71c.

Morgans retains an Add rating, expecting strong growth in the core business and operational leverage to flow through in FY20/FY21.

Target price is $0.71 Current Price is $0.53 Difference: $0.18
If CGR meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 2.00 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.28.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 2.50 cents and EPS of 5.70 cents.
At the last closing share price the estimated dividend yield is 4.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.30.

Market Sentiment: 1.0

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

CQR  CHARTER HALL RETAIL REIT

REITs

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Overnight Price: $4.55

Macquarie rates CQR as Underperform (5) -

As reported yesterday, first half earnings were slightly ahead of Macquarie's expectations. FY19 guidance is reaffirmed.

While acknowledging the more defensive segment of retail assets is performing better than larger retail assets, the 8% premium to net tangible assets is seen as too large to ignore. Hence, the broker retains an Underperform rating. Target was raised to $4.07 from $4.02, and remains unchanged in today's follow-up report.

Target price is $4.07 Current Price is $4.55 Difference: minus $0.48 (current price is over target).
If CQR meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.11, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 28.60 cents and EPS of 30.10 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of -15.8%.

Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 29.50 cents and EPS of 31.10 cents.
At the last closing share price the estimated dividend yield is 6.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.6, implying annual growth of 3.6%.

Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 14.4.

Market Sentiment: -0.6

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


Ord Minnett rates CQR as Lighten (4) -

The analysts spotted an interim performance slight ahead of expectations, with Charter Hall Retail reiterating guidance for growth in funds from operations (FFO) for the full year of 2%.

Ord Minnett remains on the lookout for any negative signals from retail assets changing hands over the next 12-18 months. Lighten rating retained (the report, confusingly, mentions both Hold and Lighten). Target $4.30.

On balance, most estimates have been reduced.

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

Target price is $4.30 Current Price is $4.55 Difference: minus $0.25 (current price is over target).
If CQR 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 $4.11, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 29.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 6.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of -15.8%.

Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 29.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 6.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.6, implying annual growth of 3.6%.

Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 14.4.

Market Sentiment: -0.6

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

CWN  CROWN RESORTS LIMITED

Gaming

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Overnight Price: $11.50

Credit Suisse rates CWN as Neutral (3) -

Credit Suisse downgrades estimates by -5-13% after noting weak revenue and strong costs growth in the first half. The company does not have a significant cost reduction program in place.

Perth VIP appeared very weak to the broker, with a mere $2.6bn in turnover. The broker assumes VIP returns to low growth in FY20 but is not that confident.

Neutral rating maintained. Target is lowered to $11.20 from $12.45.

Target price is $11.20 Current Price is $11.50 Difference: minus $0.3 (current price is over target).
If CWN 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 $12.11, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 60.00 cents and EPS of 55.95 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.2, implying annual growth of -30.8%.

Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 60.00 cents and EPS of 60.14 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.9, implying annual growth of 8.4%.

Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 18.9.

Market Sentiment: 0.0

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

DUB  DUBBER CORPORATION LIMITED

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Overnight Price: $0.65

Morgans rates DUB as Initiation of coverage with Hold (3) -

Dubber Corp seems to have developed technology that turns voice into data and stockbroker Morgans believes the company is nearing an inflection point. This implies, if everything goes according to plan, substantial shareholder value should be on the horizon.

Morgans has initiated coverage with a Hold recommendation and an initial price target of $0.46. The analysts do issue a warning to investors: Dubber is not yet a self-funding business, so execution and access to capital remain key risks.

Target price is $0.46 Current Price is $0.65 Difference: minus $0.19 (current price is over target).
If DUB meets the Morgans target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 0.0

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

EBO  EBOS GROUP LIMITED

Healthcare services

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Overnight Price: $21.18

Credit Suisse rates EBO as Neutral (3) -

First half net profit was marginally ahead of expectations while operations were largely in line. The broker believes the company has distinguished itself as a best-in-class wholesaler that continues to grow despite the competition and regulatory headwinds.

The question is whether its scale, diversity and opportunity can support a materially higher valuation. Credit Suisse maintains a Neutral rating and raises the target to NZ$20.75 from NZ$20.05.

Current Price is $21.18. Target price not assessed.

Current consensus price target is $20.43, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 64.10 cents and EPS of 91.50 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 23.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.5, implying annual growth of N/A.

Current consensus DPS estimate is 65.0, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 22.9.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 76.50 cents and EPS of 109.30 cents.
At the last closing share price the estimated dividend yield is 3.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 106.1, implying annual growth of 14.7%.

Current consensus DPS estimate is 73.5, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.0

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

EHL  EMECO HOLDINGS LTD

Mining Sector Contracting

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Overnight Price: $2.39

Morgans rates EHL as Add (1) -

Emeco has announced a post first-half result update to clarify and confirm that the $90m fleet spend in FY19 is growth capital expenditure designed to optimise fleet configuration. 

The broker retains its conviction that the stock is oversold and revises the target price upward to $3.22 from $3 and retains an Add rating.

Target price is $3.22 Current Price is $2.39 Difference: $0.83
If EHL meets the Morgans target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 25.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.56.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 33.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.24.

Market Sentiment: 1.0

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

EPW  ERM POWER LIMITED

Infrastructure & Utilities

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Overnight Price: $1.62

Morgans rates EPW as Add (1) -

ERM Power's first-half result met the broker. The company released a revised capital management framework that allows for higher dividends, continued buyback activity and a larger capital reserve to fund growth.

Management guided to higher gross margins and sales in FY20. A special dividend of 3c was also declared.

Target price falls to $1.81 from $2.01, the broker saying the market will expect ERM's dividend to outpace peers but the new framework provides for a lower than expected dividend (which the broker downgrades).

Add rating retained, Morgans noting the stock is trading at a significant discount to valuation.

Target price is $1.81 Current Price is $1.62 Difference: $0.19
If EPW meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 12.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 7.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.4, implying annual growth of -50.6%.

Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 12.1.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 11.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 6.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 76.1%.

Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 10.2%.

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

EVT  EVENT HOSPITALITY AND ENTERTAINMENT LTD

Travel, Leisure & Tourism

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Overnight Price: $12.99

Citi rates EVT as Sell (5) -

Event Hospitality's first half result met the broker, hotels performing well but cinemas, cash flow and cost control disappointing. No guidance was provided.

Target price is steady at $12.25, the broker suspecting the property portfolio could cushion a challenging period in the second half. Sell rating retained.

Target price is $12.25 Current Price is $12.99 Difference: minus $0.74 (current price is over target).
If EVT meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 54.00 cents and EPS of 71.50 cents.
At the last closing share price the estimated dividend yield is 4.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.17.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 55.50 cents and EPS of 72.20 cents.
At the last closing share price the estimated dividend yield is 4.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.99.

Market Sentiment: 0.0

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


Ord Minnett rates EVT as Buy (1) -

The interim result was marginally below Ord Minnett's estimates. The broker highlights the fact the company is exposed to market volatility from existing assets as it seeks to ramp up developments.

Still, a number of projects are expected to create significant shareholder value, although the timing is highly uncertain.

Ord Minnett suspects value will be forthcoming for patient investors and maintains a Buy rating. Target is reduced to $15.20 from $15.96.

Target price is $15.20 Current Price is $12.99 Difference: $2.21
If EVT meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 61.00 cents and EPS of 85.90 cents.
At the last closing share price the estimated dividend yield is 4.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.12.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 102.80 cents and EPS of 142.30 cents.
At the last closing share price the estimated dividend yield is 7.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.13.

Market Sentiment: 0.0

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

FBU  FLETCHER BUILDING LIMITED

Building Products & Services

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Overnight Price: $4.78

Credit Suisse rates FBU as Neutral (3) -

First half results were slightly better than guidance. Credit Suisse was still disappointed as earnings (EBIT) in the core NZ business were down -6.8% and Australian earnings were down -37.7%.

The broker downgrades its FY19 estimates to the low end of the guidance range of $650-700m. Credit Suisse is happy that capital management appears to have been taken off the table, noting several large cash outflows across FY19 and FY20 are in the wind.

Target is reduced to NZ$5.28 from NZ$5.43. Neutral maintained.

Current Price is $4.78. Target price not assessed.

Current consensus price target is $4.81, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 23.27 cents and EPS of 40.40 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.6, implying annual growth of N/A.

Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 26.06 cents and EPS of 40.86 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.7, implying annual growth of -2.1%.

Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 11.5.

This company reports in NZD. 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


Macquarie rates FBU as No Rating (-1) -

Pre-significant items, the interim report bettered management's guidance, but missed Macquarie's projection by some -4%. The problem, it appears, remains in the Australian operations. Luckily, NZ operations performed better-than-expected.

No additional capital management is being considered, now that the dividend for shareholders has been reinstated. Estimates have lifted post FY19 (but -3% for this year). Macquarie remains restricted.

Current Price is $4.78. Target price not assessed.

Current consensus price target is $4.81, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 21.41 cents and EPS of 42.72 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.6, implying annual growth of N/A.

Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 11.2.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 25.60 cents and EPS of 42.54 cents.
At the last closing share price the estimated dividend yield is 5.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.7, implying annual growth of -2.1%.

Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 11.5.

This company reports in NZD. 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

FLT  FLIGHT CENTRE LIMITED

Travel, Leisure & Tourism

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Overnight Price: $44.90

Citi rates FLT as Neutral (3) -

Flight Centre's first-half result disappointed but the announcement of a special dividend of $1.49 put quite a bit of polish on it.

Management updated FY19 guidance to the lower end of previous guidance, which Citi expects will drive consensus downgrades of -4%.

Neutral rating retained and target price falls to $47.50 from $51.00.

Target price is $47.50 Current Price is $44.90 Difference: $2.6
If FLT meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $49.43, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 314.80 cents and EPS of 279.30 cents.
At the last closing share price the estimated dividend yield is 7.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 278.1, implying annual growth of 6.8%.

Current consensus DPS estimate is 294.9, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 183.70 cents and EPS of 310.50 cents.
At the last closing share price the estimated dividend yield is 4.09%.
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 308.1, implying annual growth of 10.8%.

Current consensus DPS estimate is 183.9, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 14.6.

Market Sentiment: 0.4

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


Credit Suisse rates FLT as Neutral (3) -

While there is significant uncertainty with respect to the likely stabilisation of the Australian leisure business, Credit Suisse believes the risk also needs to be balanced by the significant improvement in offshore business.

Hence, the broker maintains a Neutral rating despite some additional risk observed in the second half.

The broker also suspects the market reaction was driven more by the capital management than the poor trading result. Target is reduced to $43.40 from $43.67.

Target price is $43.40 Current Price is $44.90 Difference: minus $1.5 (current price is over target).
If FLT 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 $49.43, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 169.00 cents and EPS of 281.00 cents.
At the last closing share price the estimated dividend yield is 3.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 278.1, implying annual growth of 6.8%.

Current consensus DPS estimate is 294.9, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 179.00 cents and EPS of 311.00 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 308.1, implying annual growth of 10.8%.

Current consensus DPS estimate is 183.9, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 14.6.

Market Sentiment: 0.4

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


Deutsche Bank rates FLT as Hold (3) -

First half results disappointed Deutsche Bank, with pre-tax profit in the bottom end of the guidance range. Full year guidance has been reiterated.

Offshore and corporate businesses are performing well but Australian leisure disappointed. The company appears to be progressing with productivity targets as cost margins are improving.

While the special dividend may please some, the broker believes this will be overshadowed by the challenges.

Deutsche Bank maintains a Hold rating and reduces the target to $46 from $53.

Target price is $46.00 Current Price is $44.90 Difference: $1.1
If FLT meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $49.43, suggesting upside of 10.1% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 278.1, implying annual growth of 6.8%.

Current consensus DPS estimate is 294.9, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Current consensus EPS estimate is 308.1, implying annual growth of 10.8%.

Current consensus DPS estimate is 183.9, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 14.6.

Market Sentiment: 0.4

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


Macquarie rates FLT as Neutral (3) -

The interim result narrowly scraped in at the lower end of management's guidance and the analysts observe full year guidance has also been revised towards the lower end of the range. Global divisions are performing well, offsetting some of the weakness in A&NZ.

Management did announce a special dividend of $1.49, seen as a good move by the analysts. Macquarie suggests this stock needs a stabilisation in Leisure. Neutral. Target price has declined to $43.50 from $47.

Target price is $43.50 Current Price is $44.90 Difference: minus $1.4 (current price is over target).
If FLT meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $49.43, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 315.60 cents and EPS of 277.50 cents.
At the last closing share price the estimated dividend yield is 7.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 278.1, implying annual growth of 6.8%.

Current consensus DPS estimate is 294.9, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 181.30 cents and EPS of 300.50 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 308.1, implying annual growth of 10.8%.

Current consensus DPS estimate is 183.9, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 14.6.

Market Sentiment: 0.4

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


Morgan Stanley rates FLT as Overweight (1) -

While the performance of the Australian leisure division grabbed the market's attention Morgan Stanley believes this will shift to the corporate business in the Americas, where there is a strong growth opportunity.

The broker assesses investors are getting the entire leisure business for free at the current valuation. First half earnings did disappoint Morgan Stanley, as Australian leisure profits appear to have fallen -48% while Australian corporate profits were up 5%.

Overweight rating. Target is reduced to $51 from $59. Industry view: Cautious.

Target price is $51.00 Current Price is $44.90 Difference: $6.1
If FLT meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $49.43, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 313.00 cents and EPS of 277.00 cents.
At the last closing share price the estimated dividend yield is 6.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 278.1, implying annual growth of 6.8%.

Current consensus DPS estimate is 294.9, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 182.00 cents and EPS of 304.00 cents.
At the last closing share price the estimated dividend yield is 4.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 308.1, implying annual growth of 10.8%.

Current consensus DPS estimate is 183.9, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 14.6.

Market Sentiment: 0.4

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


Morgans rates FLT as Hold (3) -

Flight Centre's first-half result missed the broker, thanks to a poor performance from the Australian leisure market, and guided to the lower end of its previous range.

The company did, however, announce a special dividend of $1.49 a share.

While Australian and New Zealand operations proved a miss, the broker notes strength in international operations so the company's diversification has paid off. But a fall in group margins places a question mark over the business transformation FY22 targets.

Hold rating retained despite the stock trading at a discount to valuation, due to uncertainty in the leisure market. Target price falls to $47.37 from $47.75.

Target price is $47.37 Current Price is $44.90 Difference: $2.47
If FLT meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $49.43, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 317.00 cents and EPS of 281.00 cents.
At the last closing share price the estimated dividend yield is 7.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 278.1, implying annual growth of 6.8%.

Current consensus DPS estimate is 294.9, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 184.00 cents and EPS of 308.00 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 308.1, implying annual growth of 10.8%.

Current consensus DPS estimate is 183.9, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 14.6.

Market Sentiment: 0.4

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


Ord Minnett rates FLT as Buy (1) -

While mindful of the factors that are leading to a period of negative earnings momentum, Ord Minnett elects to remain positive, and expects the Australian leisure business will rebound.

The broker cites evidence that holiday travel holds up well in periods where the economy is slowing down, as opposed to a recession.

While downgrading revenue and margin assumptions for the Australian business the broker upgrades assumptions for the US business.

Buy rating maintained. Target is reduced to $55.47 from $64.12.

Target price is $55.47 Current Price is $44.90 Difference: $10.57
If FLT meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $49.43, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 316.00 cents and EPS of 275.20 cents.
At the last closing share price the estimated dividend yield is 7.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 278.1, implying annual growth of 6.8%.

Current consensus DPS estimate is 294.9, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 186.40 cents and EPS of 310.70 cents.
At the last closing share price the estimated dividend yield is 4.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 308.1, implying annual growth of 10.8%.

Current consensus DPS estimate is 183.9, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 14.6.

Market Sentiment: 0.4

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


UBS rates FLT as Buy (1) -

Flight Centre's result fell short of the broker but the special dividend was a nice surprise. The result featured material outperformance in the Americas and material underperformance domestically against the broker's forecasts. While local headwinds of staff disruptions, cost pressures and weak revenues should ease in the second half, the broker sees general weakness continuing.

Historically the company has been highly leveraged to the Australian consumer visiting an actual travel office, but increased presence in online and regions (US) means Oz leisure now makes up just 12% of valuation, the broker notes. The broker sees the stock as undervalued and retains Buy, while cutting its target to $61.20 from $67.00.

Target price is $61.20 Current Price is $44.90 Difference: $16.3
If FLT meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $49.43, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 319.00 cents and EPS of 276.00 cents.
At the last closing share price the estimated dividend yield is 7.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 278.1, implying annual growth of 6.8%.

Current consensus DPS estimate is 294.9, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 191.00 cents and EPS of 312.00 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 308.1, implying annual growth of 10.8%.

Current consensus DPS estimate is 183.9, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 14.6.

Market Sentiment: 0.4

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

FPH  FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED

Medical Equipment & Devices

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Overnight Price: $13.80

Citi rates FPH as Neutral (3) -

Fisher and Paykel and Resmed ((RMD)) have announced the end of all infringement cases globally.

A settlement was reached and the terms are confidential but involves no payment or admission of liability by either side. The company says the outcome will have no impact on guidance.

Earnings forecasts are unchanged for 2019, and rise 6% and 2% in FY20 and FY21 to reflect lower litigation costs. Target price rises to NZ$12.25 from NZ$12.

Citi notes the stock is trading on a 33x multiple for FY20 and maintains a Neutral rating.

Current Price is $13.80. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 21.49 cents and EPS of 33.48 cents.
At the last closing share price the estimated dividend yield is 1.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.2, implying annual growth of N/A.

Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 42.9.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 23.55 cents and EPS of 40.30 cents.
At the last closing share price the estimated dividend yield is 1.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.0, implying annual growth of 21.1%.

Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 35.4.

This company reports in NZD. 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


Deutsche Bank rates FPH as Hold (3) -

The company has settled its legal dispute with ResMed ((RMD)). While FY19 guidance is affirmed, Deutsche Bank takes the opportunity to upgrade FY20 estimates by 10%.

While the outlook has certainly improved, the broker assesses the jump in the share price implies only modest upside to its target of NZ$15.60, which anchors a Hold rating.

Current Price is $13.80. Target price not assessed.

Current consensus price target is N/A

Forecast for FY19:

Current consensus EPS estimate is 32.2, implying annual growth of N/A.

Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 42.9.

Forecast for FY20:

Current consensus EPS estimate is 39.0, implying annual growth of 21.1%.

Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 35.4.

This company reports in NZD. 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


UBS rates FPH as Sell (5) -

F&P Healthcare and ResMed ((RMD)) have both agreed to walk away from their legal dispute without any settlement payment or admission of liability on either side. They will each pay their own legal costs, which might be a clue as to why they both caved. The broker lifts forecast earnings by 6% after removing assumed future litigation costs.

Otherwise the company's revenue growth backdrop appears challenging, the broker suggests, given it looks like being a mild US flu season and OSA mask market share is under pressure. Target rises to NZ$12.60 from NZ$12.30, Sell retained.

Current Price is $13.80. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 21.87 cents and EPS of 23.64 cents.
At the last closing share price the estimated dividend yield is 1.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 58.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.2, implying annual growth of N/A.

Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 42.9.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 28.85 cents and EPS of 31.55 cents.
At the last closing share price the estimated dividend yield is 2.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.0, implying annual growth of 21.1%.

Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 35.4.

This company reports in NZD. 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

GOZ  GROWTHPOINT PROPERTIES AUSTRALIA

Infra & Property Developers

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Overnight Price: $4.14

Macquarie rates GOZ as Underperform (5) -

Growthpoint did not quite meet Macquarie's expectations with its interim performance, but the analysts point out management kept FY19 guidance intact for both funds from operations (FFO) and DPS. Estimates have been reduced.

Balance sheet gearing at 35% is limiting options for acquisitions, unless capital raisings are considered, point out the analysts. They don't seem too enthusiastic about immediate prospects, hence the Underperform rating and a price target of $3.54 (up from $3.38).

Target price is $3.54 Current Price is $4.14 Difference: minus $0.6 (current price is over target).
If GOZ meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.67, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 23.10 cents and EPS of 21.60 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.9, implying annual growth of -57.2%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 23.20 cents and EPS of 22.10 cents.
At the last closing share price the estimated dividend yield is 5.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 3.9%.

Current consensus DPS estimate is 23.4, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: -0.7

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


Ord Minnett rates GOZ as Hold (3) -

First half funds from operations were in line with estimates. The main issue in the result was a renewal of the Woolworths ((WOW)) lease in Adelaide at Gepps Cross, where the company progressed a new 15-year agreement on favourable terms.

The broker also expects the company will achieve higher rents at its Richmond development in Melbourne, where the office market is strengthening. Hold rating maintained. Target rises to $4.00 from $3.55.

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

Target price is $4.00 Current Price is $4.14 Difference: minus $0.14 (current price is over target).
If GOZ meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.67, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 23.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 5.56%.
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 22.9, implying annual growth of -57.2%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 23.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 3.9%.

Current consensus DPS estimate is 23.4, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: -0.7

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


UBS rates GOZ as Sell (5) -

Growthpoint reported flat growth in funds from operations, which is slightly better than the broker expected, on a balance of income growth and acquisitions offset by divestments and a new David Jones lease. FY guidance was reaffirmed.

Target rises to $3.46 from $3.20. Sell retained given a 19% premium to net tangible asset valuation and a 5.7% yield compared to the brokers's preferred Centuria Metro REIT ((CMA)) at a -3% discount to NTA with a 7.4% yield.

Target price is $3.46 Current Price is $4.14 Difference: minus $0.68 (current price is over target).
If GOZ meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.67, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 23.40 cents and EPS of 25.10 cents.
At the last closing share price the estimated dividend yield is 5.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.9, implying annual growth of -57.2%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 18.1.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 24.10 cents and EPS of 26.30 cents.
At the last closing share price the estimated dividend yield is 5.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 3.9%.

Current consensus DPS estimate is 23.4, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: -0.7

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

IDX  INTEGRAL DIAGNOSTICS LIMITED

Medical Equipment & Devices

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Overnight Price: $2.70

Credit Suisse rates IDX as Outperform (1) -

Credit Suisse found revenue in the first half in line with expectations, which represents above-market organic growth. The NZ acquisition also met expectations.

The broker reduces FY19-21 forecasts for earnings per share by -8-12%, with increased non-operating items playing a material role.

Outperform rating maintained. Target is reduced to $3.10 from $3.20.

Target price is $3.10 Current Price is $2.70 Difference: $0.4
If IDX meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 10.96 cents and EPS of 16.78 cents.
At the last closing share price the estimated dividend yield is 4.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of 56.9%.

Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 12.87 cents and EPS of 18.39 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of 7.4%.

Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.3%.

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


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

First half net profit was well above Morgan Stanley's expectations although operating earnings (EBITDA) were slightly below.

The broker observes the long-term industry dynamics remain favourable and estimates 4-5% diagnostic intervention volume growth in FY19.

Equal-weight rating maintained. Target is raised to $3.22 from $3.07. Industry view: In-Line.

Target price is $3.22 Current Price is $2.70 Difference: $0.52
If IDX meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 11.00 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 4.07%.
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 16.3, implying annual growth of 56.9%.

Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 11.20 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 4.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of 7.4%.

Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.3%.

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


Ord Minnett rates IDX as Downgrade to Accumulate from Buy (2) -

First half operating earnings (EBITDA) were below Ord Minnett estimates, despite revenue being slightly ahead. Earnings were undermined by an unexpected lift in costs.

This is expected to constrain margin expansion over the short term. While envisaging multiple avenues for growth, Ord Minnett recognises a shifting environment and downgrades to Accumulate from Buy. Target is reduced to $2.99 from $3.00.

Target price is $2.99 Current Price is $2.70 Difference: $0.29
If IDX meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.10, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 10.00 cents and EPS of 14.80 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.3, implying annual growth of 56.9%.

Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 10.50 cents and EPS of 16.40 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of 7.4%.

Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.3%.

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

IFN  INFIGEN ENERGY

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Overnight Price: $0.50

Macquarie rates IFN as Outperform (1) -

Infigen's operational performance at the halfway point of FY19 was better-than-expected by Macquarie. The analysts do note cash flow was "weak", but this is explained by timing issues.

Keeping costs contained was one of the stand-out factors in the report, suggest the analysts. Capital management should still be on the agenda. Estimates have increased, but DPS forecasts went down. Price target remains unchanged at 78c. Outperform.

Target price is $0.78 Current Price is $0.50 Difference: $0.28
If IFN meets the Macquarie target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 1.60 cents and EPS of 4.70 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.64.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.70 cents and EPS of 5.10 cents.
At the last closing share price the estimated dividend yield is 1.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.80.

Market Sentiment: 0.3

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

IGO  INDEPENDENCE GROUP NL

Nickel

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Overnight Price: $4.87

Ord Minnett rates IGO as Accumulate (2) -

Independence Group has updated resource and reserves for its portfolio of assets and Ord Minnett considers the update as a positive, albeit not unexpected. Accumulate rating retained, alongside a $4.90 price target.

The analysts are keeping their focus on the next six months with significant drilling underway in the Fraser Range, the Nova downstream study due by the end of March and further productivity and cost out targets at Nova. Plus management should have news about upcoming offtake negotiations.

Target price is $4.90 Current Price is $4.87 Difference: $0.03
If IGO meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.47, suggesting downside of -8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 7.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 1.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.8, implying annual growth of -2.0%.

Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 55.3.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 12.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 170.5%.

Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 20.5.

Market Sentiment: 0.2

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

ILU  ILUKA RESOURCES LIMITED

Mineral Sands

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Overnight Price: $9.44

UPDATED

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

Iluka management has guided to weaker production in 2019. 2018 results were largely in line.

Citi envisages downside risks to production forecasts, downgrading 2019 earnings estimates by -4% to reflect lower JA rutile production and increasing 2020 earnings estimates by 2% to reflect a higher iron ore price (BHP royalties).

Target price falls to $10.40 from $12.40. Rating is downgraded to Neutral from Buy.

Target price is $10.40 Current Price is $9.44 Difference: $0.96
If ILU meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.43, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 26.00 cents and EPS of 99.30 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.1, implying annual growth of N/A.

Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 20.00 cents and EPS of 117.80 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.9, implying annual growth of 3.0%.

Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 9.8.

Market Sentiment: 0.6

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


Credit Suisse rates ILU as Outperform (1) -

2018 results were solid but Credit Suisse is disappointed by the 2019 guidance from a production/sales standpoint as this is almost entirely driven by projections for Sierra Rutile.

A potential sell down of that business signals to the broker that relationships on the ground are still less than ideal. Meanwhile, Australian operations continue to deliver.

The broker maintains an Outperform rating and reduces the target to $10.40 from $11.60.

Target price is $10.40 Current Price is $9.44 Difference: $0.96
If ILU meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.43, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 15.00 cents and EPS of 92.51 cents.
At the last closing share price the estimated dividend yield is 1.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.1, implying annual growth of N/A.

Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of 58.29 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.9, implying annual growth of 3.0%.

Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 9.8.

Market Sentiment: 0.6

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


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

As reported yesterday already, Iluka's update missed Macquarie's projections. Because the share price has performed well to date, and management has guided towards lower production volumes for 2019, Macquarie has downgraded to Neutral from Outperform.

Medium term, the analysts see upside risk from rutile prices. The broker has increased rutile prices forecast to US$1250/t from 2HCY20 onwards. Target price $9.10. Estimates reduced for 2019, but lifted for 2020. DPS forecasts have gone up.

Target price is $9.10 Current Price is $9.44 Difference: minus $0.34 (current price is over target).
If ILU 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 $10.43, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 41.00 cents and EPS of 91.70 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.1, implying annual growth of N/A.

Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 57.00 cents and EPS of 108.60 cents.
At the last closing share price the estimated dividend yield is 6.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.9, implying annual growth of 3.0%.

Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 9.8.

Market Sentiment: 0.6

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


Morgan Stanley rates ILU as Overweight (1) -

2018 results were strong and largely in line with Morgan Stanley's estimates. 2019 production guidance is slightly lower than the broker expected.

Capital expenditure guidance for 2019 is significantly better than the broker estimated, and likely driven by the timing of investments in Sierra Rutile.

The broker maintains an Overweight rating and Attractive sector view. Target is reduced to $11.20 from $11.65.

Target price is $11.20 Current Price is $9.44 Difference: $1.76
If ILU meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $10.43, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 14.00 cents and EPS of 104.00 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 9.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.1, implying annual growth of N/A.

Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 11.00 cents and EPS of 94.00 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.9, implying annual growth of 3.0%.

Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 9.8.

Market Sentiment: 0.6

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


Ord Minnett rates ILU as Accumulate (2) -

2018 operating earnings were 8% ahead of Ord Minnett's forecasts. The company provided 2019 production, cost and capital expenditure guidance, indicating the zircon reference price would remain unchanged for the next six months.

Ord Minnett maintains an Accumulate rating, awaiting more news regarding a potential sell down of Sierra Rutile, and raises the target to $10.00 from $9.50.

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

Target price is $10.00 Current Price is $9.44 Difference: $0.56
If ILU meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.43, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 22.00 cents and EPS of 86.00 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 93.1, implying annual growth of N/A.

Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 10.1.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 41.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.9, implying annual growth of 3.0%.

Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 9.8.

Market Sentiment: 0.6

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

IPD  IMPEDIMED LIMITED

Medical Equipment & Devices

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Overnight Price: $0.24

Morgans rates IPD as Add (1) -

ImpediMed's first-half loss was expected by the broker. Morgans expects acceleration on the PREVENT trial front should a positive response be received from private payors in the second half.

Target price is steady at 79c. Add rating retained.

Target price is $0.79 Current Price is $0.24 Difference: $0.55
If IPD meets the Morgans target it will return approximately 229% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 7.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.38.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 5.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.14.

Market Sentiment: 1.0

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

IRE  IRESS MARKET TECHNOLOGY LIMITED

Wealth Management & Investments

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Overnight Price: $13.06

Credit Suisse rates IRE as Neutral (3) -

2018 profit grew 8% and was at the top end of guidance. The second half performance was in line with Credit Suisse forecasts, with a direct contribution to growth of 20% from the UK business.

The broker found the APAC financial markets produced a decent result, given the environment, although this segment was a drag on overall growth.

The broker maintains a Neutral rating and reduces the target to $13.30 from $13.50.

Target price is $13.30 Current Price is $13.06 Difference: $0.24
If IRE meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $13.38, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 47.92 cents and EPS of 49.08 cents.
At the last closing share price the estimated dividend yield is 3.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.2, implying annual growth of N/A.

Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 28.3.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 55.33 cents and EPS of 56.57 cents.
At the last closing share price the estimated dividend yield is 4.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.5, implying annual growth of 11.5%.

Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 25.4.

Market Sentiment: 0.3

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


Deutsche Bank rates IRE as Hold (3) -

2018 operating earnings (EBITDA) were in line with Deutsche Bank's estimates. Earnings were driven by strong results from the UK and APAC financial markets.

Similar growth rates are expected in both divisions over 2019. Deutsche Bank maintains a Hold rating and reduces the target to $12.80 from $13.20.

Target price is $12.80 Current Price is $13.06 Difference: minus $0.26 (current price is over target).
If IRE meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.38, suggesting upside of 2.4% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 46.2, implying annual growth of N/A.

Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 28.3.

Forecast for FY20:

Current consensus EPS estimate is 51.5, implying annual growth of 11.5%.

Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 25.4.

Market Sentiment: 0.3

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


Macquarie rates IRE as Neutral (3) -

Iress beat its own guidance in constant currency terms but Macquarie analysts had expected even better numbers. They do acknowledge the company is likely to achieve the top end of management's guidance range for 2019.

All in all, Macquarie believes 2018 marks a "strong" performance. Minor reductions have followed for estimates, predominantly because of AASB16 accountancy adjustment and higher D&A. Target price loses -3% to $13.18. Neutral.

Target price is $13.18 Current Price is $13.06 Difference: $0.12
If IRE meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $13.38, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 45.00 cents and EPS of 45.60 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.2, implying annual growth of N/A.

Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 28.3.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 50.00 cents and EPS of 50.20 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.5, implying annual growth of 11.5%.

Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 25.4.

Market Sentiment: 0.3

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


Morgans rates IRE as Add (1) -

IRESS's result outpaced the broker, the company defying pundits who believed the Hayne Royal Commission would slash demand for finance technology.

The company also forecast strong growth for 2019.

The broker notes the stock is trading at a discount to valuation and retains an Add rating. Target price is steady at $14.52.

Target price is $14.52 Current Price is $13.06 Difference: $1.46
If IRE meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $13.38, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 48.00 cents and EPS of 49.00 cents.
At the last closing share price the estimated dividend yield is 3.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.2, implying annual growth of N/A.

Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 28.3.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 48.00 cents and EPS of 52.00 cents.
At the last closing share price the estimated dividend yield is 3.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.5, implying annual growth of 11.5%.

Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 25.4.

Market Sentiment: 0.3

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


Ord Minnett rates IRE as Downgrade to Accumulate from Buy (2) -

While the company's growth story is complex, Ord Minnett was pleased that both top-line growth and margin expansion occurred in 2018. The result beat guidance, with the UK demonstrating a robust result.

The broker looks forward to further operating leverage over coming years but, given the target now indicates a 6% total shareholder return, lowers the rating to Accumulate from Buy. Target is raised to $13.09 from $11.73.

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

Target price is $13.09 Current Price is $13.06 Difference: $0.03
If IRE meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $13.38, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 47.10 cents and EPS of 41.20 cents.
At the last closing share price the estimated dividend yield is 3.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.2, implying annual growth of N/A.

Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 28.3.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 53.60 cents and EPS of 47.40 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.5, implying annual growth of 11.5%.

Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 25.4.

Market Sentiment: 0.3

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

KLL  KALIUM LAKES LIMITED

Mining

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Overnight Price: $0.43

Macquarie rates KLL as Outperform (1) -

Kalium Lakes has secured $74m in debt funding, report the analysts, adding this will allow the prospective potash miner to realise cost savings from owner operation of the power plant.

Macquarie suggests this debt package will strengthen the company's position as it goes about securing the remaining debt funding, with multiple "strong" catalysts on the horizon for the share price.

Outperform. Target 65c.

Target price is $0.65 Current Price is $0.43 Difference: $0.22
If KLL meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.93.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 1.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.88.

Market Sentiment: 1.0

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: $16.77

Macquarie rates MIN as No Rating (-1) -

Macquarie found the interim report rather "soft", coming in below expectations. The analysts note their own forecast for FY19 sits above management's guidance range as Macquarie uses a more optimistic price forecast for iron ore.

Also, the analysts highlight materially higher capex spend in 1HFY19 has resulted in the company lifting capex guidance by 50% to $751m. Only modest adjustments have been made to forecasts.

Macquarie remains under research restriction.

Current Price is $16.77. Target price not assessed.

Current consensus price target is $18.97, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 62.00 cents and EPS of 99.90 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.0, implying annual growth of -44.3%.

Current consensus DPS estimate is 48.2, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 116.00 cents and EPS of 176.20 cents.
At the last closing share price the estimated dividend yield is 6.92%.
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 346.7, implying annual growth of 328.0%.

Current consensus DPS estimate is 81.0, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 4.8.

Market Sentiment: 0.8

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


Morgan Stanley rates MIN as Overweight (1) -

Morgan Stanley believes the stock is under appreciated for the potential upside to its FY19 earnings outlook through its iron ore exposure.

First half EBITDA was short of estimates but the broker calculates FY19 guidance of $280-320m remains on track.

Overweight. Target reduced to $20.40 from $21.30. Industry view: Attractive.

Target price is $20.40 Current Price is $16.77 Difference: $3.63
If MIN meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $18.97, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 31.50 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 1.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.0, implying annual growth of -44.3%.

Current consensus DPS estimate is 48.2, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 39.10 cents and EPS of 78.00 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 346.7, implying annual growth of 328.0%.

Current consensus DPS estimate is 81.0, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 4.8.

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) -

Ord Minnett was disappointed with the first half result. The broker suspects the share price fell as a result of the market expecting that an upgrade to guidance might materialise because of higher iron ore prices.

However the company held EBITDA guidance at $280-320m. Mineral Resources also flagged a major restatement of capital expenditure, guiding to $751m, well above the prior guidance of $490m.

Ord Minnett maintains an Accumulate rating and lowers the target to $18.50 from $20.00.

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

Target price is $18.50 Current Price is $16.77 Difference: $1.73
If MIN meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $18.97, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 51.00 cents and EPS of 84.00 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.0, implying annual growth of -44.3%.

Current consensus DPS estimate is 48.2, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 20.7.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 88.00 cents and EPS of 786.00 cents.
At the last closing share price the estimated dividend yield is 5.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 2.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 346.7, implying annual growth of 328.0%.

Current consensus DPS estimate is 81.0, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 4.8.

Market Sentiment: 0.8

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

MWY  MIDWAY LIMITED

Agriculture

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Overnight Price: $3.58

Ord Minnett rates MWY as Buy (1) -

The interim result, which was in line, demonstrated the combined impact of rising woodchip prices and a beneficial exchange rate, Ord Minnett observes. Additional upside is expected at the full year result.

The company announced in December that an 11% price increase for woodchips exported to China had been secured. Buy rating maintained. Target is raised to $4.37 from $4.27.

Target price is $4.37 Current Price is $3.58 Difference: $0.79
If MWY meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 19.00 cents and EPS of 43.70 cents.
At the last closing share price the estimated dividend yield is 5.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.19.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 20.00 cents and EPS of 40.60 cents.
At the last closing share price the estimated dividend yield is 5.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.82.

Market Sentiment: 1.0

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

MYO  MYOB GROUP LIMITED

Accountancy

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Overnight Price: $3.37

Credit Suisse rates MYO as No Rating (-1) -

2018 results were in line with the pre-released numbers, Credit Suisse observes. Guidance for 2019 is for 6-8% organic revenue growth and an underlying operating earnings (EBITDA) margin of over 38%.

Credit Suisse is restricted on a rating and target at present.

Current Price is $3.37. Target price not assessed.

Current consensus price target is $3.12, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 11.50 cents and EPS of 16.40 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 21.5.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 12.50 cents and EPS of 18.07 cents.
At the last closing share price the estimated dividend yield is 3.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of 2.5%.

Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 20.9.

Market Sentiment: -0.3

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


Macquarie rates MYO as No Rating (-1) -

Underlying interim performance was better on some metrics and below expectations on other metrics. Macquarie explains key variance came in lower subscriber growth, higher D&A, and interest expense.

The analysts believe FY19 revenue guidance softened but adds that medium term targets remain unchanged. ARPU growth of 3.5% is labelled "encouraging". Estimates have been reduced. Macquarie remains under research restriction.

Current Price is $3.37. Target price not assessed.

Current consensus price target is $3.12, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 11.50 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 21.5.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 12.80 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of 2.5%.

Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 20.9.

Market Sentiment: -0.3

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


Morgan Stanley rates MYO as Underweight (5) -

2018 results were broadly in line with consensus but the cloud user base was below Morgan Stanley's expectations. 2019 guidance is for organic revenue growth of 6-8%.

Underweight rating retained. Price target is $2.80. Industry View is Attractive.

Target price is $2.80 Current Price is $3.37 Difference: minus $0.57 (current price is over target).
If MYO 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 $3.12, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 21.5.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of 2.5%.

Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 20.9.

Market Sentiment: -0.3

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


Ord Minnett rates MYO as Hold (3) -

2018 results reflected an investment phase and revenue is yet to see the benefit, Ord Minnett observes.

The broker continues to suspect the first half will be the low point in free cash flow for MYOB and a 15% per annum growth path, or more, should be possible for a number of years.

The broker retains a Hold rating while the KKR bid runs its course. Target is raised to $3.40, to the level of the bid, from $3.16.

Target price is $3.40 Current Price is $3.37 Difference: $0.03
If MYO meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 5.80 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 1.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 21.5.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 11.50 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.1, implying annual growth of 2.5%.

Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 20.9.

Market Sentiment: -0.3

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

NBL  NONI B LIMITED

Apparel & Footwear

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Overnight Price: $3.00

Morgans rates NBL as Add (1) -

Noni B's first-half result met the broker and its recent trading update, 2019 guidance was reiterated.

Earnings-per-share forecasts rise 5.6%, 1.5% and 0% across FY19/FY20/FY21. Target price inches up 2c to $4.04.

Morgans notes the stock is trading on a 7.8x multiple of the FY20 forecast and is offering an 8% dividend yield and maintains an Add rating.

Target price is $4.04 Current Price is $3.00 Difference: $1.04
If NBL meets the Morgans target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 13.00 cents and EPS of 9.00 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 33.33.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 23.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 7.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.69.

Market Sentiment: 1.0

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

NEA  NEARMAP LTD

Software & Services

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Overnight Price: $2.55

Morgan Stanley rates NEA as Overweight (1) -

Morgan Stanley suspects the seasonal skew in sales efficiency was largely overlooked by the market and the second half will improve, implying stronger momentum into FY20.

The broker believes most of the cash flow benefit will be reinvested in FY19 and FY20, allowing for sustainable growth at a greater scale.

Overweight. Industry view is In-Line. Price target is raised to $3.00 from $2.25.

Target price is $3.00 Current Price is $2.55 Difference: $0.45
If NEA meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 255.00.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 127.50.

Market Sentiment: 1.0

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

NEC  NINE ENTERTAINMENT CO. HOLDINGS LIMITED

Print, Radio & TV

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Overnight Price: $1.68

Citi rates NEC as Buy (1) -

Nine Entertainment Co's first-half result pleased the broker.

Earnings-per-share forecasts rise 7% to 13% to reflect merger synergies with Fairfax.

Citi notes lower earnings transparency due to the merger but upgrades the target price by 9% to reflect a stronger TV audience share, bigger and faster merger synergies and lower depreciation and amortisation. It also expects growth from Stan.

Gearing is low and is expected to stay low despite the 6.3% dividend yield. 

Broker remains negative on the long-term outlook but retains a Buy rating for now.

Target price is $1.75 Current Price is $1.68 Difference: $0.07
If NEC meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 10.00 cents and EPS of 15.20 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of -38.8%.

Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 10.00 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of N/A.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 1.0

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


Credit Suisse rates NEC as Outperform (1) -

First half earnings were lower than expected. This was primarily because of the loss at Stan. Management has reiterated expectations of a positive EBITDA contribution from Stan in both the fourth quarter and FY20.

Updated full-year guidance of EBITDA of $420m excludes assets held for sale, although Credit Suisse still takes the contribution from these assets into account below the line.

Outperform rating maintained. Target is steady at $2.10.

Target price is $2.10 Current Price is $1.68 Difference: $0.42
If NEC meets the Credit Suisse target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 9.48 cents and EPS of 14.64 cents.
At the last closing share price the estimated dividend yield is 5.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of -38.8%.

Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 10.45 cents and EPS of 16.14 cents.
At the last closing share price the estimated dividend yield is 6.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of N/A.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 1.0

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


Macquarie rates NEC as Outperform (1) -

Yesterday's initial response seemed to indicate released interim financials marked a minor "miss". Today, that conclusion is more obscure. Macquarie analysts have reduced estimates, but their price target has lifted to $2 from $1.95.

Clearly, the analysts see sufficient positives inside the details, arguing Nine Entertainment remains well placed to drive earnings growth medium term from key segments of its operations. Valuation is considered attractive, and the company should be looking towards a multi-year period of earnings growth, suggests the broker. Outperform.

Target price is $2.00 Current Price is $1.68 Difference: $0.32
If NEC meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 10.10 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 6.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of -38.8%.

Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 10.00 cents and EPS of 15.70 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of N/A.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 1.0

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


UBS rates NEC as Buy (1) -

Nine's share price has been sinking on concerns over the death of TV advertising and the broker sees these as partly warranted, but the offset is Fairfax merger synergies, increasing digital earnings and increasing Stan profitability. To that end, even taking weak TV into account, there was no guidance downgrade forthcoming as feared.

The broker now assumes Nine will sell NZ, Australian Community Media and Events, which reduces earnings forecasts offset by proceeds from sale. Further TV weakness and declining real estate listings remain key risks but in valuation the broker retains Buy and a $2.15 target.

Target price is $2.15 Current Price is $1.68 Difference: $0.47
If NEC meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 10.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of -38.8%.

Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 10.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.7, implying annual growth of N/A.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 1.0

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

NWH  NRW HOLDINGS LIMITED

Mining Sector Contracting

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Overnight Price: $2.26

UPDATED

Citi rates NWH as Buy (1) -

NRW Holding's 2019 first-half result pleased the broker, despite a possible peak in margins. 

News that NRW's exposure to the Forrestfield Airport Link is capped causes the broker to remove the High Risk rating previously applied to the stock.

Target price rises to $2.52 from $2.25 to reflect earnings upgrades, which it describes as conservative.

Citi sees considerable upside risk to forecasts and retains a Buy rating. 

Target price is $2.52 Current Price is $2.26 Difference: $0.26
If NWH meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.46, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 5.90 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.6, implying annual growth of 43.1%.

Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 13.6.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 8.00 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 10.2%.

Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 12.3.

Market Sentiment: 0.7

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

OGC  OCEANAGOLD CORPORATION

Gold & Silver

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Overnight Price: $4.67

Ord Minnett rates OGC as Accumulate (2) -

OceanaGold's 2018 operating result is described as very much in line with expectations at Ord Minnett, though the finer details reveal the broker's expectations were actually a tad higher, including the final dividend declared: US1c versus US2c.

Management's guidance for 2019 implies higher capital expenditure, leading to lowered forecasts. Ord Minnett is forecasting a 20% increase in total production over the next three years. Accumulate rating retained. Target price falls to $5 from $5.50.

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 $4.67 Difference: $0.33
If OGC meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.82, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 5.43 cents and EPS of 14.94 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 31.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of N/A.

Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 24.7.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 5.43 cents and EPS of 24.44 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 19.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.7, implying annual growth of 67.7%.

Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 14.7.

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

Market Sentiment: 0.1

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

ORG  ORIGIN ENERGY LIMITED

NatGas

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Overnight Price: $7.63

UPDATED

Citi rates ORG as Buy (1) -

The broker suggests Origin's result was largely in line, albeit retail margin compression and lower earnings from renewables certificates provided greater-than-forecast headwinds, leading to a cut in second half forecasts.

Retail margins should start to normalise as competitors ease off on discounting.

The broker considers no bad news to be good news and believes the board is being conservative in not setting a dividend policy in the face of regulatory pricing decisions, elections and volatile oil prices. Buy retained, target rises to $8.62 from $8.40.

Target price is $8.62 Current Price is $7.63 Difference: $0.99
If ORG meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 20.00 cents and EPS of 61.50 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.5, implying annual growth of 280.5%.

Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 41.10 cents and EPS of 64.10 cents.
At the last closing share price the estimated dividend yield is 5.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 3.5%.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.8

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


Credit Suisse rates ORG as Neutral (3) -

First half net profit was ahead of Credit Suisse forecasts. The broker increases FY19 APLNG revenue estimates by 6% because of higher realised prices and a lower Australian dollar.

The broker expects the gas gross margin to be 12% higher in FY19. Neutral rating maintained. Target is raised to $7.30 from $6.90.

Target price is $7.30 Current Price is $7.63 Difference: minus $0.33 (current price is over target).
If ORG meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.38, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 22.00 cents and EPS of 61.92 cents.
At the last closing share price the estimated dividend yield is 2.88%.
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 60.5, implying annual growth of 280.5%.

Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 36.00 cents and EPS of 58.96 cents.
At the last closing share price the estimated dividend yield is 4.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 3.5%.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.8

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


Macquarie rates ORG as Outperform (1) -

First half operating earnings (EBITDA) were in line with Macquarie's estimates while net profit was ahead of expectations. The company has announced the refinancing of APLNG will deliver $100m in additional cash flow in FY20.

Macquarie assesses the balance sheet is on the verge of being restored and this will allow capital management and incremental growth opportunities. The broker maintains an Outperform rating and raises the target to $8.67 from $8.53.

Target price is $8.67 Current Price is $7.63 Difference: $1.04
If ORG meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 20.00 cents and EPS of 64.40 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.5, implying annual growth of 280.5%.

Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 41.00 cents and EPS of 52.40 cents.
At the last closing share price the estimated dividend yield is 5.37%.
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 62.6, implying annual growth of 3.5%.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.8

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


Morgan Stanley rates ORG as Overweight (1) -

First half results were broadly in line with estimates. The company has tweaked guidance, reflecting higher nominations from an APLNG offtake partner, exchange rate moves and ongoing efficiency initiatives.

The company will advise on its new distribution policy at the FY19 results. Morgan Stanley considers the valuation undemanding and an Overweight rating is maintained. Target is raised to $8.43 from $8.11. Industry view is Cautious.

Target price is $8.43 Current Price is $7.63 Difference: $0.8
If ORG meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 20.00 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 2.62%.
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 60.5, implying annual growth of 280.5%.

Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 30.80 cents and EPS of 50.00 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 3.5%.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.8

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


Morgans rates ORG as Add (1) -

Origin's first-half result beat the broker and consensus, thanks to stronger gas sales resulting from a higher oil price. Morgans believes the second half will likely be weaker as the oil price falls flow through.

The broker expects Origin to announce a significant rise in future dividends at the full-year result to reflect higher expected cash flows from gas, and forecasts a yield of 7.5% for FY20.

The broker increases the target price to $8.51 from $8.15 noting the stock is trading at a discount to valuation. Add rating retained.

Target price is $8.51 Current Price is $7.63 Difference: $0.88
If ORG meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 20.00 cents and EPS of 47.00 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.5, implying annual growth of 280.5%.

Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 58.00 cents and EPS of 76.00 cents.
At the last closing share price the estimated dividend yield is 7.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 3.5%.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.8

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


Ord Minnett rates ORG as Buy (1) -

First half underlying net profit was in line with Ord Minnett's forecasts and up 38% on a year ago. Energy market operating earnings were driven by better contributions from gas, partially offset by weaker margins in electricity.

The broker maintains a Buy rating and $8.75 target. Given volatility in oil-generated earnings, the broker expects future dividend policy will incorporate a free cash flow pay-out ratio rather than be progressive.

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

Target price is $8.75 Current Price is $7.63 Difference: $1.12
If ORG meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 20.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.5, implying annual growth of 280.5%.

Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 37.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 4.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 3.5%.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.8

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


UBS rates ORG as Buy (1) -

Origin's 53% profit increase fell short of the broker by -10%. Underlying earnings also missed due to lower margins in electricity, offset by gas which has increased market share. Higher realised prices boosted APLNG.

The broker forecasts a return to dividends given debt reduction is on track and distributions from APLNG are ramping up, and no new generation investments are likely until some sort of energy policy becomes clear. Target falls to $9.05 from $9.45 on energy market headwinds, Buy retained.

Target price is $9.05 Current Price is $7.63 Difference: $1.42
If ORG meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 20.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.5, implying annual growth of 280.5%.

Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 21.00 cents and EPS of 64.00 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 3.5%.

Current consensus DPS estimate is 37.8, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.8

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

PGH  PACT GROUP HOLDINGS LTD

Paper & Packaging

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Overnight Price: $2.86

Credit Suisse rates PGH as Upgrade to Outperform from Neutral (1) -

When management stated it was considering capital options and did not declare a dividend Credit Suisse suspects this led investors to believe a capital raising was imminent, driving the share price down a further -17%.

The broker does not believe a capital raising is in the offing because the company has some time yet to determine whether earnings will meet its guidance range and support debt levels.

The broker upgrades to Outperform from Neutral and upgrades estimates for earnings per share by 2-4%, amid improved confidence in cost savings and the price versus raw material cost spreads. Target is steady at $3.85.

Target price is $3.85 Current Price is $2.86 Difference: $0.99
If PGH meets the Credit Suisse target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.24, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 24.34 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.3, 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 FY20:

Credit Suisse forecasts a full year FY20 dividend of 19.00 cents and EPS of 26.43 cents.
At the last closing share price the estimated dividend yield is 6.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.1, implying annual growth of N/A.

Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 0.2

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

PLS  PILBARA MINERALS LIMITED

New Battery Elements

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Overnight Price: $0.74

Credit Suisse rates PLS as Outperform (1) -

First half results were in line with expectations. However, this is considered of little consequence as Pilgangoora is in ramp up and sales/costs were capitalised ahead of commercial production being declared in the current quarter.

The stock remains the top pick in the lithium sector for Credit Suisse, given asset quality and the growth outlook.

Outperform rating and $1.15 target maintained.

Target price is $1.15 Current Price is $0.74 Difference: $0.41
If PLS meets the Credit Suisse target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 48.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 123.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.1, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 67.3.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of 8.81 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.7, implying annual growth of 509.1%.

Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 11.0.

Market Sentiment: 0.8

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

PPT  PERPETUAL LIMITED

Wealth Management & Investments

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Overnight Price: $39.37

Credit Suisse rates PPT as Neutral (3) -

First half earnings missed Credit Suisse estimates, largely because of volatile items. The broker believes the stock has value appeal as it is trading at a -15% discount to the market.

However, fund performance is weak and net outflows are likely to remain a headwind. Neutral rating maintained. Target is raised to $35 from $33.

Target price is $35.00 Current Price is $39.37 Difference: minus $4.37 (current price is over target).
If PPT meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.17, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 240.00 cents and EPS of 254.00 cents.
At the last closing share price the estimated dividend yield is 6.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 259.6, implying annual growth of -14.9%.

Current consensus DPS estimate is 246.5, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 250.00 cents and EPS of 275.00 cents.
At the last closing share price the estimated dividend yield is 6.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 272.1, implying annual growth of 4.8%.

Current consensus DPS estimate is 250.7, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 14.5.

Market Sentiment: 0.0

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


Macquarie rates PPT as Neutral (3) -

First half results missed Macquarie's estimates. Much of the miss was because of unrealised losses through the P&L, which is non-recurring.

Given recent trends in the investments division, the broker understands the company's desire to expand beyond value investing but believes it may take some time before a meaningful uplift in growth and returns is achieved.

Neutral rating maintained. Target is raised to $36 from $33.

Target price is $36.00 Current Price is $39.37 Difference: minus $3.37 (current price is over target).
If PPT meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.17, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 245.00 cents and EPS of 256.10 cents.
At the last closing share price the estimated dividend yield is 6.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 259.6, implying annual growth of -14.9%.

Current consensus DPS estimate is 246.5, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 250.00 cents and EPS of 261.20 cents.
At the last closing share price the estimated dividend yield is 6.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 272.1, implying annual growth of 4.8%.

Current consensus DPS estimate is 250.7, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 14.5.

Market Sentiment: 0.0

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


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

The company has outlined broader aspirations for growth, with M&A an option, but Morgan Stanley found no clarity on the timing. A lack of offshore brand awareness and distribution presence may require additional investments, the broker suspects.

Equal-weight rating. Target is raised to $38 from $36. Industry view: In-line.

Target price is $38.00 Current Price is $39.37 Difference: minus $1.37 (current price is over target).
If PPT meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.17, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 247.00 cents and EPS of 263.00 cents.
At the last closing share price the estimated dividend yield is 6.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 259.6, implying annual growth of -14.9%.

Current consensus DPS estimate is 246.5, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 260.00 cents and EPS of 288.00 cents.
At the last closing share price the estimated dividend yield is 6.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 272.1, implying annual growth of 4.8%.

Current consensus DPS estimate is 250.7, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 14.5.

Market Sentiment: 0.0

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


Ord Minnett rates PPT as Hold (3) -

First half net profit was below forecasts. It is clear to Ord Minnett that the focus is on expanding across all divisions, while acquisitions are on the table. However, at this early stage, the broker finds it difficult to assess the strategy.

Hold rating maintained. Target rises to $37.50 from $36.00.

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

Target price is $37.50 Current Price is $39.37 Difference: minus $1.87 (current price is over target).
If PPT 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 $36.17, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 250.00 cents and EPS of 258.00 cents.
At the last closing share price the estimated dividend yield is 6.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 259.6, implying annual growth of -14.9%.

Current consensus DPS estimate is 246.5, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 250.00 cents and EPS of 268.00 cents.
At the last closing share price the estimated dividend yield is 6.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 272.1, implying annual growth of 4.8%.

Current consensus DPS estimate is 250.7, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 14.5.

Market Sentiment: 0.0

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


UBS rates PPT as Neutral (3) -

Perpetual reported in line. Earnings are back at FY15 levels, the broker notes, and the fund manager's once dominant investment division now contributes less than 50%. Management's plan is to diversify through organic expansion and acquisitions and while the broker applauds this "bolder" approach, leveraging off the balance sheet, timing and scale remain unclear and such a strategy is not without execution risk.

In the meantime, Perpetual's funds continue to underperform hence further outflows offer downside risk. The broker cannot see near term value upside hence Neutral retained. Target rises to $36.00 from $32.85 on higher market PE.

Target price is $36.00 Current Price is $39.37 Difference: minus $3.37 (current price is over target).
If PPT meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.17, suggesting downside of -8.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 242.00 cents and EPS of 257.00 cents.
At the last closing share price the estimated dividend yield is 6.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 259.6, implying annual growth of -14.9%.

Current consensus DPS estimate is 246.5, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 15.2.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 234.00 cents and EPS of 256.00 cents.
At the last closing share price the estimated dividend yield is 5.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 272.1, implying annual growth of 4.8%.

Current consensus DPS estimate is 250.7, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 14.5.

Market Sentiment: 0.0

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

PSQ  PACIFIC SMILES GROUP LIMITED

Healthcare services

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Overnight Price: $1.27

Morgan Stanley rates PSQ as Overweight (1) -

First half operating earnings (EBITDA) were up 2.5% while the margin decreased to 12.2% from 13.5%, affected by lower fees per appointment and higher IT and telco costs.

Overweight rating, In-Line industry view and target is $1.90.

Target price is $1.90 Current Price is $1.27 Difference: $0.63
If PSQ meets the Morgan Stanley target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 6.30 cents and EPS of 7.00 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.14.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.11.

Market Sentiment: 1.0

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

PTM  PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments

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Overnight Price: $5.09

Morgan Stanley rates PTM as Underweight (5) -

First half net profit missed Morgan Stanley's estimates. Base fee margins dropped -3 basis points but it is unclear if discounting or change in mix drove this move. The distribution was 8% better than Morgan Stanley estimated.

The broker maintains an Underweight rating, $3.50 target and In-Line industry view.

Target price is $3.50 Current Price is $5.09 Difference: minus $1.59 (current price is over target).
If PTM meets the Morgan Stanley target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.23, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 26.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 5.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.2, implying annual growth of -20.5%.

Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 24.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 4.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.4, implying annual growth of 4.6%.

Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 18.6.

Market Sentiment: -1.0

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


Ord Minnett rates PTM as Sell (5) -

Management fees were ahead of Ord Minnett's forecasts in the first half, thanks to a strong retail mix and higher monthly average funds balance. Performance fees were almost nothing.

The broker expects net outflows to persist and retains a Sell rating. Target is raised to $4.72 from $4.66.

Target price is $4.72 Current Price is $5.09 Difference: minus $0.37 (current price is over target).
If PTM meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.23, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 26.00 cents and EPS of 27.30 cents.
At the last closing share price the estimated dividend yield is 5.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.2, implying annual growth of -20.5%.

Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 19.4.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 27.30 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 5.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.4, implying annual growth of 4.6%.

Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 18.6.

Market Sentiment: -1.0

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: $5.76

UPDATED

Citi rates QAN as Buy (1) -

Qantas delivered a strong result, the broker suggests, given fuel price headwinds, along with a solid dividend and buyback. The broker believes a move to fully hedge fuel costs in FY20 could lead to revenue savings.

The broker believes the market is still too bearish on the stock given demonstrated earnings and pricing power in the face of high fuel costs, ongoing rationality in the domestic market and the potential for further capital management.

Buy and $7.30 target retained.

Target price is $7.30 Current Price is $5.76 Difference: $1.54
If QAN meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $6.13, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 24.00 cents and EPS of 61.70 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 9.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.6, implying annual growth of 6.4%.

Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 43.30 cents and EPS of 69.60 cents.
At the last closing share price the estimated dividend yield is 7.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 5.0%.

Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 9.2.

Market Sentiment: 0.2

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


Deutsche Bank rates QAN as Buy (1) -

Interim results were weaker than Deutsche Bank expected, with higher operating and fuel costs. Forward bookings appears solid while net debt is at the bottom of the company's target range.

An interim dividend of $0.12 per share was announced along with a further $305m buyback. Deutsche Bank maintains a Buy rating with a $6.50 target.

Target price is $6.50 Current Price is $5.76 Difference: $0.74
If QAN meets the Deutsche Bank target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.13, suggesting upside of 6.5% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 59.6, implying annual growth of 6.4%.

Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY20:

Current consensus EPS estimate is 62.6, implying annual growth of 5.0%.

Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 9.2.

Market Sentiment: 0.2

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


Macquarie rates QAN as No Rating (-1) -

Underlying pre-tax profit in the first half was slightly ahead of Macquarie's estimates. A new $305m share buyback was announced.

The broker reduces underlying estimates for pre-tax profit by -1% and -7% for FY19 and FY20 respectively. Macquarie is currently restricted on providing a rating and target.

Current Price is $5.76. Target price not assessed.

Current consensus price target is $6.13, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 24.00 cents and EPS of 59.40 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 9.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.6, implying annual growth of 6.4%.

Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 24.00 cents and EPS of 61.50 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 9.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 5.0%.

Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 9.2.

Market Sentiment: 0.2

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


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

First half results were broadly in line with expectations, with pre-tax profit below and EBIT in line. Unit costs growth was better than expected.

Morgan Stanley believes the market has priced in the emerging risks, although the next 12 months represents a period of significant uncertainty as a deteriorating consumer environment is likely to test the industry.

Equal-weight rating maintained. Target is $5.70. Industry view is Cautious.

Target price is $5.70 Current Price is $5.76 Difference: minus $0.06 (current price is over target).
If QAN meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.13, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 24.00 cents and EPS of 58.00 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 9.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.6, implying annual growth of 6.4%.

Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 24.00 cents and EPS of 64.00 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 9.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 5.0%.

Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 9.2.

Market Sentiment: 0.2

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


Ord Minnett rates QAN as Sell (5) -

Ord Minnett observes Qantas has underperformed by -9.9% in the year to date and reduces forecasts for FY19 and FY20 by -3-4%.

The broker intends on maintaining a Sell rating until the share price fully reflects the operating headwinds which it believes the company faces. Target is reduced to $4.90 from $4.95.

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

Target price is $4.90 Current Price is $5.76 Difference: minus $0.86 (current price is over target).
If QAN meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.13, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 24.00 cents and EPS of 54.00 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 10.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.6, implying annual growth of 6.4%.

Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 25.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 5.0%.

Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 9.2.

Market Sentiment: 0.2

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


UBS rates QAN as Neutral (3) -

It is unclear how Qantas' decline in profit, due to rising fuel and other costs, stacked up against the broker's numbers, but earnings forecast downgrades have resulted as the oil price tracks higher still. Management is optimistic but the broker can't ignore signs of weakening demand.

Capacity reduction from competitors nevertheless improves Qantas' position but the broker expects earnings and cash flow to decline. Unusually, the airline has fully hedged its FY20 USD fuel bill but remains exposed to currency moves. Target falls to $5.70 from $6.30, Neutral retained.

Target price is $5.70 Current Price is $5.76 Difference: minus $0.06 (current price is over target).
If QAN meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.13, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 20.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.6, implying annual growth of 6.4%.

Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 20.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 3.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.6, implying annual growth of 5.0%.

Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 9.2.

Market Sentiment: 0.2

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

QUB  QUBE HOLDINGS LIMITED

Transportation & Logistics

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Overnight Price: $2.86

Ord Minnett rates QUB as Buy (1) -

First half underlying net profit was in line with Ord Minnett's forecasts. The broker increases forecasts by 1-4% for FY19 and FY20.

The company has reaffirmed that Moorebank is on track to enable rail operations to commence in the September quarter.

Ord Minnett retains a Buy rating and raises the target to $3.30 from $3.20.

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

Target price is $3.30 Current Price is $2.86 Difference: $0.44
If QUB meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.77, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 5.00 cents and EPS of 8.00 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.7, implying annual growth of 63.8%.

Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 37.1.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 7.00 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 2.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 15.6%.

Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 32.1.

Market Sentiment: -0.1

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


UBS rates QUB as Neutral (3) -

It was a solid result from Qube, the broker suggests, increasing profit by 18% over a weak prior period but in the face of drought in NSW and a cooling housing market impacting on container volumes.

Revised forecasts see 12%pa growth expected over the next three years driven by Moorebank commissioning and growth across Patrick and operating divisions. Government approvals for stages 2 and 3 of Moorebank remain critical milestones. Neutral and $2.75 target retained.

Target price is $2.75 Current Price is $2.86 Difference: minus $0.11 (current price is over target).
If QUB meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.77, suggesting downside of -3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 5.50 cents and EPS of 8.80 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.7, implying annual growth of 63.8%.

Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 37.1.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 5.50 cents and EPS of 10.10 cents.
At the last closing share price the estimated dividend yield is 1.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.9, implying annual growth of 15.6%.

Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 32.1.

Market Sentiment: -0.1

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: $5.40

Ord Minnett rates RRL as Lighten (4) -

H1 results surprised to the upside, but there were lots of moving items and Ord Minnett sticks with "broadly in line". The analysts have made no changes to forecasts.

The broker has no problems with how Regis Resources runs its operations, but nevertheless favours other gold miners in Australia.

Problems investors should be aware of, suggest the analysts, are that Duketon open pit grades will fall over coming years, this will only partially offsett the growth from Rosemont, while McPhillamys faces permitting delays. Lighten rating retained. Target is $4.30.

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

Target price is $4.30 Current Price is $5.40 Difference: minus $1.1 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.72, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 17.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.5, implying annual growth of -9.0%.

Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 17.1.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 22.00 cents and EPS of 44.00 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.9, implying annual growth of 17.1%.

Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 14.6.

Market Sentiment: -0.6

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

SBM  ST BARBARA LIMITED

Gold & Silver

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Overnight Price: $4.70

Ord Minnett rates SBM as Hold (3) -

The H1 result missed, but the analysts believe it was still in line with market consensus. Declared dividend of 4c missed Ord Minnett's expectation of 6c.

The broker warns of the risks surrounding the current Gwalia study; the outcome is expected next month and potential consequences can be either positive or negative.

Ord Minnett sticks with its Hold rating, with an unchanged $4.60 price target.

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

Target price is $4.60 Current Price is $4.70 Difference: minus $0.1 (current price is over target).
If SBM 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 $4.56, suggesting downside of -3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 12.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.1, implying annual growth of -23.0%.

Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 12.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 2.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.1, implying annual growth of 5.9%.

Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 13.0.

Market Sentiment: -0.2

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

SCG  SCENTRE GROUP

REITs

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Overnight Price: $3.93

UPDATED

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

2018 results were in line with expectations. 2019 guidance is lower than Credit Suisse expected, with the company signalling funds from operations growth of around 3%.

Although the broker assesses value in the stock, moderating comparable income growth and a prolonged stabilisation period for developments suggest the outlook is challenging.

Rating is downgraded to Neutral from Outperform and the target reduced to $4.20 from $4.70.

Target price is $4.20 Current Price is $3.93 Difference: $0.27
If SCG meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.98, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 23.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 5.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.4, implying annual growth of N/A.

Current consensus DPS estimate is 22.9, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 15.5.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 23.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 5.85%.
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 25.8, implying annual growth of 1.6%.

Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 5.9%.

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

SDF  STEADFAST GROUP LIMITED

Insurance

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Overnight Price: $3.13

UPDATED

Ord Minnett rates SDF as Hold (3) -

Ord Minnett spotted a H1 financial performance "broadly in line", with management maintaining its full year guidance. Hold rating retained, with a slight increase in the price target; to $2.90 from $2.88.

The analysts welcome the announcement that CEO Robert Kelly plans to continue until 31 Dec 2022, though this is also considered a clear signal the company sees lots of risks from a possible ban on commissions following the Hayne Royal Commission.

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

Target price is $2.90 Current Price is $3.13 Difference: minus $0.23 (current price is over target).
If SDF meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.27, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 8.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.2, implying annual growth of 57.3%.

Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 23.7.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 10.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.5, implying annual growth of 9.8%.

Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 21.6.

Market Sentiment: 0.3

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

SDG  SUNLAND GROUP LIMITED

Infra & Property Developers

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Overnight Price: $1.52

Morgans rates SDG as Hold (3) -

Sunland Group's first-half result disappointed and management said guidance issued in November would not be met due to deteriorating market conditions. 

Morgans cuts the 2019 dividend forecast and the target prices eases to $1.48 from $1.53. Hold rating, the broker citing low visibility and counter-cyclical trading.

Target price is $1.48 Current Price is $1.52 Difference: minus $0.04 (current price is over target).
If SDG 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 June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 8.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 5.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.00.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 9.10 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 5.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.44.

Market Sentiment: 0.0

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

SFR  SANDFIRE RESOURCES NL

Copper

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Overnight Price: $7.31

UPDATED

Morgans rates SFR as Reduce (5) -

Sandfire's first-half result fell short of consensus, due to movements in the copper price. The 7c dividend missed the company's 30% payout guide, although the broker notes these are typically skewed to the second half.

Morgans forecasts a dip in the production profile between 2022/23 as the DeGrussa project winds down the Black Butte project ramps up.

Target price falls to $6.84 from $7.33. Reduce rating retained, Morgans citing a preference for OZ Minerals ((OZL)).

Target price is $6.84 Current Price is $7.31 Difference: minus $0.47 (current price is over target).
If SFR meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.40, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 24.00 cents and EPS of 68.00 cents.
At the last closing share price the estimated dividend yield is 3.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.9, implying annual growth of -7.6%.

Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 10.2.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 31.00 cents and EPS of 120.00 cents.
At the last closing share price the estimated dividend yield is 4.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 120.3, implying annual growth of 67.3%.

Current consensus DPS estimate is 43.1, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 6.1.

Market Sentiment: -0.3

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

SGM  SIMS METAL MANAGEMENT LIMITED

Steel & Scrap

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Overnight Price: $11.50

Ord Minnett rates SGM as Buy (1) -

The H1 result failed Ord Minnett's forecast, though the fully franked dividend of 23c was an upside surprise. Challenges remain, but the analysts note management gave a relatively upbeat outlook commentary.

Ord Minnett remind investors that, apart from a challenging operating environment, uncertainty remains around the impact of Chinese Category 6 materials. Irrespective, they reiterate the Buy rating, expecting a better H2.

Estimates have been increased. Target price rises to $13.20 from $11.50.

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

Target price is $13.20 Current Price is $11.50 Difference: $1.7
If SGM meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $12.24, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 45.00 cents and EPS of 81.00 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.6, implying annual growth of -22.7%.

Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 48.00 cents and EPS of 97.00 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 11.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.7, implying annual growth of 10.9%.

Current consensus DPS estimate is 47.1, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 12.4.

Market Sentiment: 0.4

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

SGP  STOCKLAND

Infra & Property Developers

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Overnight Price: $3.64

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

First half results missed Credit Suisse estimates and reflected lower-than-expected income across all divisions. Guidance is reduced to the lower end of the previous guidance range for growth of 5-7%.

Credit Suisse finds it difficult to envisage a silver lining amid ongoing pressure on retail asset valuations and further price declines in residential land.

Rating is downgraded to Underperform from Neutral. Target is reduced to $3.17 from $3.76.

Target price is $3.17 Current Price is $3.64 Difference: minus $0.47 (current price is over target).
If SGP meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.82, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 28.00 cents and EPS of 37.00 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 9.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.2, implying annual growth of -19.1%.

Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 10.6.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 28.00 cents and EPS of 38.00 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 9.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.1, implying annual growth of 2.6%.

Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 10.4.

Market Sentiment: -0.1

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

SGR  THE STAR ENTERTAINMENT GROUP LIMITED

Gaming

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Overnight Price: $4.60

Credit Suisse rates SGR as Neutral (3) -

First half results were solid and Credit Suisse observes the company gained market share in all key segments.

The broker suspects competitive tension will keep investors on the sidelines and maintains a Neutral rating. Target is $5.15.

Target price is $5.15 Current Price is $4.60 Difference: $0.55
If SGR meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 21.00 cents and EPS of 29.83 cents.
At the last closing share price the estimated dividend yield is 4.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.0, implying annual growth of 54.3%.

Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 22.00 cents and EPS of 32.04 cents.
At the last closing share price the estimated dividend yield is 4.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of 6.9%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 14.8.

Market Sentiment: 0.9

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


Deutsche Bank rates SGR as Buy (1) -

The first half result went some way to easing investor concerns in relation to domestic consumption, Deutsche Bank observes, but concerns about the VIP segment are heightened.

There are also concerns about competitive threats from a second casino on the Gold Coast. A formal process for the second casino could soon be announced, which the broker believes will weigh on the company's share price.

Buy rating maintained. Target is reduced to $5.60 from $6.20.

Target price is $5.60 Current Price is $4.60 Difference: $1
If SGR meets the Deutsche Bank target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 20.9% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 29.0, implying annual growth of 54.3%.

Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY20:

Current consensus EPS estimate is 31.0, implying annual growth of 6.9%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 14.8.

Market Sentiment: 0.9

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


Morgan Stanley rates SGR as Overweight (1) -

First half operating earnings (EBITDA) were in line with Morgan Stanley's estimates. The broker notes positive domestic revenue growth trends are continuing in the second half across slots, tables and non-gaming business.

The VIP business in the second half is expected to be similar to the first. Overweight and $6.00 target retained. Industry view: Cautious.

Target price is $6.00 Current Price is $4.60 Difference: $1.4
If SGR meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 EPS of 30.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.0, implying annual growth of 54.3%.

Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 33.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of 6.9%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 14.8.

Market Sentiment: 0.9

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


Morgans rates SGR as Add (1) -

Star Entertainment Group's fist-half result missed consensus and the broker, a solid domestic performance dimmed by a sharp fall in VIP customers.

Morgans expects VIP weakness to continue in the second half and expects a weakening in domestic gaming revenue growth.

The broker retains an Add rating, noting the stock is trading on a price-earnings multiple of 8.8x, but cuts the target price to $5.67 from $5.89 to reflect the miss.

Target price is $5.67 Current Price is $4.60 Difference: $1.07
If SGR meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 23.00 cents and EPS of 26.00 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 17.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.0, implying annual growth of 54.3%.

Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 22.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 4.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of 6.9%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 14.8.

Market Sentiment: 0.9

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


Ord Minnett rates SGR as Buy (1) -

First half net profit was below Ord Minnett's forecasts. Australian VIP turnover has seen a slowdown and re-balancing of market share. Crown Resorts ((CWN)) captured 49% of VIP turnover in the first half, a gain of 9%.

Ord Minnett now forecasts Star Entertainment's share of  VIP business in the second half will fall -17%. Buy rating maintained. Target is reduced to $5.50 from $6.10.

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

Target price is $5.50 Current Price is $4.60 Difference: $0.9
If SGR meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 23.00 cents and EPS of 30.00 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 15.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.0, implying annual growth of 54.3%.

Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 23.00 cents and EPS of 30.00 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 15.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of 6.9%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 14.8.

Market Sentiment: 0.9

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


UBS rates SGR as Buy (1) -

Star's result came in -7% below the broker but featured strong growth on the main floor despite disruption in Sydney, no investment in Brisbane and a weaker consumer environment. Abnormally low VIP turnover provided the offset.

The broker nevertheless believes the company is navigating well through a difficult macro backdrop and retains a preference for Star among the casino stocks. Buy and $5.60 target retained.

Target price is $5.60 Current Price is $4.60 Difference: $1
If SGR meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 23.00 cents and EPS of 29.00 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 15.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.0, implying annual growth of 54.3%.

Current consensus DPS estimate is 22.6, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 25.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 5.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 31.0, implying annual growth of 6.9%.

Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 14.8.

Market Sentiment: 0.9

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

SOM  SOMNOMED LIMITED

Medical Equipment & Devices

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Overnight Price: $1.74

Morgans rates SOM as Add (1) -

SomnoMed reported a mixed first-half result, in Morgans view. The broker sits comfortably below guidance and has made minor adjustments to earnings forecasts.

Target price rises to $2.17 from $2.15. Add rating retained, the broker believing the share price is too cheap given the stock is set to return to profitability in FY20 and beyond. 

Target price is $2.17 Current Price is $1.74 Difference: $0.43
If SOM meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 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 58.00.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.80.

Market Sentiment: 1.0

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

SRV  SERVCORP LIMITED

Commercial Services & Supplies

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Overnight Price: $3.00

UBS rates SRV as Neutral (3) -

Servcorp's profit came in -23% below expectation and FY guidance has been downgraded by -16-19% from that provided at the AGM in November. The dividend is cut to 8c from 13c.

The broker believes guidance is achievable and management expects growth off the new base but the broker takes a more tempered view until signs of a turnaround are apparent. Neutral retained. Target falls to $2.95 from $4.25 (August).

Target price is $2.95 Current Price is $3.00 Difference: minus $0.05 (current price is over target).
If SRV meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 21.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 7.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.50.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 22.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 7.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.00.

Market Sentiment: 0.0

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

SSG  SHAVER SHOP GROUP LIMITED

Household & Personal Products

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Overnight Price: $0.38

Ord Minnett rates SSG as Buy (1) -

Ord Minnett found the first half result reasonable when daigou earnings are excluded, and this is encouraging as the business moves into FY20 with a more solid foundation.

Furthermore, the broker is now more comfortable with the pared back store roll-out plan. Buy rating maintained. Target is raised to $0.56 from $0.54.

Target price is $0.56 Current Price is $0.38 Difference: $0.18
If SSG meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 4.50 cents and EPS of 5.10 cents.
At the last closing share price the estimated dividend yield is 11.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.45.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 4.70 cents and EPS of 6.20 cents.
At the last closing share price the estimated dividend yield is 12.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.13.

Market Sentiment: 1.0

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

STO  SANTOS LIMITED

NatGas

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Overnight Price: $7.01

Citi rates STO as Neutral (3) -

The broker has made no mention of Santos' result, rather pointing to a better than expected resource upgrade for the Cooper Basin. Upstream production costs are trending down but guidance still suggest a higher cost base than the broker forecast.

Neutral and $6.30 target retained.

Target price is $6.30 Current Price is $7.01 Difference: minus $0.71 (current price is over target).
If STO meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.87, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 13.72 cents and EPS of 45.63 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.4, implying annual growth of N/A.

Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 6.93 cents and EPS of 47.39 cents.
At the last closing share price the estimated dividend yield is 0.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 12.1%.

Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 13.5.

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

Market Sentiment: 0.5

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


Deutsche Bank rates STO as Buy (1) -

2018 results were solid, in the broker's view, amid better unit costs guidance for 2019. The company is on track for Dorado appraisal results later this year.

Deutsche Bank maintains a Buy rating and $7.60 target.

Target price is $7.60 Current Price is $7.01 Difference: $0.59
If STO meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.87, suggesting downside of -2.1% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 46.4, implying annual growth of N/A.

Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY20:

Current consensus EPS estimate is 52.0, implying annual growth of 12.1%.

Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 13.5.

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

Market Sentiment: 0.5

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


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

2018 results beat Macquarie's forecasts. Despite the strong headline result, Macquarie believes the upside going forward is less apparent.

Following the share price appreciation since the December lows, and because catalysts around reserves and expenditure are largely played out, the broker downgrades to Neutral from Outperform.

Versus its peers, Santos has fewer near-term drivers and Macquarie prefers Oil Search ((OSH)). Target is raised to $7.20 from $6.80.

Target price is $7.20 Current Price is $7.01 Difference: $0.19
If STO meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.87, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 8.69 cents and EPS of 53.23 cents.
At the last closing share price the estimated dividend yield is 1.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.4, implying annual growth of N/A.

Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 11.14 cents and EPS of 58.26 cents.
At the last closing share price the estimated dividend yield is 1.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 12.1%.

Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 13.5.

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

Market Sentiment: 0.5

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


Morgan Stanley rates STO as Overweight (1) -

2018 results beat Morgan Stanley's forecasts, primarily because of one-off items such as FX and lower net interest. The broker was expecting a little more in terms of reserve upgrades.

The broker expects the business to continue to de-leverage, with the company targeting US$35/boe free cash break-even in 2019. Dorado could prove to be a significant asset over the next six months, in the broker's view.

Overweight rating retained. Industry view: Attractive. Price target is $7.20.

Target price is $7.20 Current Price is $7.01 Difference: $0.19
If STO meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.87, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 9.91 cents and EPS of 33.95 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.4, implying annual growth of N/A.

Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 9.64 cents and EPS of 32.59 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 12.1%.

Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 13.5.

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

Market Sentiment: 0.5

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


Morgans rates STO as Hold (3) -

Santos' result outpaced the broker on several metrics, the earnings margin jumping to 59% and supporting a 6.2c dividend.

Morgans notes Santos has increased competitiveness while reducing its sensitivity to oil prices.

Target price rises to $6.12 from $5.53 and Hold rating is retained given the share price is trading at a considerable premium.

Target price is $6.12 Current Price is $7.01 Difference: minus $0.89 (current price is over target).
If STO meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.87, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 16.30 cents and EPS of 47.53 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.4, implying annual growth of N/A.

Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 20.37 cents and EPS of 43.46 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 12.1%.

Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 13.5.

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

Market Sentiment: 0.5

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


Ord Minnett rates STO as Buy (1) -

2018 net profit was ahead of Ord Minnett's forecasts. The broker notes, after several years of conserving capital, Santos is now focused on growth.

Capital expenditure is expected to increase by 37% in 2019. Management is targeting growth to 100mmboe by 2025, which will be internally funded at a Brent oil price of US$65/bbl.

Buy rating and $7.30 target maintained.

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

Target price is $7.30 Current Price is $7.01 Difference: $0.29
If STO meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.87, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 5.43 cents and EPS of 38.02 cents.
At the last closing share price the estimated dividend yield is 0.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.4, implying annual growth of N/A.

Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 5.43 cents and EPS of 43.46 cents.
At the last closing share price the estimated dividend yield is 0.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 12.1%.

Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 13.5.

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

Market Sentiment: 0.5

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


UBS rates STO as Buy (1) -

Santos posted a solid beat, 12% ahead of the broker, driven by higher "other" revenue and lower pipeline tariffs. Capex is set to rise as exploration is ramped up in offshore WA. 2019 operational costs are expected to remain in line with 2018 which the broker suspects disappointed the market.

The broker increases earnings forecasts on lower tariffs, as less gas is piped from the Cooper and more from the east coast. Buy and $7.20 target retained. Santos remain the broker's preference in the big cap oil & gas space.

Target price is $7.20 Current Price is $7.01 Difference: $0.19
If STO meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $6.87, suggesting downside of -2.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 16.30 cents and EPS of 42.10 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.4, implying annual growth of N/A.

Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 15.1.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 14.94 cents and EPS of 61.11 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.0, implying annual growth of 12.1%.

Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 13.5.

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

Market Sentiment: 0.5

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

SXL  SOUTHERN CROSS MEDIA GROUP

Print, Radio & TV

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Overnight Price: $1.16

Citi rates SXL as Neutral (3) -

Southern Cross reported in line, but the broker has upgraded forecasts to account for strong momentum in radio ratings and subsequent improved revenue outlook. TV revenue declines are accelerating but getting so small now they don't much matter, the broker notes.

Costs are being controlled and elections should provide a boost, but otherwise the broker sees fair value. Target rises to $1.10 from $1.05, Neutral retained.

Target price is $1.10 Current Price is $1.16 Difference: minus $0.06 (current price is over target).
If SXL meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.10, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 7.60 cents and EPS of 10.20 cents.
At the last closing share price the estimated dividend yield is 6.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.2, implying annual growth of 5268.4%.

Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 7.90 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 6.81%.
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 10.7, implying annual growth of 4.9%.

Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 10.8.

Market Sentiment: 0.3

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


Macquarie rates SXL as Outperform (1) -

Macquarie found the first half results resilient, considering the difficult operating environment. The result, as is the case for peers, highlighted the deterioration in advertising market trends over the half-year.

Nevertheless, the broker envisages ongoing benefit from market share gains in metro and increased national expenditure in regional markets. Outperform rating and $1.30 target maintained.

Target price is $1.30 Current Price is $1.16 Difference: $0.14
If SXL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 7.50 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 6.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.2, implying annual growth of 5268.4%.

Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 8.10 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 6.98%.
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 10.7, implying annual growth of 4.9%.

Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 10.8.

Market Sentiment: 0.3

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


Morgan Stanley rates SXL as Underweight (5) -

First half results were slightly ahead of Morgan Stanley's estimates. The broker expects radio industry growth and the company's market share gains will moderate in the second half, although achieving full year forecasts appears within reach.

No specific guidance was provided for FY19, as is usual. The broker maintains an Underweight rating and $0.80 target. Industry view is Attractive.

Target price is $0.80 Current Price is $1.16 Difference: minus $0.36 (current price is over target).
If SXL meets the Morgan Stanley target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.10, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 EPS of 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.2, implying annual growth of 5268.4%.

Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 11.4.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of 4.9%.

Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 10.8.

Market Sentiment: 0.3

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

SYD  SYDNEY AIRPORT HOLDINGS LIMITED

Infrastructure & Utilities

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Overnight Price: $7.17

Citi rates SYD as Sell (5) -

Sydney Airport reported in line but guidance is impacted by a move to pare back distributions ahead of paying tax from 2022. Passenger growth outlook is a little weaker than expected while capex is in line but will remain elevated.

A weaker international capacity growth outlook, pared back dividends and a rich valuation keep the broker on Sell and a $6.00 target.

Target price is $6.00 Current Price is $7.17 Difference: minus $1.17 (current price is over target).
If SYD meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.11, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 39.00 cents and EPS of 17.40 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.21.

How do these forecasts compare to market consensus projections?

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

Current consensus DPS estimate is 38.9, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 40.7.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 40.20 cents and EPS of 18.10 cents.
At the last closing share price the estimated dividend yield is 5.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 9.1%.

Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 37.3.

Market Sentiment: 0.1

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


Credit Suisse rates SYD as Underperform (5) -

2018 results were in line with Credit Suisse estimates. Management is optimistic about medium-term growth prospects, although obtaining passenger growth is expected to be challenging this year.

Credit Suisse maintains an Underperform rating and raises the target to $6.65 from $6.40.

Target price is $6.65 Current Price is $7.17 Difference: minus $0.52 (current price is over target).
If SYD 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 $7.11, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 39.00 cents and EPS of 17.32 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.40.

How do these forecasts compare to market consensus projections?

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

Current consensus DPS estimate is 38.9, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 40.7.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 40.00 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 9.1%.

Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 37.3.

Market Sentiment: 0.1

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


Deutsche Bank rates SYD as Buy (1) -

While the 2018 results were slightly lower than expected, 2019 distribution guidance was also softer than Deutsche Bank forecast.

Management appears to have decided to use a glide path into 2022, when cash income tax payments start, rather than continue to pay out 100%.

Deutsche Bank trims earnings forecasts and alters the distribution profile. Buy rating maintained. Target lowered to $7.75 from $8.00.

Target price is $7.75 Current Price is $7.17 Difference: $0.58
If SYD meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.11, suggesting downside of -0.8% (ex-dividends)

Forecast for FY19:

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

Current consensus DPS estimate is 38.9, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 40.7.

Forecast for FY20:

Current consensus EPS estimate is 19.2, implying annual growth of 9.1%.

Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 37.3.

Market Sentiment: 0.1

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


Morgan Stanley rates SYD as Overweight (1) -

Morgan Stanley found few surprises in the 2018 results. Net operating receipts were in line with estimates but only because of the company's "glide path" for distributions over the forecast period as the airport transitions to paying tax from FY22.

The broker retains an Overweight rating and raises the target to $7.27 from $7.07. Industry view: Cautious.

Target price is $7.27 Current Price is $7.17 Difference: $0.1
If SYD meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.11, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 39.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.83.

How do these forecasts compare to market consensus projections?

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

Current consensus DPS estimate is 38.9, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 40.7.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 41.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 5.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 9.1%.

Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 37.3.

Market Sentiment: 0.1

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


Morgans rates SYD as Add (1) -

Sydney Airport's FY18 pre-released result impressed the broker. Second half earnings grew 6% and FY19 dividend guidance implies 4% growth.

Morgans notes the business mix of more than 50% commercial cushioned the company against passenger trends. Key credit metrics improved, interest costs eased and capital expenditure was less than guidance.

The dividend outpaced the broker but not consensus and the broker says the dividend should grow 4% to 6% out to FY2023.

Morgans lifts the target price to $7.55 from $7.33 to reflect changes in tax, capital expenditure, aeronautical revenue and Gateway assumptions - implying a 7% gain. Added to the guidance for a 5.5% FY19 yield, Morgans says the stock offers a potential 12-month return of 12%. Add rating retained.

Target price is $7.55 Current Price is $7.17 Difference: $0.38
If SYD meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.11, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 39.00 cents.
At the last closing share price the estimated dividend yield is 5.44%.

How do these forecasts compare to market consensus projections?

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

Current consensus DPS estimate is 38.9, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 40.7.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 40.30 cents.
At the last closing share price the estimated dividend yield is 5.62%.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 9.1%.

Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 37.3.

Market Sentiment: 0.1

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


Ord Minnett rates SYD as Buy (1) -

2018 earnings were in line with Ord Minnett's forecasts. The broker trims forecasts for 2019 and 2020 by -1-4% because of slightly lower passenger growth estimates but continues to envisage upside potential.

A Buy rating is maintained. Target is reduced to $8.05 from $8.20. Ord Minnett continues to envisage a number of non-aeronautical growth opportunities associated with hotels and Terminal 3, retailing and unutilised land.

Target price is $8.05 Current Price is $7.17 Difference: $0.88
If SYD meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.11, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 39.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.83.

How do these forecasts compare to market consensus projections?

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

Current consensus DPS estimate is 38.9, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 40.7.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 41.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 5.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 9.1%.

Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 37.3.

Market Sentiment: 0.1

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


UBS rates SYD as Neutral (3) -

It is unclear how Sydney Airport's 6% earnings growth stacked up against the broker's forecast. Aeronautical revenue growth was healthy and cost controls solid. Domestic traffic growth slowed considerably in 2018, the broker notes, and more importantly international also moderated.

The company will begin paying tax in 2022 and to that end distributions will be gradually lowered in preparation. The broker now forecasts 4%pa dividend growth over the next three years from 6%pa cash flow growth. Neutral and $7.00 target retained.

Target price is $7.00 Current Price is $7.17 Difference: minus $0.17 (current price is over target).
If SYD meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.11, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 38.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 5.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.18.

How do these forecasts compare to market consensus projections?

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

Current consensus DPS estimate is 38.9, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 40.7.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 39.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.2, implying annual growth of 9.1%.

Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 37.3.

Market Sentiment: 0.1

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

WEB  WEBJET LIMITED

Travel, Leisure & Tourism

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Overnight Price: $16.10

Credit Suisse rates WEB as Outperform (1) -

First half results were ahead of Credit Suisse estimates. The B2B division stood out and the broker notes, after several years of investment, scale benefits are now being realised.

The outlook for the remainder of the year looks robust and FY20 earnings are expected to accelerate further. Credit Suisse reiterates an Outperform rating and raises the target to $17.00 from $14.40.

Target price is $17.00 Current Price is $16.10 Difference: $0.9
If WEB meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $17.47, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 23.76 cents and EPS of 66.16 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 24.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 62.4%.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 41.30 cents and EPS of 98.24 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.0, implying annual growth of 48.7%.

Current consensus DPS estimate is 36.4, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.6

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


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

First half results were solid but in line with expectations. Morgan Stanley finds no reason to materially reassess the outlook for FY20. Guidance has been reiterated for FY19.

A rapidly maturing B2C business makes the company reliant on M&A to sustain growth, in the broker's view.

Equal-weight. Target is raised to $14.00 from $12.70. Industry View is In-Line.

Target price is $14.00 Current Price is $16.10 Difference: minus $2.1 (current price is over target).
If WEB meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.47, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 26.20 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 62.4%.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 37.50 cents and EPS of 83.00 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.0, implying annual growth of 48.7%.

Current consensus DPS estimate is 36.4, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.6

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


Morgans rates WEB as Hold (3) -

Webjet's first-half result beat consensus and the broker. Full year guidance was reiterated.

However, the broker sees weakness in the B2C market and eases earnings forecasts -4.1% and -2.5% for FY20 and FY21.

Hold rating retained. Target price rises to $15.68 from $14.60.

Target price is $15.68 Current Price is $16.10 Difference: minus $0.42 (current price is over target).
If WEB meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.47, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 23.00 cents and EPS of 61.00 cents.
At the last closing share price the estimated dividend yield is 1.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 62.4%.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 31.00 cents and EPS of 88.00 cents.
At the last closing share price the estimated dividend yield is 1.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.0, implying annual growth of 48.7%.

Current consensus DPS estimate is 36.4, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.6

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


Ord Minnett rates WEB as Buy (1) -

The first half result has provided no material changes to Ord Minnett's buoyant expectations. In addition to reaffirming guidance for FY19 the company has guided to additional earnings of at least $40m from DOTW, Thomas Cook and Asia-Pacific.

Ord Minnett also points out this excludes any organic growth from the existing WebBeds business. Buy rating maintained. Target is raised to $19.67 from $19.03.

Target price is $19.67 Current Price is $16.10 Difference: $3.57
If WEB meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $17.47, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 22.90 cents and EPS of 44.80 cents.
At the last closing share price the estimated dividend yield is 1.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 62.4%.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 37.90 cents and EPS of 75.80 cents.
At the last closing share price the estimated dividend yield is 2.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.0, implying annual growth of 48.7%.

Current consensus DPS estimate is 36.4, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.6

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


UPDATED

UBS rates WEB as Buy (1) -

Despite concerns of a weak Euro B2B market and a slowing Australian consumer, Webjet still managed to deliver strong organic growth, the broker notes, and the outlook is much less negative than had been priced in. This must be why the share price took off, given it appears the result was largely in line with forecasts.

Integration and synergy realisation from acquisitions is ahead of schedule but the broker still sees a "long runway" for the B2B business. That said, the broker still finds valuation undemanding even after yesterday's rally. Buy retained, target rises to $21.00 from $20.20.

Target price is $21.00 Current Price is $16.10 Difference: $4.9
If WEB meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $17.47, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 22.20 cents and EPS of 62.50 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 62.4%.

Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 34.50 cents and EPS of 90.00 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 87.0, implying annual growth of 48.7%.

Current consensus DPS estimate is 36.4, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.6

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

WES  WESFARMERS LIMITED

Food, Beverages & Tobacco

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Overnight Price: $35.17

UPDATED

Citi rates WES as Sell (5) -

After soft results from the supermarkets, an in-line result from Wesfarmers was a positive surprise, Citi declares, in the face of a deteriorating housing market and a challenging market for retailers.

The special dividend is welcomed and there may be more to come, but the major growth drivers of Bunnings and Kmart are facing cyclical headwinds hence the broker retains Sell. Target falls to $29.00 from $29.40.

Target price is $29.00 Current Price is $35.17 Difference: minus $6.17 (current price is over target).
If WES meets the Citi target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.42, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 381.00 cents and EPS of 206.00 cents.
At the last closing share price the estimated dividend yield is 10.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.1, implying annual growth of 106.1%.

Current consensus DPS estimate is 276.2, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 151.00 cents and EPS of 177.00 cents.
At the last closing share price the estimated dividend yield is 4.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 174.1, implying annual growth of -20.2%.

Current consensus DPS estimate is 155.1, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: -0.3

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


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

The company has emerged from the first half result in a strong position, Credit Suisse believes, with most businesses performing solidly.

While market conditions in retail moderated over the first half, management does not appear to be implying further deterioration in the second half.

Credit Suisse believes investors should take comfort in the consistency of the company's strategies at Kmart and Bunnings.

The broker downgrades to Neutral from Outperform because of the strong share price reaction. Target is reduced to $33.12 from $34.98.

Target price is $33.12 Current Price is $35.17 Difference: minus $2.05 (current price is over target).
If WES meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.42, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 172.00 cents and EPS of 175.00 cents.
At the last closing share price the estimated dividend yield is 4.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.1, implying annual growth of 106.1%.

Current consensus DPS estimate is 276.2, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 145.00 cents and EPS of 177.00 cents.
At the last closing share price the estimated dividend yield is 4.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 174.1, implying annual growth of -20.2%.

Current consensus DPS estimate is 155.1, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: -0.3

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


Deutsche Bank rates WES as Hold (3) -

Bunnings was the main point of interest in the first half result, Deutsche Bank points out, with sales trends continuing to deteriorate. Earnings (EBIT) were ahead of expectations, nevertheless.

Cash flow was strong and a one dollar special dividend will be paid on top of the one dollar regular dividend. The broker welcomes this development, as it sends a message about discipline with respect to M&A.

Bunnings is expected to perform reasonably well despite the difficult environment. Hold rating retained. Target is raised to $32 from $31.

Target price is $32.00 Current Price is $35.17 Difference: minus $3.17 (current price is over target).
If WES meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.42, suggesting downside of -7.8% (ex-dividends)

Forecast for FY19:

Current consensus EPS estimate is 218.1, implying annual growth of 106.1%.

Current consensus DPS estimate is 276.2, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Current consensus EPS estimate is 174.1, implying annual growth of -20.2%.

Current consensus DPS estimate is 155.1, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: -0.3

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


Macquarie rates WES as Outperform (1) -

Macquarie believes the view on Wesfarmers is now essentially a view on Bunnings. Sales increased 5.2% in the first half while the earnings (EBIT) margin expanded 30 basis points.

The broker considers this a stellar performance, given the weakness in housing markets.

While the company appears in no rush to buy further businesses, the broker expects it may not happen overnight but it will happen. Outperform maintained. Target is raised to $37.13 from $36.51.

Target price is $37.13 Current Price is $35.17 Difference: $1.96
If WES meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $32.42, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 272.50 cents and EPS of 172.50 cents.
At the last closing share price the estimated dividend yield is 7.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.1, implying annual growth of 106.1%.

Current consensus DPS estimate is 276.2, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 167.70 cents and EPS of 186.40 cents.
At the last closing share price the estimated dividend yield is 4.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 174.1, implying annual growth of -20.2%.

Current consensus DPS estimate is 155.1, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: -0.3

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


Morgan Stanley rates WES as Underweight (5) -

Morgan Stanley believes the performance of Bunnings and Kmart is ebbing, a concern given the relatively high margin structures. While expecting investors will reward the company's disciplined capital management approach, the broker suggests fundamentals are deteriorating.

Like-for-like sales growth is slowing and a rising share of profits for Bunnings is being generated from property sales and record earnings (EBITDA) margins, Morgan Stanley cautions.

The broker suggests Kmart is now moving to a reinvestment phase with lower margins, while Target is beginning to close stores and that increases the risk of non-recurring charges.

Underweight rating. Target is reduced to $29 from $30. Cautious industry view.

Target price is $29.00 Current Price is $35.17 Difference: minus $6.17 (current price is over target).
If WES 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 $32.42, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 273.00 cents and EPS of 145.00 cents.
At the last closing share price the estimated dividend yield is 7.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.1, implying annual growth of 106.1%.

Current consensus DPS estimate is 276.2, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 155.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 4.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 174.1, implying annual growth of -20.2%.

Current consensus DPS estimate is 155.1, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: -0.3

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


Morgans rates WES as Add (1) -

Wesfarmers' first-half result missed the broker but Morgans felt more than compensated by the 100c special dividend.

Strong growth in Bunnings and Officeworks partly offset a sharp fall at Kmart and Industrials. Earnings margins rose to 11.4% and the balance sheet was solid.

The broker tinkers with earnings forecasts and maintains an Add rating, believing the long-term prospects are solid. Target price rises to $36.50 from $34.35.

Target price is $36.50 Current Price is $35.17 Difference: $1.33
If WES meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $32.42, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 288.00 cents and EPS of 172.00 cents.
At the last closing share price the estimated dividend yield is 8.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.1, implying annual growth of 106.1%.

Current consensus DPS estimate is 276.2, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 157.00 cents and EPS of 181.00 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 174.1, implying annual growth of -20.2%.

Current consensus DPS estimate is 155.1, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: -0.3

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


Ord Minnett rates WES as Lighten (4) -

First half results were in line with Ord Minnett's forecasts. The special dividend was the main positive but the broker considers the share price jump was excessive.

The external environment is challenging for Bunnings and Kmart, the broker suggests. Yet, the broker finds the valuation elevated and retains a Lighten rating. Target is raised to $30 from $29.

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

Target price is $30.00 Current Price is $35.17 Difference: minus $5.17 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.42, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 277.00 cents and EPS of 481.00 cents.
At the last closing share price the estimated dividend yield is 7.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.1, implying annual growth of 106.1%.

Current consensus DPS estimate is 276.2, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 154.00 cents and EPS of 184.00 cents.
At the last closing share price the estimated dividend yield is 4.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 174.1, implying annual growth of -20.2%.

Current consensus DPS estimate is 155.1, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: -0.3

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


UBS rates WES as Downgrade to Sell from Neutral (5) -

Wesfarmers' result was not as strong as it appeared on the headline, given various one-offs, and underlying earnings only exceeded UBS' forecast slightly. Bunnings missed the mark and Kmart and industrials earnings declined.

Cash conversion was the bright spot, the broker notes, providing for a special dividend, and Officeworks outperformed.

UBS has made little change to forecasts but suggests a 20x FY20 earnings multiple is too rich in the face of slowing consumer spending, the impact of a weak housing market on Bunnings, and a competitive environment. Downgrade to Sell from Neutral. Target rises to $32.60 from $30.75.

Target price is $32.60 Current Price is $35.17 Difference: minus $2.57 (current price is over target).
If WES meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.42, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

UBS forecasts a full year FY19 dividend of 270.00 cents and EPS of 175.00 cents.
At the last closing share price the estimated dividend yield is 7.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.1, implying annual growth of 106.1%.

Current consensus DPS estimate is 276.2, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 156.00 cents and EPS of 175.00 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 174.1, implying annual growth of -20.2%.

Current consensus DPS estimate is 155.1, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: -0.3

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

WSA  WESTERN AREAS NL

Nickel

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Overnight Price: $2.30

Ord Minnett rates WSA as Buy (1) -

Ord Minnett observes the interim performance fell slightly short of expectations, with lower revenues the cause. The analysts note Western Areas will make capital decisions on Odysseus within the next six months, but it is their view the key catalyst for the stock will be the upcoming offtake negotiations.

In addition, the broker believes the resolution of trade disputes will act as the catalyst for a re-rating of both nickel, the commodity, and nickel-leveraged equities. Rating remains thus a Speculative Buy. Target price is unchanged at $2.60.

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

Target price is $2.60 Current Price is $2.30 Difference: $0.3
If WSA meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.66, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 230.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.5, implying annual growth of 49.8%.

Current consensus DPS estimate is 2.2, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 35.4.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 230.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of 152.3%.

Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 14.0.

Market Sentiment: 0.7

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

Z1P  ZIP CO LIMITED

Business & Consumer Credit

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Overnight Price: $1.44

Morgans rates Z1P as Add (1) -

Zip's half-year result met the broker but fell short on cash earnings, margins and net profit after tax. FY19 and FY20 NPAT forecasts fall on lower revenue and margin assumptions.

Morgans notes the trajectory in underlying metrics has been upward and the company is executing well, leading the broker to expect a re-rating within the year as the stock moves to profitability.

Target price rises to $1.64 from $1.40 to reflect longer term growth assumptions. Add rating retained.

Target price is $1.64 Current Price is $1.44 Difference: $0.2
If Z1P meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 36.00.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 144.00.

Market Sentiment: 0.8

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


Ord Minnett rates Z1P as Accumulate (2) -

The first half result was ahead of Ord Minnett's forecasts. The business has gained scale, which is flowing through to lower costs and improving margins, the broker observes.

Ord Minnett expects Zip to grow significantly in the medium term. Accumulate rating maintained. Target is raised to $1.50 from $1.20.

Target price is $1.50 Current Price is $1.44 Difference: $0.06
If Z1P meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Ord Minnett forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 53.33.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 0.00 cents and EPS of 2.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 68.57.

Market Sentiment: 0.8

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

Today's Price Target Changes
Company Broker New Target Prev Target Change
3PL 3P LEARNING Deutsche Bank 1.60 1.65 -3.03%
Macquarie 1.50 1.70 -11.76%
ALL ARISTOCRAT LEISURE Ord Minnett 31.25 32.45 -3.70%
ARB ARB CORP Citi 18.38 18.66 -1.50%
ASL AUSDRILL UBS 2.35 2.55 -7.84%
AWC ALUMINA Citi 2.80 3.20 -12.50%
AX1 ACCENT GROUP Citi 1.75 1.65 6.06%
Morgans 1.51 1.46 3.42%
CCL COCA-COLA AMATIL Macquarie 8.15 8.28 -1.57%
UBS 7.70 7.85 -1.91%
CDP CARINDALE PROPERTY Ord Minnett 6.90 7.50 -8.00%
CWN CROWN RESORTS Credit Suisse 11.20 12.45 -10.04%
EHL EMECO Morgans 3.22 3.00 7.33%
EPW ERM POWER Morgans 1.81 2.05 -11.71%
EVT EVENT HOSPITALITY Citi 12.25 12.95 -5.41%
Ord Minnett 15.20 15.96 -4.76%
FLT FLIGHT CENTRE Citi 47.50 51.00 -6.86%
Credit Suisse 43.40 43.67 -0.62%
Deutsche Bank 46.00 53.00 -13.21%
Macquarie 43.50 47.00 -7.45%
Morgan Stanley 51.00 59.00 -13.56%
Morgans 47.37 47.75 -0.80%
Ord Minnett 55.47 64.12 -13.49%
UBS 61.20 67.00 -8.66%
GOZ GROWTHPOINT PROP Macquarie 3.54 3.38 4.73%
Ord Minnett 4.00 3.55 12.68%
UBS 3.46 3.20 8.12%
IDX INTEGRAL DIAGNOSTICS Credit Suisse 3.10 3.20 -3.13%
Morgan Stanley 3.22 3.07 4.89%
Ord Minnett 2.99 3.12 -4.17%
ILU ILUKA RESOURCES Citi 10.40 12.40 -16.13%
Credit Suisse 10.40 11.60 -10.34%
Morgan Stanley 11.20 11.35 -1.32%
Ord Minnett 10.00 9.50 5.26%
IPD IMPEDIMED Morgans 0.79 1.28 -38.28%
IRE IRESS MARKET TECHN Credit Suisse 13.30 13.50 -1.48%
Deutsche Bank 12.80 13.20 -3.03%
Macquarie 13.18 13.65 -3.44%
Ord Minnett 13.09 11.73 11.59%
MIN MINERAL RESOURCES Morgan Stanley 20.40 21.30 -4.23%
Ord Minnett 18.50 20.00 -7.50%
MWY MIDWAY Ord Minnett 4.37 4.27 2.34%
MYO MYOB Credit Suisse N/A 3.77 -100.00%
Macquarie N/A 3.30 -100.00%
Ord Minnett 3.40 3.16 7.59%
NBL NONI B Morgans 4.04 3.99 1.25%
NEA NEARMAP Morgan Stanley 3.00 2.25 33.33%
NEC NINE ENTERTAINMENT Citi 1.75 1.60 9.37%
Macquarie 2.00 1.95 2.56%
NWH NRW HOLDINGS Citi 2.52 2.25 12.00%
OGC OCEANAGOLD Ord Minnett 5.00 5.50 -9.09%
ORG ORIGIN ENERGY Citi 8.62 8.40 2.62%
Credit Suisse 7.30 6.90 5.80%
Macquarie 8.67 8.53 1.64%
Morgan Stanley 8.43 8.11 3.95%
Morgans 8.51 8.15 4.42%
UBS 9.05 9.45 -4.23%
PPT PERPETUAL Credit Suisse 35.00 33.00 6.06%
Macquarie 36.00 38.00 -5.26%
Morgan Stanley 38.00 36.00 5.56%
Ord Minnett 37.50 36.00 4.17%
UBS 36.00 32.85 9.59%
PTM PLATINUM Ord Minnett 4.72 4.66 1.29%
QAN QANTAS AIRWAYS Deutsche Bank 6.50 6.90 -5.80%
Ord Minnett 4.90 4.95 -1.01%
UBS 5.70 6.30 -9.52%
QUB QUBE HOLDINGS Ord Minnett 3.30 3.20 3.12%
SCG SCENTRE GROUP Credit Suisse 4.20 4.70 -10.64%
SDF STEADFAST GROUP Ord Minnett 2.90 2.88 0.69%
SDG SUNLAND GROUP Morgans 1.48 1.53 -3.27%
SFR SANDFIRE Morgans 6.84 7.33 -6.68%
SGM SIMS METAL MANAGEMENT Ord Minnett 13.20 11.50 14.78%
SGP STOCKLAND Credit Suisse 3.17 3.76 -15.69%
SGR STAR ENTERTAINMENT Deutsche Bank 5.60 6.20 -9.68%
Morgans 5.67 5.89 -3.74%
Ord Minnett 5.50 6.10 -9.84%
UBS 5.60 6.20 -9.68%
SOM SOMNOMED Morgans 2.17 2.15 0.93%
SRV SERVCORP UBS 2.95 4.25 -30.59%
SSG SHAVER SHOP Ord Minnett 0.56 0.54 3.70%
STO SANTOS Citi 6.30 6.17 2.11%
Macquarie 7.20 6.80 5.88%
Morgan Stanley 7.20 8.30 -13.25%
Morgans 6.12 5.53 10.67%
SWM SEVEN WEST MEDIA Morgan Stanley 0.45 0.50 -10.00%
SXL SOUTHERN CROSS MEDIA Citi 1.10 1.05 4.76%
SYD SYDNEY AIRPORT Credit Suisse 6.65 6.40 3.91%
Deutsche Bank 7.75 8.00 -3.13%
Morgan Stanley 7.27 7.07 2.83%
Morgans 7.55 7.33 3.00%
Ord Minnett 8.05 8.20 -1.83%
WEB WEBJET Credit Suisse 17.00 14.40 18.06%
Morgan Stanley 14.00 12.70 10.24%
Morgans 15.68 14.60 7.40%
Ord Minnett 19.67 19.03 3.36%
UBS 21.00 20.20 3.96%
WES WESFARMERS Citi 29.00 29.40 -1.36%
Credit Suisse 33.12 34.07 -2.79%
Deutsche Bank 32.00 31.00 3.23%
Macquarie 37.13 36.51 1.70%
Morgan Stanley 29.00 30.00 -3.33%
Morgans 36.50 34.35 6.26%
Ord Minnett 30.00 29.00 3.45%
UBS 32.60 30.75 6.02%
Z1P ZIP CO Morgans 1.64 1.30 26.15%
Ord Minnett 1.50 1.20 25.00%
Summaries
3PL 3P LEARNING Buy - Deutsche Bank Overnight Price $1.09
Outperform - Macquarie Overnight Price $1.09
Overweight - Morgan Stanley Overnight Price $1.09
ALL ARISTOCRAT LEISURE Buy - Deutsche Bank Overnight Price $25.93
Buy - Ord Minnett Overnight Price $25.93
ARB ARB CORP Downgrade to Neutral from Buy - Citi Overnight Price $16.81
Hold - Ord Minnett Overnight Price $16.81
ASL AUSDRILL Buy - Deutsche Bank Overnight Price $1.69
Buy - UBS Overnight Price $1.69
AWC ALUMINA Buy - Citi Overnight Price $2.69
Outperform - Credit Suisse Overnight Price $2.69
Outperform - Macquarie Overnight Price $2.69
Hold - Ord Minnett Overnight Price $2.69
Downgrade to Sell from Neutral - UBS Overnight Price $2.69
AX1 ACCENT GROUP Buy - Citi Overnight Price $1.52
Hold - Morgans Overnight Price $1.52
CCL COCA-COLA AMATIL Sell - Citi Overnight Price $8.23
Neutral - Credit Suisse Overnight Price $8.23
Hold - Deutsche Bank Overnight Price $8.23
Neutral - Macquarie Overnight Price $8.23
Hold - Ord Minnett Overnight Price $8.23
Sell - UBS Overnight Price $8.23
CDP CARINDALE PROPERTY Hold - Ord Minnett Overnight Price $7.10
CGR CML GROUP Add - Morgans Overnight Price $0.53
CQR CHARTER HALL RETAIL Underperform - Macquarie Overnight Price $4.55
Lighten - Ord Minnett Overnight Price $4.55
CWN CROWN RESORTS Neutral - Credit Suisse Overnight Price $11.50
DUB DUBBER CORPORATION LTD Initiation of coverage with Hold - Morgans Overnight Price $0.65
EBO EBOS GROUP Neutral - Credit Suisse Overnight Price $21.18
EHL EMECO Add - Morgans Overnight Price $2.39
EPW ERM POWER Add - Morgans Overnight Price $1.62
EVT EVENT HOSPITALITY Sell - Citi Overnight Price $12.99
Buy - Ord Minnett Overnight Price $12.99
FBU FLETCHER BUILDING Neutral - Credit Suisse Overnight Price $4.78
No Rating - Macquarie Overnight Price $4.78
FLT FLIGHT CENTRE Neutral - Citi Overnight Price $44.90
Neutral - Credit Suisse Overnight Price $44.90
Hold - Deutsche Bank Overnight Price $44.90
Neutral - Macquarie Overnight Price $44.90
Overweight - Morgan Stanley Overnight Price $44.90
Hold - Morgans Overnight Price $44.90
Buy - Ord Minnett Overnight Price $44.90
Buy - UBS Overnight Price $44.90
FPH FISHER & PAYKEL HEALTHCARE Neutral - Citi Overnight Price $13.80
Hold - Deutsche Bank Overnight Price $13.80
Sell - UBS Overnight Price $13.80
GOZ GROWTHPOINT PROP Underperform - Macquarie Overnight Price $4.14
Hold - Ord Minnett Overnight Price $4.14
Sell - UBS Overnight Price $4.14
IDX INTEGRAL DIAGNOSTICS Outperform - Credit Suisse Overnight Price $2.70
Equal-weight - Morgan Stanley Overnight Price $2.70
Downgrade to Accumulate from Buy - Ord Minnett Overnight Price $2.70
IFN INFIGEN ENERGY Outperform - Macquarie Overnight Price $0.50
IGO INDEPENDENCE GROUP Accumulate - Ord Minnett Overnight Price $4.87
ILU ILUKA RESOURCES Downgrade to Neutral from Buy - Citi Overnight Price $9.44
Outperform - Credit Suisse Overnight Price $9.44
Downgrade to Neutral from Outperform - Macquarie Overnight Price $9.44
Overweight - Morgan Stanley Overnight Price $9.44
Accumulate - Ord Minnett Overnight Price $9.44
IPD IMPEDIMED Add - Morgans Overnight Price $0.24
IRE IRESS MARKET TECHN Neutral - Credit Suisse Overnight Price $13.06
Hold - Deutsche Bank Overnight Price $13.06
Neutral - Macquarie Overnight Price $13.06
Add - Morgans Overnight Price $13.06
Downgrade to Accumulate from Buy - Ord Minnett Overnight Price $13.06
KLL KALIUM LAKES Outperform - Macquarie Overnight Price $0.43
MIN MINERAL RESOURCES No Rating - Macquarie Overnight Price $16.77
Overweight - Morgan Stanley Overnight Price $16.77
Accumulate - Ord Minnett Overnight Price $16.77
MWY MIDWAY Buy - Ord Minnett Overnight Price $3.58
MYO MYOB No Rating - Credit Suisse Overnight Price $3.37
No Rating - Macquarie Overnight Price $3.37
Underweight - Morgan Stanley Overnight Price $3.37
Hold - Ord Minnett Overnight Price $3.37
NBL NONI B Add - Morgans Overnight Price $3.00
NEA NEARMAP Overweight - Morgan Stanley Overnight Price $2.55
NEC NINE ENTERTAINMENT Buy - Citi Overnight Price $1.68
Outperform - Credit Suisse Overnight Price $1.68
Outperform - Macquarie Overnight Price $1.68
Buy - UBS Overnight Price $1.68
NWH NRW HOLDINGS Buy - Citi Overnight Price $2.26
OGC OCEANAGOLD Accumulate - Ord Minnett Overnight Price $4.67
ORG ORIGIN ENERGY Buy - Citi Overnight Price $7.63
Neutral - Credit Suisse Overnight Price $7.63
Outperform - Macquarie Overnight Price $7.63
Overweight - Morgan Stanley Overnight Price $7.63
Add - Morgans Overnight Price $7.63
Buy - Ord Minnett Overnight Price $7.63
Buy - UBS Overnight Price $7.63
PGH PACT GROUP Upgrade to Outperform from Neutral - Credit Suisse Overnight Price $2.86
PLS PILBARA MINERALS Outperform - Credit Suisse Overnight Price $0.74
PPT PERPETUAL Neutral - Credit Suisse Overnight Price $39.37
Neutral - Macquarie Overnight Price $39.37
Equal-weight - Morgan Stanley Overnight Price $39.37
Hold - Ord Minnett Overnight Price $39.37
Neutral - UBS Overnight Price $39.37
PSQ PACIFIC SMILES GROUP Overweight - Morgan Stanley Overnight Price $1.27
PTM PLATINUM Underweight - Morgan Stanley Overnight Price $5.09
Sell - Ord Minnett Overnight Price $5.09
QAN QANTAS AIRWAYS Buy - Citi Overnight Price $5.76
Buy - Deutsche Bank Overnight Price $5.76
No Rating - Macquarie Overnight Price $5.76
Equal-weight - Morgan Stanley Overnight Price $5.76
Sell - Ord Minnett Overnight Price $5.76
Neutral - UBS Overnight Price $5.76
QUB QUBE HOLDINGS Buy - Ord Minnett Overnight Price $2.86
Neutral - UBS Overnight Price $2.86
RRL REGIS RESOURCES Lighten - Ord Minnett Overnight Price $5.40
SBM ST BARBARA Hold - Ord Minnett Overnight Price $4.70
SCG SCENTRE GROUP Downgrade to Neutral from Outperform - Credit Suisse Overnight Price $3.93
SDF STEADFAST GROUP Hold - Ord Minnett Overnight Price $3.13
SDG SUNLAND GROUP Hold - Morgans Overnight Price $1.52
SFR SANDFIRE Reduce - Morgans Overnight Price $7.31
SGM SIMS METAL MANAGEMENT Buy - Ord Minnett Overnight Price $11.50
SGP STOCKLAND Downgrade to Underperform from Neutral - Credit Suisse Overnight Price $3.64
SGR STAR ENTERTAINMENT Neutral - Credit Suisse Overnight Price $4.60
Buy - Deutsche Bank Overnight Price $4.60
Overweight - Morgan Stanley Overnight Price $4.60
Add - Morgans Overnight Price $4.60
Buy - Ord Minnett Overnight Price $4.60
Buy - UBS Overnight Price $4.60
SOM SOMNOMED Add - Morgans Overnight Price $1.74
SRV SERVCORP Neutral - UBS Overnight Price $3.00
SSG SHAVER SHOP Buy - Ord Minnett Overnight Price $0.38
STO SANTOS Neutral - Citi Overnight Price $7.01
Buy - Deutsche Bank Overnight Price $7.01
Downgrade to Neutral from Outperform - Macquarie Overnight Price $7.01
Overweight - Morgan Stanley Overnight Price $7.01
Hold - Morgans Overnight Price $7.01
Buy - Ord Minnett Overnight Price $7.01
Buy - UBS Overnight Price $7.01
SXL SOUTHERN CROSS MEDIA Neutral - Citi Overnight Price $1.16
Outperform - Macquarie Overnight Price $1.16
Underweight - Morgan Stanley Overnight Price $1.16
SYD SYDNEY AIRPORT Sell - Citi Overnight Price $7.17
Underperform - Credit Suisse Overnight Price $7.17
Buy - Deutsche Bank Overnight Price $7.17
Overweight - Morgan Stanley Overnight Price $7.17
Add - Morgans Overnight Price $7.17
Buy - Ord Minnett Overnight Price $7.17
Neutral - UBS Overnight Price $7.17
WEB WEBJET Outperform - Credit Suisse Overnight Price $16.10
Equal-weight - Morgan Stanley Overnight Price $16.10
Hold - Morgans Overnight Price $16.10
Buy - Ord Minnett Overnight Price $16.10
Buy - UBS Overnight Price $16.10
WES WESFARMERS Sell - Citi Overnight Price $35.17
Downgrade to Neutral from Outperform - Credit Suisse Overnight Price $35.17
Hold - Deutsche Bank Overnight Price $35.17
Outperform - Macquarie Overnight Price $35.17
Underweight - Morgan Stanley Overnight Price $35.17
Add - Morgans Overnight Price $35.17
Lighten - Ord Minnett Overnight Price $35.17
Downgrade to Sell from Neutral - UBS Overnight Price $35.17
WSA WESTERN AREAS Buy - Ord Minnett Overnight Price $2.30
Z1P ZIP CO Add - Morgans Overnight Price $1.44
Accumulate - Ord Minnett Overnight Price $1.44
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

70

2. Accumulate

7

3. Hold

52

4. Reduce

3

5. Sell

20

Friday 22 February 2019

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