Australian Broker Call

Morgans rates ACF as Add (1) -

First half results were broadly in line with expectations. Morgans observes the balance sheet is healthy and cash flow is good. The main positive was strong revenue growth in formwork hire, at 48%.

No specific guidance was provided although management stated the outlook for FY19 was strong and there was ongoing growth in the order book. Add rating maintained. Target is reduced to $0.60 from $0.61.

Target price is $0.60 Current Price is $0.41 Difference: $0.19
If ACF meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

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

ANZ's focus on expense management in a tough revenue environment and its leading capital position provide support, but Macquarie sees downside risk to forecasts given challenging revenue conditions, ongoing market share losses and RBNZ capital requirement uncertainty. The broker's forecasts have been trimmed.

Recent relative outperformance has taken ANZ back to its five-year PE average and its dividend yield down to a sector-low 5.8%. Macquarie downgrades to Neutral from Outperform, retaining a $28 target.

Target price is $28.00 Current Price is $27.88 Difference: $0.12
If ANZ meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $28.73, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Ord Minnett rates APT as Buy (1) -

Ord Minnett observes traction in the US continues to be strong. The global appeal of the business continues to grow and the broker looks forward to the launch of the UK enterprise, with Urban Outfitters having signed on as an initial partner.

The broker retains a Buy rating and raises the target to $23 from $18.

Target price is $23.00 Current Price is $18.41 Difference: $4.59
If APT meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates ASG as Neutral (3) -

The auto market has recorded its longest run of weakness since the GFC, the broker notes, and its only getting worse. Autosports result, in line with a pre-release, demonstrated a high degree of financial and operational leverage in the company's business model.

Earnings numbers will be cycling softer comparables ahead but while the broker feels a nadir may be approaching, it would like to see more evidence before becoming more confident, while noting acquisition optionality for the company is compelling.

Neutral retained, target rises to $1.15 from $1.00.

Target price is $1.15 Current Price is $1.15 Difference: $0
If ASG meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Citi rates BAL as Buy (1) -

As reported yesterday, upon initial assessment Citi analysts reported Bellamy's interim performance came out well below expectations. Today, the analysts message is this company continues to operate in a market that is growing at mid-double digits.

Bellamy's remains the third most-recognised organic infant formula brand in China. Citi's advise for investors is to simply have patience, and thus take a longer term view. Management is now planning to step up marketing. That elusive (to date) SAMR registration should be received before the end of the year.

Earnings estimates have been lowered by double digit percentages. Target price declines by -8% to $9.75. Buy rating retained while benchmarking from FY20 forecasts. Any projection of dividend payments to shareholders has been wiped off the forward modeling.

Target price is $9.75 Current Price is $8.16 Difference: $1.59
If BAL meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $9.53, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Morgan Stanley rates BAL as Overweight (1) -

Morgan Stanley believes the company's fortunes should transform and the first half results, which were weaker than expected, are largely irrelevant.

The second half is expected to mark an inflection point for the company as it re-brands and launches a new formula.

Morgan Stanley considers the valuation cheap and maintains an Overweight rating. Target is reduced to $10 from $11. Cautious industry view.

Target price is $10.00 Current Price is $8.16 Difference: $1.84
If BAL meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $9.53, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Morgans rates BAL as Hold (3) -

First half results were weaker than Morgans expected. The broker is not surprised, given difficult trading conditions, that FY19 guidance has been downgraded to underlying operating earnings (EBITDA) of $49.5-66.0m. This is a -6-30% reduction on FY18.

The company now plans to double its marketing expenditure in the second half. Morgans downgrades FY19 and FY20 net profit forecasts by -19.9% and -16.5%, respectively.

Bellamy's is in transition and the broker remains impressed with its willingness to build a strong a sustainable business for the medium to longer term.

Hold rating maintained. Target is increased to $8.85 from $8.75.

Target price is $8.85 Current Price is $8.16 Difference: $0.69
If BAL meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.53, suggesting upside of 16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.7

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

Morgans rates BGA as Hold (3) -

First half results were well below forecasts. The difference for Morgans was reflected in higher operating costs and higher interest expense. The company was affected by fierce competition between processors of milk, because of the drought and weak global dairy prices.

The company has downgraded FY19 underlying operating earnings (EBITDA) to the low end of the previous range of $123-130m.

The disappointing first half was not a complete surprise to Morgans, given the tough operating conditions, and the company is expected to benefit in FY20 and FY21 from improved global dairy prices and its growth projects.

Hold rating maintained. Target is raised to $5.12 from $5.01.

Target price is $5.12 Current Price is $4.75 Difference: $0.37
If BGA meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

UBS rates BGA as Buy (1) -

First half results were in line with UBS estimates. The company has reaffirmed FY19 operating earnings (EBITDA) guidance at the lower end of the prior range of $123-130m.

While UBS envisages a number of positives going forward many areas require further examination, such as the new $200m receivables facility and whether the company will establish mozzarella/cheddar facilities of its own.

Buy rating maintained. Target is reduced to $7.00 from $7.30.

Target price is $7.00 Current Price is $4.75 Difference: $2.25
If BGA meets the UBS target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.5

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

Macquarie rates BVS as Outperform (1) -

Bravura delivered a strong result ahead of expectations. Wealth Management provided the highlight, growing revenue by 24% to the broker's 15% forecast. The company also added two new Sonata clients and cost controls ensured increased margins.

Bravura continues to build a strong track record, Macquarie suggests, with contract wins, delivery of uncontracted work and cost savings providing increasing earnings visibility. Outperform retained, target rises to $5.50 from $4.50.

Target price is $5.50 Current Price is $5.10 Difference: $0.4
If BVS meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Credit Suisse rates CAJ as Outperform (1) -

First half results were well below expectations and Credit Suisse observes this has triggered a share price reaction that de-valued a stock that was already in value territory.

Meanwhile, the market consolidation backdrop continues to play out. The broker was most concerned with a deterioration in revenue growth at the end of the second quarter and into January but notes this has since recovered in February.

Credit Suisse asserts the stock is simply too cheap and retains an Outperform rating. Target is reduced to $0.28 from $0.35.

Target price is $0.28 Current Price is $0.20 Difference: $0.08
If CAJ meets the Credit Suisse target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Ord Minnett rates CAJ as Buy (1) -

First half underlying earnings were below Ord Minnett estimates. The broker was disappointed with the result as organic growth was just 2.1%, well below nationally aggregated growth in benefits of 6%. Costs were also higher than expected.

Nevertheless, the broker believes growth will resume in the medium term, while the valuation gap to peers is material. Hence, a Buy rating is maintained. The target is reduced to $0.24 from $0.34.

Target price is $0.24 Current Price is $0.20 Difference: $0.04
If CAJ meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Credit Suisse rates CGC as Outperform (1) -

The company has reiterated 2019 net profit guidance for at least 30% growth. Meanwhile, agricultural conditions are considered generally positive.

The company has announced that selling prices across key categories, such as berries and tomatoes in Australia, lifted in February as the drought started to affect supply.

Credit Suisse maintains an Outperform rating, noting that citrus is expected to be the major profit driver in 2019. Target is raised to $5.70 from $5.60.

Target price is $5.70 Current Price is $5.37 Difference: $0.33
If CGC meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Macquarie rates CGC as Outperform (1) -

Costa's result was largely in line with the broker. It appears a tough period in which oversupply forced prices lower, in berries and tomatoes in particular, is now over and conditions are normalising, with a bit of help from the heat wave. Demand has also improved.

With the domestic business stabilising the broker believes Costa can continue to make up share price ground lost after the January profit warning. The company is well-placed, offering attractive categories and a good track record on growth execution. Outperform retained. Target rises to $6.27 from $5.55.

Target price is $6.27 Current Price is $5.37 Difference: $0.9
If CGC meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Morgans rates CGC as Hold (3) -

2018 results were weak but in line with expectations. An improvement in trading conditions has somewhat eased concerns that the issues the company had were cyclical, but there are still long-dated oversupply concerns Morgans believes.

The company's guidance for 2019 net profit growth of 30% remains unchanged. Morgans considers Costa Group a clear leader in Australia's horticultural industry but the valuation is not significantly compelling in the light of the risks.

The Hold rating is maintained and the target is raised to $5.80 from $5.52.

Target price is $5.80 Current Price is $5.37 Difference: $0.43
If CGC meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Ord Minnett rates CGC as Downgrade to Lighten from Hold (4) -

2018 net profit was ahead of Ord Minnett's forecasts. The company may have a strong market position and good growth opportunities but the broker finds guidance for 30% growth in 2019, off a depressed year, below expectations.

Forecasts for 2019 and 2020 are reduced by -5% and -2%, respectively. The broker believes the exposure to the uncertainties of agricultural supply/demand is not reflected in the premium valuation and downgrades to Lighten from Hold. Target is reduced to $4.69 from $4.74.

Target price is $4.69 Current Price is $5.37 Difference: minus $0.68 (current price is over target).
If CGC meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.85, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

UBS rates CGC as Buy (1) -

2018 results were ahead of UBS estimates. The composition of the result was different from expectations, but more positive. The broker believes improved disclosure is needed going forward given the changing business mix.

UBS considers the outlook for 2019 is better than 2018 as Australian pricing trends are improving. Moreover, a recovery in prices should alleviate some market concerns over structural pressure in Australian berries.

Buy rating and $6.80 target maintained.

Target price is $6.80 Current Price is $5.37 Difference: $1.43
If CGC meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Morgans rates CLH as Hold (3) -

First half net profit was up 3.7%. FY19 guidance is maintained for 3-5% underlying growth. While further acquisitions are possible, Morgans considers the balance sheet relatively stretched.

Management is implementing a range of productivity and capital measures, which the broker believes will put the business in a more sustainable position.

However, growth appears reliant on higher capital deployment in a very competitive market. Hold rating maintained. Target reduced to $1.50 from $1.55.

Target price is $1.50 Current Price is $1.40 Difference: $0.1
If CLH meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

Ord Minnett rates CLH as Lighten (4) -

First half net profit was below Ord Minnett's forecasts. Some positive trends are noted, such as an increase in underlying cash collections and staff productivity.

The broker notes meaningful investment in FY19, but this is unlikely to contribute until FY20, albeit should provide strong growth for the business.

Lighten rating and $1.25 target maintained.

Target price is $1.25 Current Price is $1.40 Difference: minus $0.15 (current price is over target).
If CLH meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.5

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

Macquarie rates CLQ as Outperform (1) -

Clean Teq's reported loss was less than the broker forecast but immaterial in the scheme of things. The Sunrise project is ready to be developed so the next step of securing offtake agreements and funding is critical before construction can begin, the broker notes.

Negotiations are underway but the broker notes the fall in the cobalt price likely shifts the dial towards direct investment at the project level. Outperform and $1.10 target retained.

Target price is $1.10 Current Price is $0.34 Difference: $0.76
If CLQ meets the Macquarie target it will return approximately 224% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates CTX as Outperform (1) -

Caltex' profit result beat consensus and guidance. The final dividend is slightly short of the broker but well ahead of consensus, and a buyback has been announced as the broker had tipped. Guidance is for a flat 2019 but if refiner margins recover there is upside in the offing.

While refining will remain challenging, the broker believes growth in International and the potential for the convenience strategy to bear fruit could provide for a gradual re-rating. Outperform retained, target falls to $33 from $34.

Target price is $33.00 Current Price is $28.67 Difference: $4.33
If CTX meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $29.79, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Macquarie rates CVW as Neutral (3) -

ClearView's result fell short of the broker on lower than expected margins in life products and adverse life experience. The company is undertaking repricing, cost reduction and termination of some distribution relationships which have been identified as being necessary for current conditions.

Ongoing negative life claims and lapse experience create uncertainty, the broker notes, amid difficult operating conditions in all of Life, Wealth and Advice. Neutral retained. Target falls to 88c from 91c.

Target price is $0.88 Current Price is $0.88 Difference: $0
If CVW meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates GXY as Buy (1) -

On early assessment, Citi analysts believe the company released an interim performance broadly in-line with Citi's and market expectations.

The analysts also note Mt Cattlin production guidance for Q1 2019 has been reaffirmed at 40-45kt, while discussions are ongoing for a strategic sale in Sal de Vida.

Target $4.00. Buy/High Risk.

Target price is $4.00 Current Price is $2.19 Difference: $1.81
If GXY meets the Citi target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $2.91, suggesting upside of 32.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Forecast for FY19:

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 HUB as Buy (1) -

First half results missed Ord Minnett's estimates at the headline. Cash flow also disappointed although platform operating earnings (EBITDA) were ahead of forecasts.

The broker expects the reinvestment period will yield rewards in the second half and FY20, and margins should rise meaningfully while flows remain buoyant.

The broker retains a Buy rating and reduces the target to $13.71 from $14.21.

Target price is $13.71 Current Price is $11.68 Difference: $2.03
If HUB meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $12.58, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates HVN as Sell (5) -

Citi's initial response to today's released interim report is that Ireland and Asia stand out, while the rest looks either weak or flat. Lack of capital management will be disappointing to the market, the analysts suggest.

Target price is $2.85 Current Price is $3.62 Difference: minus $0.77 (current price is over target).
If HVN meets the Citi target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.57, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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

Citi rates ING as Sell (5) -

Upon initial assessment, it appears today's interim report marks a big "miss" vis-a-vis market expectations, with Citi analysts pointing at the company's inability to pass on feed cost inflation.

Feed cost inflation also features prominently in management's vague outlook for the six months ahead, the analysts observe.

Target price is $3.85 Current Price is $4.05 Difference: minus $0.2 (current price is over target).
If ING 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 $3.88, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.3

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

Morgans rates KSL as Add (1) -

2018 net profit was ahead of forecasts. Morgans observes the result was strong and beat estimates in all key areas.

The broker believes the growth story into 2019 and 2020 is compelling, with a solid combination of organic and acquisition opportunities.

Morgans maintains an Add rating and raises the target to $1.31 from $1.30.

Target price is $1.31 Current Price is $1.16 Difference: $0.15
If KSL meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

This company reports in PGK. 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

Credit Suisse rates MHJ as Outperform (1) -

First half results were broadly in line with estimates. Credit Suisse observes the company continues to maintain a conservative balance sheet. Importantly cost savings are being targeted with an additional $5m announced.

A slower rate of rolling out new stores in Canada has also been announced, as management turns its attention to improving productivity in the core business.

Credit Suisse maintains an Outperform rating and raises the target to NZ$0.97 from NZ$0.95.

Current Price is $0.65. Target price not assessed.

Current consensus price target is $0.75, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates MHJ as Outperform (1) -

Michael Hill posted a disappointing result, -13% below the broker. A weak first quarter was inevitable, the broker suggests, but despite conditions remaining challenging the new CEO's strategy delivered clear improvements in the second quarter. The strategy was unveiled with the result and features modernisation of the business model and specific cost, sales and margin initiatives.

Enough to keep the broker on Outperform with a retained 85c target.

Target price is $0.85 Current Price is $0.65 Difference: $0.2
If MHJ meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $0.75, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgans rates MHJ as Upgrade to Add from Hold (1) -

First half results were ahead of forecasts. Morgans senses a change in momentum after a prolonged period of the company missing expectations, and makes material upgrades to forecasts for FY20 and FY21.

The broker believes the cost-cutting program will underpin two years of solid growth and upgrades to Add from Hold. Target is raised to $0.78 from $0.62.

Target price is $0.78 Current Price is $0.65 Difference: $0.13
If MHJ meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.75, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Macquarie rates MLX as Outperform (1) -

Metals X posted a much bigger loss than the broker expected, albeit down to non-cash inventory impairments and the mark to market of investments. Cash flow was nonetheless weaker than forecast.

Cash flow will be boosted in the third quarter following a copper concentrate shipment from Nifty in January, with a second shipment expected in March. Fortunes lie with delivering an improved operating performance at Nifty, the broker suggests, providing for material cash flow improvement. Outperform retained, target falls to 65c from 70c.

Target price is $0.65 Current Price is $0.31 Difference: $0.34
If MLX meets the Macquarie target it will return approximately 110% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates MMM as Outperform (1) -

Marley Spoon's result was pre-released and featured strong acquisition momentum, the broker notes, but with investment in marketing driving short term losses. The US is the key growth opportunity and execution is critical in the medium term.

With cash flow breakeven a critical focus for investors, evidence of execution should provide greater confidence in the model and drive a re-rating, the broker suggests. Outperform and $1.30 target retained.

Target price is $1.30 Current Price is $0.50 Difference: $0.8
If MMM meets the Macquarie target it will return approximately 160% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates NSR as Underperform (5) -

The broker appears unsurprised at National Storage REIT's weak result given income is highly correlated to the housing market. FY guidance has been retained despite expectations of ongoing housing weakness, with a greater shift towards acquisitions.

The REIT is showing ongoing evidence of consolidating an highly fragmented storage market, but the broker finds valuation too rich in the face of housing headwinds. Underperform retained, target falls to $1.25 from $1.29.

Target price is $1.25 Current Price is $1.75 Difference: minus $0.5 (current price is over target).
If NSR meets the Macquarie target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.65, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Morgans rates NSR as Hold (3) -

First half underlying earnings were up 17.4%. FY19 guidance is reaffirmed. Morgans believes the upside risks relate to higher growth in yields and benefits from new strategic initiatives.

On the downside, the risks stem from increasing competition/supply, lower yields and general property market moves. Hold rating maintained. Target is raised $1.69 from $1.55.

Target price is $1.69 Current Price is $1.75 Difference: minus $0.06 (current price is over target).
If NSR 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 $1.65, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Ord Minnett rates NSR as Accumulate (2) -

First half results highlight the moderating demand from a slower housing market and the company has responded by discounting prices to maintain occupancy.

FY19 earnings-per-share guidance was reiterated, although guidance for growth of 6-10% per annum over FY20-21 was not.

Ord Minnett maintains an Accumulate rating, believing the self storage business is undervalued as an asset class in Australia. Target is $2.

Target price is $2.00 Current Price is $1.75 Difference: $0.25
If NSR meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.2

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

Morgans rates NTD as Add (1) -

First half results were ahead of estimates. Statewide contributed its first six months since acquisition. The company has lowered FY19 operating earnings (EBITDA) guidance to $14.5-15.5m.

As Morgans suspected, this is because of an inability to push through price increases in the second half as well as higher marketing costs.

The broker believes industry pressures are fully reflected in very low trading multiples and maintains an Add rating. Target is reduced to $0.67 from $0.68.

Target price is $0.67 Current Price is $0.50 Difference: $0.17
If NTD 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:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates NXT as Buy (1) -

Citi analysts found their inner poet while overthinking the deeper implications of NextDC's latest financial results update. Their conclusion is that it was partially "beautifully boring", partially "genuinely exciting", while acknowledging there were a lot of accountancy adjustments to wade through.

In the end, suggest the analysts, key message from the release is the company is exactly where it wanted to be at this juncture while it continues to invest for further growth. Upon slightly moderating long term margin assumptions, the target price loses -5% to $8.17.

Minor amendments have occurred to near term estimates. All in all, predict the analysts, FY21 should be the year when investors will see NextDC showcase the operating leverage inherent in the business model. Buy.

Target price is $8.17 Current Price is $6.25 Difference: $1.92
If NXT meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $7.64, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Deutsche Bank rates NXT as Downgrade to Sell from Hold (5) -

Deutsche Bank observes the business is increasingly exposed to a concentration of buyers, lower returns on invested capital and an unpredictable sales cycle.

Sales velocity appears to have decreased because of the more complex nature of hyper-scale contracts. The company is also incurring significant expenditure to achieve its growth ambitions and this is leading to elevated debt and interest levels in the short term.

The broker downgrades to Sell from Hold. Target is $5.50.

Target price is $5.50 Current Price is $6.25 Difference: minus $0.75 (current price is over target).
If NXT meets the Deutsche Bank target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.64, suggesting upside of 22.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Macquarie rates NXT as Neutral (3) -

NextDC's result was largely in line with the broker's forecast that was some -10% below consensus. "Nothing to see here". The result was nonetheless obscured by a lack of disclosure of the impact of new accounting standards.

Sydney strength is being offset by ongoing weakness in Melbourne and this will need to turn around to drive a re-rating, the broker believes. Neutral retained, target falls to $6.75 from $7.00 on a -700% cut to FY19 forecast earnings. Don't panic, the numbers are very small at this stage.

Target price is $6.75 Current Price is $6.25 Difference: $0.5
If NXT meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.64, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Morgan Stanley rates NXT as Overweight (1) -

There were accountancy adjustments to read through, but Morgan Stanley reports revenue and operational result beat its own expectations, while bottom line "missed", with the change in accounting standards to blame. The analysts note management left EBITDA guidance unchanged.

The acquisition of properties (Asia Pacific Data Centre, APDC) has weighed upon the outlook for revenues and distribution income. Overweight rating. In-Line industry view. Target is $9.20 (unchanged). No changes have been made to forecasts.

Target price is $9.20 Current Price is $6.25 Difference: $2.95
If NXT meets the Morgan Stanley target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $7.64, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Morgans rates NXT as Hold (3) -

First half results were broadly in line with expectations and FY19 guidance was reiterated. The company has elected not to restate first half numbers under new accounting standards and this, combined with land acquisitions, makes comparisons difficult, Morgans observes.

The amount of megawatts contracted in the last six months was a record for the company and the year ended at 50.4 MW. Morgans maintains a Hold rating and $6.94 target.

Target price is $6.94 Current Price is $6.25 Difference: $0.69
If NXT meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.64, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Ord Minnett rates NXT as Accumulate (2) -

The first half result was mixed, in Ord Minnett's view. FY19 revenue guidance is reduced because of lower interest and distribution income in the second half, as a result of the Asia-Pacific Data Centre acquisition.

Ord Minnett maintains an Accumulate rating and $8 target.

Target price is $8.00 Current Price is $6.25 Difference: $1.75
If NXT meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $7.64, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

UBS rates NXT as Buy (1) -

UBS found most of the metrics positive in the first half while the transition to new accounting meant historical numbers were not comparable.

The broker expected FY19 was always going to be a transition year as the company bears costs associated with new data centres that will contribute from FY20 and beyond.

The broker remains positive on the stock, although has marginally slowed its forecasts for the ramp up of active utilisation. Buy rating maintained. Target is reduced to $8.95 from $9.30.

Target price is $8.95 Current Price is $6.25 Difference: $2.7
If NXT meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $7.64, suggesting upside of 22.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.4

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

Citi rates OZL as Buy (1) -

Citi analysts saw a "stable" FY18 performance, closely matching their expectations. They predict FY19 should be a catalyst rich year. Buy rating retained. Price target lifts to $12.50 from $11.85.

Target price is $12.50 Current Price is $10.27 Difference: $2.23
If OZL meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $11.15, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

2018 net profit was less than Credit Suisse expected. The broker observes forensic analysis is required to unravel the company's circuitous accounting. This diverts attention from cash and the outlook and Credit Suisse wonders how the board understands the accounts as presented.

The broker notes Brazil is not yet materialising and the concentrate treatment plant project has been shelved. Credit Suisse downgrades to Underperform from Neutral. Target is $9.

Target price is $9.00 Current Price is $10.27 Difference: minus $1.27 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.15, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Deutsche Bank rates OZL as Downgrade to Hold from Buy (3) -

2018 results beat Deutsche Bank estimates, driven by lower depreciation & amortisation. The broker had expected more detail on the progress at Carrapateena, given its importance in the portfolio.

In updating 2019 assumptions and its views on copper, the broker observes the stock has outperformed peers and the copper price, downgrading to Hold from Buy. Target is $11.

Target price is $11.00 Current Price is $10.27 Difference: $0.73
If OZL meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.15, suggesting upside of 8.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Macquarie rates OZL as Outperform (1) -

OZ Minerals' result was solid, the broker suggests, with earnings and cash flow meeting expectations. From here it's all about updates on the miner's numerous expansion and development projects.

Carrapateena is at peak construction and on track for first production in the Dec Q. Outperform and $12 target retained.

Target price is $12.00 Current Price is $10.27 Difference: $1.73
If OZL meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $11.15, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

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

2018 results were in line with Morgan Stanley's estimates. The dividend was slightly higher than expected.

Studies on the concentrate treatment plant have concluded and the company has elected not to proceed at this time.

Equal-Weight rating and $11 target. Industry view is Attractive.

Target price is $11.00 Current Price is $10.27 Difference: $0.73
If OZL meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.15, suggesting upside of 8.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Morgans rates OZL as Downgrade to Hold from Add (3) -

2018 results were in line with expectations. Morgans observes the company continues to prudently manage its growth options. The focus is on re-affirming the construction schedule and budget for Carrapateena.

Upside to the broker's valuation has been reduced following a strong run up in the share price and the rating is downgraded to Hold from Add.

Upon the full de-risking of Carrapateena the stock offers upside to valuation, the broker assesses. The target is raised to $11.40 from $10.75.

Target price is $11.40 Current Price is $10.27 Difference: $1.13
If OZL meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.15, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates OZL as Hold (3) -

2018 revenue was in line with Ord Minnett's forecasts, while net profit was below estimates. The broker believes tight supply/demand fundamentals exist for copper but the stock already factors in significant value for undeveloped projects.

There is also significant development risk across Brazil as well as with the Carrapateena ramp up. The broker notes the market continues to price in the majority of the potential valuation upside from these projects and there is little margin for error should things not go to plan.

Target is raised to $10.30 from $9.30 and a Hold rating is retained.

Target price is $10.30 Current Price is $10.27 Difference: $0.03
If OZL meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $11.15, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates OZL as Buy (1) -

Results were in line with UBS expectations. The broker considers there to be a number of value-accretive catalysts which could provide upside. The biggest is Carrapateena's expansion study, due in late March.

The broker believes the stock stands out against peers as there are a number of options to deploy capital. Buy rating maintained. Target rises to $12 from $11.

Target price is $12.00 Current Price is $10.27 Difference: $1.73
If OZL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $11.15, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates RHC as Buy (1) -

Upon initial read, Citi analysts believe today's interim report came out in-line with market consensus, with FY19 guidance retained.

According to the analysts, investors will be relieved to see Australian operations reporting margin expansion. The UK remains "hard" but management highlighted volume recovery in 2Q, expected to continue into 2H, while France looked in-line.

Citi anticipates a positive response.

Target price is $61.25 Current Price is $64.72 Difference: minus $3.47 (current price is over target).
If RHC 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 $59.85, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Ord Minnett rates RHC as Hold (3) -

Ord Minnett, upon initial assessment of today's interim report update, points out the operational result looks weak, and below their own estimate, but it was "good enough" to satisfy investors. Higher tariffs offshore are seen as supporting the hospital operator's outlook.

A minor negative came in the form of losses from the Capio acquisition, with the analysts speculating the latter's German operations are likely up for divestment. They also note FY19 guidance of “up to 2%” core EPS growth has been maintained, despite the negative impact from Capio.

Target price is $60.00 Current Price is $64.72 Difference: minus $4.72 (current price is over target).
If RHC 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 $59.85, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

UBS rates RHC as Neutral (3) -

UBS notes the French Ministry of Health has updated on tariffs for healthcare providers with the base rate for hospitals increased by 0.2%. An additional EUR200m will be distributed to institutions based on quality care criteria.

The new rates are consistent with UBS estimates but the additional funding for quality care offers potential upside to revenue forecasts.

Neutral and $56 target retained.

Target price is $56.00 Current Price is $64.72 Difference: minus $8.72 (current price is over target).
If RHC meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.85, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.3

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

Citi rates RIO as Buy (1) -

Citi analysts found the FY18 performance "broadly in-line". Divisionally, Copper & Diamonds and Energy segments performed better than expectations, while Iron Ore and Aluminium were weaker.

The company announced a special dividend out of the proceeds from asset sales, as well as a delay at the Oyu Tolgoi project. The latter is a key growth project for the company, hence why Citi declares it as a disappointment.

No change to production guidance and Citi estimates have risen slightly. Price target remains unchanged at $102 despite the DCF valuation rolling forward to $96 from $91.

Target price is $102.00 Current Price is $96.39 Difference: $5.61
If RIO meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $91.02, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Deutsche Bank rates RIO as Hold (3) -

2018 earnings were in line with Deutsche Bank's estimates. The broker observes the company's preference now appears to have switched to dividends as opposed to buybacks, with the first special dividend declared since 2006.

On the negative side, the Oyu Tolgoi copper project is now under review. The broker maintains a Hold rating and $82.50 target.

Target price is $82.50 Current Price is $96.39 Difference: minus $13.89 (current price is over target).
If RIO meets the Deutsche Bank target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $91.02, suggesting downside of -5.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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 RIO as Outperform (1) -

A strong result from Rio featured a beat on cash flow generation and, along with recent divestments, provided for a special dividend. The total capital return exceeded the broker's forecast by 22%.

FY production guidance remains unchanged but buoyant iron ore prices continue to drive earnings momentum, offsetting increased capex to sustain iron ore output. Outperform retained, target rises to $108 from $106.

Target price is $108.00 Current Price is $96.39 Difference: $11.61
If RIO meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $91.02, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.4

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

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

Earnings beat Morgan Stanley's estimates, mainly because of lower interest costs. Cash returns are modestly better and guidance is largely unchanged.

The broker expects additional delays to the Oyu Tolgoi project to drive the shares and considers a further delay disappointing.

Morgan Stanley maintains an Equal-weight rating, assessing the shares as relatively fairly valued. Target is GBP43. Industry view: Attractive.

Current Price is $96.39. Target price not assessed.

Current consensus price target is $91.02, suggesting downside of -5.6% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.4

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

Morgans rates RIO as Hold (3) -

2018 results were ahead of estimates. Morgans considers this an eventful result, with the company revealing a new copper-gold-silver discovery in Western Australia, the Winu project.

Rio Tinto also declared generous special and ordinary dividends. Meanwhile, at Oyu Tolgoi geotechnical issues have further affected underground development.

Morgans expects a more aggressive push on exploration, supported by sector-leading balance sheet and a solid earnings base.

Morgans recently downgraded the rating to Hold because of the rally from surging iron ore prices and still believes, on a 12-month view, that the stock is trading close to fair value. Target is increased to $85.66 from $82.55.

Target price is $85.66 Current Price is $96.39 Difference: minus $10.73 (current price is over target).
If RIO meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $91.02, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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 RIO as Hold (3) -

2018 operating earnings (EBITDA) were in line with Ord Minnett's forecasts. The broker notes a delay at Oyu Tolgoi, with sustainable production not expected until after the third quarter of 2021. Costs and capital expenditure are also likely to be higher.

There was no change to 2019 production and capital expenditure guidance. While acknowledging the windfall the company should receive because of higher iron ore prices, Ord Minnett maintains a Hold rating as the stock is trading near valuation. Target is $92.

Target price is $92.00 Current Price is $96.39 Difference: minus $4.39 (current price is over target).
If RIO 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 $91.02, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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 RIO as Buy (1) -

UBS analysts note Rio Tinto's 2018 operational performance "beat" by 3%-4%, helped by US$704m in FX gain, and announced a US$4bn special dividend as cherry on the cake. Removing the FX gain, the analysts argue the result was in line with expectations.

All in all, the UBS view is this was a "solid" performance. The aluminium division disappointed, with the analysts reminding investors it also did in the first half, with earnings adversely impacted by costs. Performance for copper was a "beat" aided by an unexpected contribution from Grasberg.

Forecasts have been lifted. Net present value has improved by 1% to $90.04. Price target unchanged at $88. Buy.

Target price is $88.00 Current Price is $96.39 Difference: minus $8.39 (current price is over target).
If RIO 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 $91.02, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

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

Citi rates SEK as Sell (5) -

Citi analysts already had their focus on risks and threats for Seek, as can also be judged from their Sell rating. Post the release of interim financials, the analysts are predominantly occupied with risk, threats, and, in their eyes, more signals a slowdown is materialising for Seek.

Management's guidance for H2 implies a sharp slowdown, on Citi's assessment. Changes made to forecasts are minor. In support of their worries, Citi analysts point out the previous downturn in Australia saw job ads decline -26% over two years. Target price lifts to $16.05 from $15.85. Sell rating unchanged.

Target price is $16.05 Current Price is $18.41 Difference: minus $2.36 (current price is over target).
If SEK meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.33, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Credit Suisse rates SEK as Neutral (3) -

First half results were broadly in line with Credit Suisse estimates. Zhaopin stood out, with revenue growth of 39% in constant currency terms.

Management has cited a slowdown in macro conditions in a number of key markets which have resulted in an easing of advertising volumes and billing growth.

Credit Suisse observes this is consistent with the latest data on job advertisements. The broker maintains a Neutral rating and raises the target to $19.25 from $19.10.

Target price is $19.25 Current Price is $18.41 Difference: $0.84
If SEK meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $19.33, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates SEK as Neutral (3) -

We can assume from forecast downgrades and a target cut to $20.30 from $21.75 that Seek's result missed the broker. The fundamentals were very strong in Australia, China and Asia, Macquarie suggests, but macro headwinds and the level of reinvestment offset, with increased early stage venture (ESV) losses leading to a trimming of guidance.

Strong revenue growth suggests management is executing well on monetising new products and evolving its offering, but a softening macro backdrop points to volume headwinds ahead, the broker warns. Neutral retained.

Target price is $20.30 Current Price is $18.41 Difference: $1.89
If SEK meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $19.33, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgan Stanley rates SEK as Overweight (1) -

Morgan Stanley was pleased with the first half and is increasingly convinced about the positive outlook. The company has reaffirmed guidance for FY19 revenue to be up 16-20% and operating earnings (EBITDA) to be up 5-8%.

Net profit is now expected to be slightly below FY18 because of increased investment.

Overweight retained. Industry view: Attractive. Price target is $20.50.

Target price is $20.50 Current Price is $18.41 Difference: $2.09
If SEK meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.33, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgans rates SEK as Hold (3) -

The company has made a downgrade to FY19 earnings guidance that Morgans considers is so weak it was barely worth mentioning.

Earnings momentum in the Australian and Chinese employment businesses more than offset cyclical jobs market weakness, in the broker's view.

The company has cut its guidance by less than -2%. Morgans maintains a Hold rating and reduces the target to $20.24 from $20.31.

Target price is $20.24 Current Price is $18.41 Difference: $1.83
If SEK meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $19.33, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Ord Minnett rates SEK as Accumulate (2) -

First half net profit was ahead of Ord Minnett's estimates. This was despite the weakening employment picture in Australia as growth in international business outperformed expectations. FY19 guidance is reiterated.

The broker estimates FY19 revenues of $1.53bn, up 18.2%. Ord Minnett maintains an Accumulate rating and reduces the target to $22 from $23.

Target price is $22.00 Current Price is $18.41 Difference: $3.59
If SEK meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $19.33, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

UBS rates SEK as Downgrade to Sell from Neutral (5) -

First half results were in line with expectations and UBS envisages inherent risk to the second half if Australasian job volumes and the macro environment in China worsen.

The broker cuts underlying estimates for earnings per share by -10% and downgrades to Sell from Neutral, reducing the target to $17.00 from $18.50.

Target price is $17.00 Current Price is $18.41 Difference: minus $1.41 (current price is over target).
If SEK meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.33, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgans rates SHJ as Add (1) -

First half results missed expectations and the skew to the second half is expected to be larger than the prior year. The company expects modest growth in operating earnings (EBITDA) and Morgans currently forecasts growth of 5%.

The broker continues to envisage value in the stock and retains an Add rating. Target is reduced to $1.14 from $1.22.

Target price is $1.14 Current Price is $0.62 Difference: $0.52
If SHJ meets the Morgans target it will return approximately 84% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Macquarie rates SPL as Outperform (1) -

Lower operating expenses led Starpharma to a slight beat. The broker sees meaningful upside potential from FDA approval and a successful launch of Vivagel.

Current valuation suggests the market is ascribing little value to the companies DEP pipeline, the broker notes. Sufficient funding and an attractive risk/reward profile at the price keeps the broker on Outperform with a $2.00 target.

Target price is $2.00 Current Price is $1.08 Difference: $0.92
If SPL meets the Macquarie target it will return approximately 85% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 1.0

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

Citi rates TME as Neutral (3) -

The interim performance proved smack-bang in-line. No dividend because of the scheme of arrangement on the takeover by Apax.

Citi analysts note the company is aiming for a shareholder vote in early April. Neutral rating and $6.09 price target retained.

No changes made to forecasts.

Target price is $6.09 Current Price is $6.12 Difference: minus $0.03 (current price is over target).
If TME meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.09, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.2

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

Deutsche Bank rates TME as Hold (3) -

Deutsche Bank saw a solid result, with management reiterating guidance. Hold. Target NZ$6.30. Forecasts have little changed post the update.

Current Price is $6.12. Target price not assessed.

Current consensus price target is $6.09, suggesting downside of -0.5% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.2

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

Macquarie rates TME as No Rating (-1) -

Trade Me delivered a strong result, continuing first quarter momentum noted at the AGM. The company is under takeover.

The broker is advising and is thus now restricted from making a recommendation.

Current Price is $6.12. Target price not assessed.

Current consensus price target is $6.09, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.2

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

UBS rates TME as Neutral (3) -

First half results were in line with UBS estimates. The broker now includes estimated Apax bid costs of $13.5m in FY19 estimates. As a result earnings estimates for FY19 are reduced by -8% while FY20 is reduced by -3%.

Neutral rating maintained. Target rises to NZ$6.45 from NZ$4.85.

Current Price is $6.12. Target price not assessed.

Current consensus price target is $6.09, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

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

Market Sentiment: 0.2

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

Deutsche Bank rates VEA as Buy (1) -

The company has experienced weakness in regional refining margins and a decline in volumes from the Coles ((COL)) alliance. Despite this, ex-refining earnings grew ahead of prospectus estimates in 2018.

Deutsche Bank believes the recent re-set of the agreement with Coles sets the business up to capture more retail margin. Moreover, the deal has addressed a key concern of the market and brought management credibility, the broker adds.

Deutsche Bank considers Viva Energy the best way to play the sector and retains a Buy rating and $2.55 target.

Target price is $2.55 Current Price is $2.39 Difference: $0.16
If VEA meets the Deutsche Bank target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 12.3% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

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

Morgan Stanley believes the unknown in the industry is whether margins will be cut to defend market share, suspecting this will be the case.

The broker notes no change to 2019 guidance other than for higher costs. Morgan Stanley lowers refining assumptions marginally, and suspects the refining performance may be lower for longer and the stock could de-rate during this period.

Equal-weight rating. Target is raised to $2.30 from $2.24. Industry view is In-Line.

Target price is $2.30 Current Price is $2.39 Difference: minus $0.09 (current price is over target).
If VEA meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.68, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Morgans rates VEA as Add (1) -

2018 net profit was ahead of Morgans' estimates. The main difference was a natural decrease in debtors. The broker observes refining margins remain a drag on earnings and a key area of focus.

The broker finds it difficult to form a view on the purchase of the remaining 50% stake in Liberty Oil's cause business and capital management now appears unlikely.

Morgans maintains an Add rating and reduces the target to $2.70 from $2.76.

Target price is $2.70 Current Price is $2.39 Difference: $0.31
If VEA meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Ord Minnett rates VEA as Accumulate (2) -

2018 net profit was ahead of forecasts because of better operating earnings (EBITDA). Ord Minnett considers the new alliance with Coles ((COL)) is positive and complemented by other retail growth plans, including increased holdings in Liberty and Westside Petroleum.

The broker maintains an Accumulate rating and $2.60 target.

Target price is $2.60 Current Price is $2.39 Difference: $0.21
If VEA meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

UBS rates VEA as Buy (1) -

2018 underlying operating earnings (EBITDA) were ahead of UBS estimates because of good cost controls. The main risk to the broker's estimates is refiner margins.

UBS retains a Buy rating because of the favourable earnings outlook and the strength of the balance sheet. The broker also considers the valuation undemanding.

Estimates are lifted by 1-2% to reflect the annualising of cost reductions. Target is raised to $2.70 from $2.65.

Target price is $2.70 Current Price is $2.39 Difference: $0.31
If VEA meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.8

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

Citi rates VOC as Neutral (3) -

It is Citi's assessment that Vocus Group delivered a solid 1H19 result, with the telco making good progress in turning around. At the same time, the analysts still see "significant challenges" on the horizon, tempering expectations for a quick resumption in EPS growth.

Nevertheless, the analysts have increased forecasts and this has pushed up their price target to $3.90 from $3.65. Neutral rating retained.

The analysts remind investors management has repeatedly communicated this is a three year turnaround story and this is still only year one. Citi expects earnings growth to accelerate from FY21.

Target price is $3.90 Current Price is $3.71 Difference: $0.19
If VOC meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Credit Suisse rates VOC as Neutral (3) -

First half results were slightly behind Credit Suisse estimates. FY19 guidance has been reaffirmed. Management has also maintained its target to double enterprise, government and wholesale revenue by FY23.

The broker notes, in the consumer division, challenging NBN economics have led the company to move from growing its NBN share to focus on optimising the experience for existing customers.

Credit Suisse maintains a Neutral rating and raises the target to $3.75 from $3.25.

Target price is $3.75 Current Price is $3.71 Difference: $0.04
If VOC meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Deutsche Bank rates VOC as Hold (3) -

First half results beat Deutsche Bank's estimates at the top line because of better sales momentum and strong cash flow conversion. FY19 guidance is reiterated and the company has improved the clarity on its growth plans.

The broker is reminded that this is the first result in a multi-year turnaround and remains concerned that the market has traded ahead of this. Hold rating maintained. Target is increased 7% to $3.30.

Target price is $3.30 Current Price is $3.71 Difference: minus $0.41 (current price is over target).
If VOC meets the Deutsche Bank target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.64, suggesting downside of -1.8% (ex-dividends)

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Macquarie rates VOC as Underperform (5) -

It is unclear how Vocus' result stacked up against the broker's forecast but retained FY guidance is a positive, the broker suggest, implying a second half skew. The result was supported by cost-outs and better than expected growth in NZ.

Network Solutions is nevertheless yet to fire, suggesting that while the strategic intent is clear, its still early days in the turnaround. Target rises to $3.25 from $3.10, Sell retained.

Target price is $3.25 Current Price is $3.71 Difference: minus $0.46 (current price is over target).
If VOC meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.64, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgan Stanley rates VOC as Overweight (1) -

First half numbers were slightly below Morgan Stanley's estimates but, critically, FY19 guidance is maintained which implies a return to positive earnings growth.

The broker believes this will set a sustainable base for FY20. Overweight. Target is $4.00. Industry view is In-Line.

Target price is $4.00 Current Price is $3.71 Difference: $0.29
If VOC meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgans rates VOC as Hold (3) -

First half operating earnings (EBITDA) were in line with Morgans. The company has reiterated FY19 guidance for $350-350m in operating earnings (EBITDA).

Morgans believes the long-term outlook is positive but the turnaround process will take some time. Hold rating maintained. Target is raised to $3.59 from $2.51.

Target price is $3.59 Current Price is $3.71 Difference: minus $0.12 (current price is over target).
If VOC 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 $3.64, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Ord Minnett rates VOC as Hold (3) -

First half earnings were in line with Ord Minnett's estimates. The broker believes the new guidance on cost savings and capital expenditure reductions has been taken seriously by the market and spurred the last of the short covering in the shares.

Still, the broker assesses it will be hard for the company to double enterprise and wholesale revenues in five years, as it is targeting. Ord Minnett maintains a Hold rating and raises the target to $4.25 from $3.30 as the model is rolled forward to June 2020.

Target price is $4.25 Current Price is $3.71 Difference: $0.54
If VOC meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

UBS rates VOC as Sell (5) -

UBS believes a coherent strategy is now in place for earnings growth on a three-year view. The broker believes the drivers of FY19 earnings will be a full six months of ASC contributions, continued cost reductions, the Optus MVNO deal and fewer business disruptions in the second half.

Despite this, the broker considers the stock expensive and retains a Sell rating. Target is raised to $3.10 from $3.00.

Target price is $3.10 Current Price is $3.71 Difference: minus $0.61 (current price is over target).
If VOC 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 $3.64, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: -0.1

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

Morgans rates XIP as Hold (3) -

First half results were broadly in line with expectations. With the success of the merger with QANTM ((QIP)) far from certain amid a risk that IPH ((IPH)) pursues that company instead of Xenith, Morgans sticks with a Hold rating. Target is raised $1.33 from $1.32.

Target price is $1.33 Current Price is $1.47 Difference: minus $0.14 (current price is over target).
If XIP meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY19:

Forecast for FY20:

Market Sentiment: 0.0

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