Australian Broker Call

Ord Minnett rates ABP as Hold (3) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for Abacus Property to $3.00 from $3.30 and retains its Hold rating.

Target price is $3.00 Current Price is $2.74 Difference: $0.26
If ABP meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting upside of 25.4% (ex-dividends)

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Citi rates AFG as Buy (1) -

Despite concerns around the anticipated slowdown in mortgage activity from a bearish housing market, Citi points out Australian Finance Group's business is more resilient than during prior downturns.

The broker attributes this resilience to more than 50% of earnings now deriving from a larger trail book and lending business. While earnings forecasts are downgraded by around -7-14%, profitability is expected to hold up. The target falls to $2.50 from $3.20.

While the share price has halved in the last year, trading near historical lows, the analyst highlights re-ratings have run
ahead of the housing market bottom in the past. The Buy rating is maintained.

Target price is $2.50 Current Price is $1.57 Difference: $0.93
If AFG meets the Citi target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $2.27, suggesting upside of 40.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Credit Suisse rates ALD as Neutral (3) -

Credit Suisse has increased its refining margin assumptions for Ampol, in line with a market update from peer Viva Energy ((VEA)), and the margin increase drives an upgrade to the broker's earnings outlook. 

The broker also now assumes a margin of US$30 in the second quarter, driving its first half forecast to US$20. Supply-wise, the broker notes little change, with supply remaining constrained amid geopolitical conflicts. 

The Neutral rating is retained and the target price increases to $32.24 from $31.48.

Target price is $32.24 Current Price is $32.93 Difference: minus $0.69 (current price is over target).
If ALD meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.14, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Citi rates ALL as Buy (1) -

Citi determines that Aristocrat Leisure is outperforming the industry in a time of downturn for mobile game bookings. The key social casino titles and RAID are considered to be outperforming within their respective genres.

The Buy rating and $41 target price are maintained.

Target price is $41.00 Current Price is $36.06 Difference: $4.94
If ALL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $43.11, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.9

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

Citi rates ARB as Buy (1) -

ARB Corp is Citi's second top small-cap pick in the space behind Bapcor.

The broker sees ongoing supply issues and downside risk to demand over FY23, despite the long growth runway from the US and Ford opportunities, and a strong balance sheet

In anticipation of FY22 results on August 23, the analyst forecasts profit of $127m, just above the consensus estimate of $125m. The Buy rating and $46.63 target are retained.

Target price is $46.63 Current Price is $30.70 Difference: $15.93
If ARB meets the Citi target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $39.31, suggesting upside of 27.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Morgan Stanley rates ASX as Upgrade to Equal-weight from Underweight (3) -

Morgan Stanley upgrades its rating for the ASX to Equal-weight from Underweight on a solid EPS growth outlook. The leap to an Overweight rating was prevented by operational challenges and a stretched valuation. The target rises to $80.50 from $74.00.

After a subdued 1H, the broker sees improvements in listings, the cash market and volumes for futures. Leverage to rising rates and a more active commodity market is also expected. Industry view: Attractive.

Target price is $80.50 Current Price is $85.11 Difference: minus $4.61 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $81.89, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.3

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

Citi rates BAP as Buy (1) -

Bapcor is Citi's top small-cap pick in the space due to ongoing new car constraints, which are now expected to take longer to resolve than originally thought. The non-discretionary product offering and strong balance sheet are seen as positives.

In anticipation of FY22 results on August 17, the broker forecasts profit of $129m in-line with the consensus estimate of $130m. The Buy rating and $8.03 target price are unchanged.

Target price is $8.03 Current Price is $6.35 Difference: $1.68
If BAP meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.85, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates BWP as Hold (3) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker raises its target price for BWP Trust to $4.20 from $4.10 and retains its Hold rating.

Target price is $4.20 Current Price is $4.08 Difference: $0.12
If BWP meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.73, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.5

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

Ord Minnett rates CDP as Downgrade to Hold from Buy (3) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its rating for Carindale Property Trust to Hold from Buy and decreases its target to $5.00 from $5.20.

Target price is $5.00 Current Price is $4.45 Difference: $0.55
If CDP meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates CHC as Buy (1) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker sets a $16.00 target price for Charter Hall after a period of research restriction. Buy.

Target price is $16.00 Current Price is $11.57 Difference: $4.43
If CHC meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $16.82, suggesting upside of 48.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Citi rates CIA as Buy (1) -

Citi stays Buy-rated for Champion Iron and maintains its $9.00 target price ahead of July 28 first quarter results.

Because of China stimulus, the broker expects iron ore to be relatively more defensive than base metals. However, 2022 benchmark iron ore forecasts are reduced by -11% to US$132/t. The 2023 estimate remains relatively unchanged at US$111/t.

Target price is $9.00 Current Price is $4.75 Difference: $4.25
If CIA meets the Citi target it will return approximately 89% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

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

Market Sentiment: 1.0

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

Ord Minnett rates CIP as Upgrade to Buy from Accumulate (1) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker increases its rating for Centuria Industrial REIT to Buy from Accumulate, and lowers its target price to $3.80 from $3.90.

Target price is $3.80 Current Price is $2.97 Difference: $0.83
If CIP meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.66, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates CMW as Hold (3) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker retains its Hold rating and $0.85 target price for Cromwell Property.

Target price is $0.85 Current Price is $0.78 Difference: $0.07
If CMW meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates CNI as Buy (1) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for Centuria Capital to $2.60 from $2.80 and retains its Buy rating.

Target price is $2.60 Current Price is $1.95 Difference: $0.65
If CNI meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.37, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates CQE as Hold (3) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for Charter Hall Social Infrastructure REIT to $3.70 from $3.80 and retains its Hold rating.

Target price is $3.70 Current Price is $3.59 Difference: $0.11
If CQE meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates DXS as Upgrade to Buy from Hold (1) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker raises its rating for Dexus to Buy from Hold and decreases its target to $11.50 from $12.00.

Target price is $11.50 Current Price is $9.30 Difference: $2.2
If DXS meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $10.93, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Ord Minnett rates GMG as Hold (3) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for Goodman Group to $21.00 from $22.00 and retains its Hold rating.

Target price is $21.00 Current Price is $19.03 Difference: $1.97
If GMG meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $23.69, suggesting upside of 25.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for Growthpoint Properties Australia to $3.90 from $4.00 and retains its Hold rating.

Target price is $3.90 Current Price is $3.58 Difference: $0.32
If GOZ meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.3

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

Ord Minnett rates GPT as Lighten (4) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for GPT Group to $4.60 from $5.00 and retains its Lighten rating.

Target price is $4.60 Current Price is $4.53 Difference: $0.07
If GPT meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: -0.2

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

Citi rates GUD as Neutral (3) -

In anticipation of FY22 results on August 23 for G.U.D. Holdings, Citi forecasts earnings (EBIT) of $147m, just above the consensus estimate of $145m. The Neutral rating and $9.95 target price are retained.

The Neutral rating reflects the analysts increased uncertainty surrounding an earnings recovery, as OEM supply is now expected to take longer than previously thought to normalise.

Target price is $9.95 Current Price is $8.12 Difference: $1.83
If GUD meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $12.77, suggesting upside of 56.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Ord Minnett rates HMC as Buy (1) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for HomeCo to $6.10 from $6.50 and retains its Buy rating.

Target price is $6.10 Current Price is $4.89 Difference: $1.21
If HMC meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting upside of 34.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates HPI as Hold (3) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker retains its Hold rating and $3.80 target price for Hotel Property Investments.

Target price is $3.80 Current Price is $3.27 Difference: $0.53
If HPI meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Macquarie rates IAG as Outperform (1) -

Macquarie has reviewed its Australian general insurance coverage ahead of the reporting season, and noted Insurance Australia Group has been impacted by heavy catastrophe and mark to market impacts, which could drag on second half dividends. 

With Insurance Australia Group not yet confirming its FY23 Reported Margin guidance, Macquarie is anticipating the company will report a margins miss for FY22, and its outlook for FY23 to be a focus of the result. The company had guided to a margin to 10-12%, compared to the broker's expected 9.3%.

The Outperform rating is retained and the target price increases to $5.40 from $5.00.

Target price is $5.40 Current Price is $4.36 Difference: $1.04
If IAG meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $5.04, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.4

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

Ord Minnett rates ICT as Buy (1) -

Guidance by iCollege for the 4Q and FY22 revealed a 34.5% increase on the cash position in three months, around 10.3% ahead of Ord Minnett's projection. A receipt of tuition fees in advance suggests to the analyst the return of international students is very much underway.

The broker largely blames timing issues for a -9.3% miss for revenue guidance. As competition was thinned by impacts from the pandemic, market share is expected to increase.

Ord Minnett's Buy rating and $0.21 target price are unchanged.

Target price is $0.21 Current Price is $0.13 Difference: $0.08
If ICT meets the Ord Minnett target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Ord Minnett rates IFL as Buy (1) -

As markets and the material operating leverage of Insignia Financial have reduced earnings in-line with share price movements, Ord Minnett reduces its target price to $3.61 from $5.10.

Cost savings or recovering markets have the potential to reverse this outcome, notes the analyst, and the Buy rating is retained.

The company is due to release its FY22 result on 25 August.

Target price is $3.61 Current Price is $2.73 Difference: $0.88
If IFL meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $4.52, suggesting upside of 63.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 1.0

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

Macquarie rates KMD as Neutral (3) -

Macquarie notes full year guidance from KMD Brands suggests the company expects recovery since a -$35m covid impact in the first half, guiding to sales of $955-965m and underlying earnings of $88-94m. 

The company highlighted it is anticipating Kathmandu's profits in the fourth quarter exceeded pre-covid levels. Looking ahead, Macquarie expects ongoing marketing investment as the company pursues offshore growth. 

The broker decreases earnings per share forecasts -27% and -28% for FY23 and FY24, factoring in sales performance and cost pressures. The Neutral rating is retained and the target price decreases to 85 cents from 95 cents.

Target price is $0.85 Current Price is $1.01 Difference: minus $0.16 (current price is over target).
If KMD meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in July.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.5

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

Ord Minnett rates MGR as Upgrade to Buy from Accumulate (1) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker increases its rating for Mirvac Group to Buy from Accumulate and retains its $2.50 target price.

Target price is $2.50 Current Price is $2.08 Difference: $0.42
If MGR meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.61, suggesting upside of 28.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.8

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

Macquarie rates NGI as Outperform (1) -

Navigator Global Investments has delivered in the fourth quarter according to Macquarie, with assets under management increasing US$800m to US$22.9bn in the period.

The broker highlighted a positive investment performance supported net inflows of US$320m for Lighthouse Platform Hedge Funds.

The Outperform rating is retained and the target price decreases to $2.19 from $2.35.

Target price is $2.19 Current Price is $1.42 Difference: $0.77
If NGI meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Ord Minnett rates NGI as Buy (1) -

The recent quarterly funds under management and advice (FUMA) update by Navigator Global Investments was in-line with Ord Minnett's expectation.

Over the last 18 months, the broker highlights a much improved performance by Lighthouse Partners. For the quarter, flows were flat in challenging markets, while performance was considered a slight positive.

The strategic portfolio lifted to US$7.9bn from US$7.2bn over the quarter, driven by a 9% increase in assets under management (AUM) across the six managers, observes the analyst. 

The Buy rating is unchanged, while the target slips to $2.20 from $2.30.

Target price is $2.20 Current Price is $1.42 Difference: $0.78
If NGI meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 1.0

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

Ord Minnett rates NSR as Buy (1) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker retains its Buy rating and $2.60 target price for National Storage REIT.

Target price is $2.60 Current Price is $2.18 Difference: $0.42
If NSR meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Credit Suisse rates PBH as Neutral (3) -

Credit Suisse notes PointsBet Holdings's $94m equity investment from Susquehanna alleviates funding issues for the time being, while a strategic, long-term partnership could open a path to expansion of the company's US wagering business.

PointsBet Holdings noted, as part of its relationship with Susquehanna, its US marketing strategy will become more product-led, and the broker continues to expect the company can achieve 5% market share by gross gaming revenue in the US by FY28, and 6% net margin win.

The Neutral rating is retained and the target price decreases to $2.65 from $3.00.

Target price is $2.65 Current Price is $2.55 Difference: $0.1
If PBH meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Credit Suisse rates RMD as Outperform (1) -

Incremental evidence that chip shortages are easing should support a positive outlook for ResMed, and Credit Suisse is expecting commentary at the company's fourth quarter results to reflect this. 

The company's workaround AirSense 10 Cloud-to-Cloud, which does not require a chip, has driven a step up in device supply since its release.

The broker assumes competitor Philips will remain out of the market for most of FY23 given its ongoing recall, and expects the backlog of 1.6m patients in FY22 could expand to a 2.8m device demand in FY23. 

The Outperform rating and target price of $38.50 are retained.

Target price is $38.50 Current Price is $32.13 Difference: $6.37
If RMD meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $35.76, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

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

Market Sentiment: 0.8

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

Ord Minnett rates SCG as Buy (1) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for Scentre Group to $3.10 from $3.20 and retains its Buy rating.

Target price is $3.10 Current Price is $2.72 Difference: $0.38
If SCG meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.96, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.5

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

Ord Minnett rates SCP as Lighten (4) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for Shopping Centres Australasia Property to $2.90 from $3.00 and retains its Lighten rating.

Target price is $2.90 Current Price is $2.83 Difference: $0.07
If SCP meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

Ord Minnett rates SGP as Hold (3) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker lowers its target price for Stockland to $4.30 from $4.40 and retains its Hold rating.

Target price is $4.30 Current Price is $3.79 Difference: $0.51
If SGP meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.61, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Macquarie rates SUN as Outperform (1) -

Macquarie has reviewed its Australian general insurance coverage ahead of the reporting season, noting Suncorp Group has already provided margin guidance, hazards allowance and cost guidance for FY23. 

The company has set an Underlying Margin target of 10-12% in the coming year, and the broker notes rising bond yields should provide some buffer against reinsurance and inflationary impacts. 

Suncorp Group remains Macquarie's sector pick. The Outperform rating and target price of $15.00 are retained.

Target price is $15.00 Current Price is $11.13 Difference: $3.87
If SUN meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $13.54, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Morgan Stanley rates SUN as Underweight (5) -

While new business prices for Motor hiked more than 20% in the June quarter, pricing for compulsory third party (CTP) insurance in QLD and NSW remained flat.

Morgan Stanley points out Suncorp Group is the market leader in QLD CTP and is therefore most exposed to claims inflation. Should wages and CTP claim costs inflation rise, maintaining reserve releases at 1.5% of net earned premium is expected to be a challenge.

The Underweight rating and $10.25 target are maintained. Industry view: Attractive.

Target price is $10.25 Current Price is $11.13 Difference: minus $0.88 (current price is over target).
If SUN meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.54, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.7

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

Ord Minnett rates VCX as Hold (3) -

The REIT sector appears oversold to Ord Minnett, despite an 8% bounce off its mid-June lows as the 10-year bond yield has retraced -80bps from its peak of 3.40%.

The analyst lifts its interest rate assumptions due to high inflation, though points out rent reviews allow an inflation pass-through for what are considered high margin businesses.

The broker retains its Hold rating and $2.00 target price for Vicinity Centres.

Target price is $2.00 Current Price is $1.90 Difference: $0.1
If VCX meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.0

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

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

Credit Suisse notes market sentiment for Viva Energy has declined following a weakening in refinery margins in the first week of July. The broker expects, given the recessionary environment is a focus of the market, it will be difficult for the stock to achieve share price performance in the near-term.

Marking to company guidance, the broker's FY22 earnings forecast is lifted, but its refining production yield assumptions for FY23 and FY24 are reduced. The broker notes supply remains constrained, perceived demand risks have also impacted on weakening sentiment.

The rating is downgraded to Neutral from Outperform and the target price decreases to $2.77 from $3.17.

Target price is $2.77 Current Price is $2.73 Difference: $0.04
If VEA meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.17, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY22:

Forecast for FY23:

Market Sentiment: 0.6

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

Macquarie rates XRO as Neutral (3) -

While Xero's (limited) track record doesn't provide any insights into how it will perform during an economic recession, Macquarie has used US software company Intuit as a proxy, noting the latter company's share price saw year-on-year returns decline in three recessionary periods in the US over the last two decades.

While the broker expects the current weaker New Zealand dollar could see Xero deliver better than expected revenues in the near-term, Macquarie also anticipates this will largely be offset by higher costs. 

The Neutral rating and target price of $80.00 are both retained.

Target price is $80.00 Current Price is $85.40 Difference: minus $5.4 (current price is over target).
If XRO meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $98.88, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY23:

Forecast for FY24:

This company reports in NZD. 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