Australian Broker Call

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July 29, 2020

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COMPANIES DISCUSSED IN THIS ISSUE

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

Last Updated: 05:00 PM

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

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

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

Today's Upgrades and Downgrades
GUD - GUD Holdings Downgrade to Neutral from Buy Citi
RRL - Regis Resources Downgrade to Neutral from Outperform Credit Suisse
CCP  CREDIT CORP GROUP LIMITED

Business & Consumer Credit

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Overnight Price: $18.37

Macquarie rates CCP as Outperform (1) -

Reported net profit in FY22 was ahead of guidance and in line with Macquarie's forecasts. Management expects $60-75m in net profit for FY21 and a dividend of 45-55c.

Guidance is supported by expectations for purchased debt ledger or PDL acquisitions and limited uncontracted US debt buying is included given current pricing.

Macquarie believes the business is well placed to capitalise on the current outlook and retains an Outperform rating. Target rises to $20.70 from $19.30.

Target price is $20.70 Current Price is $18.37 Difference: $2.33
If CCP meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $20.65, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 52.00 cents and EPS of 103.00 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.0, implying annual growth of N/A.

Current consensus DPS estimate is 50.7, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 67.00 cents and EPS of 134.50 cents.
At the last closing share price the estimated dividend yield is 3.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 119.8, implying annual growth of 18.6%.

Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 15.1.

Market Sentiment: 0.8

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


Morgans rates CCP as Add (1) -

Morgans believes Credit Corp delivered a solid earnings result. FY20 profit (NPAT) was $15.5m, which included -$64.1m (post tax) impairment and provisioning of purchase debt ledgers (PDL) and Lending assets.

No final dividend was declared and the company ended the year with $26m net cash. The broker suggests that the company’s capacity to deploy capital is significant.

Credit Corp provided formal FY21 profit guidance of $60m-$75m. The broker expects PDL supply and pricing will be the key, with supply to improve through FY21 as loan forbearance and consumer support measures are reduced.

The broker also states that the US business will be a large swing factor either positive or negative. However, overall, the analyst suggests the long-term earnings potential outweighs near-term risks and a relatively uncertain earnings outlook.

Add rating is maintained. The target price is increased to $21.25 from $19.10.

Target price is $21.25 Current Price is $18.37 Difference: $2.88
If CCP meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $20.65, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 51.00 cents and EPS of 103.00 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.0, implying annual growth of N/A.

Current consensus DPS estimate is 50.7, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 58.00 cents and EPS of 115.00 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 119.8, implying annual growth of 18.6%.

Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 15.1.

Market Sentiment: 0.8

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


Ord Minnett rates CCP as Accumulate (2) -

FY20 results were broadly in line with recent earnings guidance. No final dividend was declared, as expected.

Ord Minnett notes management has a track record of conservative guidance, particularly with respect to purchased debt ledgers.

The broker also notes the company has successfully allocated capital to different parts of its business over the past five years and is now net cash.

While capital allocation remains the near-term risk to earnings, PDL sales are expected to accelerate through FY21.

Accumulate rating with a target price of $20 retained.

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

Target price is $20.00 Current Price is $18.37 Difference: $1.63
If CCP meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $20.65, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 49.00 cents and EPS of 97.00 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.0, implying annual growth of N/A.

Current consensus DPS estimate is 50.7, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 17.9.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 55.00 cents and EPS of 110.00 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 119.8, implying annual growth of 18.6%.

Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 15.1.

Market Sentiment: 0.8

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

CVN  CARNARVON PETROLEUM LIMITED

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Overnight Price: $0.19

Macquarie rates CVN as Outperform (1) -

June quarter activities revealed the company is in cash conservation mode and Macquarie believes the Dorado FPSO and platform contractor selection will be key going forward.

Downside risk exists to prior capital expenditure guidance. The broker envisages considerable upside from the progression of Dorado as the project approaches a final investment decision.

Outperform rating and $0.35 target are unchanged.

Target price is $0.35 Current Price is $0.19 Difference: $0.16
If CVN meets the Macquarie target it will return approximately 84% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 0.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 47.50.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.67.

Market Sentiment: 0.5

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

EHL  EMECO HOLDINGS LTD

Mining Sector Contracting

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Overnight Price: $1.07

Macquarie rates EHL as Outperform (1) -

FY20 results were in line with expectations. The rental division was solid, Macquarie observes, and the outlook for FY21 is in line with prior forecasts, although the mix is different.

The east region is softer and offset by the west and Pit N Portal, which is performing strongly and has several growth opportunities.

Macquarie finds the valuation undemanding and retains an Outperform rating. Target is reduced to $1.40 from $1.50.

Target price is $1.40 Current Price is $1.07 Difference: $0.33
If EHL meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 13.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.05.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 17.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.15.

Market Sentiment: 1.0

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

GUD  G.U.D. HOLDINGS LIMITED

Household & Personal Products

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Overnight Price: $11.73

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

Citi finds a lot to like about the stock including a resilient automotive business and strong cash conversion. FY20 net profit was broadly in line with estimates.

Still, with the share price increasing 39% since March the broker considers the FY22 PE of 17x reasonable and downgrades to Neutral from Buy.

The double-digit growth in automotive business seen in July is not considered sustainable and the broker expects it will soften to 5% over the first half. Target is reduced to $12.75 from $12.85.

Target price is $12.75 Current Price is $11.73 Difference: $1.02
If GUD meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $11.65, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 40.00 cents and EPS of 63.10 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.8, implying annual growth of N/A.

Current consensus DPS estimate is 41.4, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 55.00 cents and EPS of 69.30 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.8, implying annual growth of 8.2%.

Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: 0.0

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


Credit Suisse rates GUD as Neutral (3) -

GUD Holdings provided a solid second half, Credit Suisse observes, with trading earnings ahead of expectations. No guidance was provided but the broker suspects automotive revenue in the year to date is up in double digits.

Credit Suisse makes modest upgrades to forecasts across FY21-22. Upgrades would have been larger but for the need to factor in various cost headwinds. Target rises to $11.80 from $9.15.

Valuation remains a sticking point and the broker prefers a lower entry point. Hence a Neutral rating is retained.

Target price is $11.80 Current Price is $11.73 Difference: $0.07
If GUD meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $11.65, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 40.03 cents and EPS of 63.23 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.8, implying annual growth of N/A.

Current consensus DPS estimate is 41.4, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 43.99 cents and EPS of 70.14 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.8, implying annual growth of 8.2%.

Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: 0.0

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


Macquarie rates GUD as Neutral (3) -

FY20 results were strong and slightly ahead of Macquarie's estimates. A recovery in the automotive segment continues and the outlook for FY21 is positive, as the broker finds there is good visibility compared with the broader market.

Double-digit growth in aftermarket sales in June and July was recorded, with benefits from pent-up service demand.

Macquarie retains a Neutral rating and the target is ratcheted up slightly to $11.60.

Target price is $11.60 Current Price is $11.73 Difference: minus $0.13 (current price is over target).
If GUD meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.65, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 45.00 cents and EPS of 60.70 cents.
At the last closing share price the estimated dividend yield is 3.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.8, implying annual growth of N/A.

Current consensus DPS estimate is 41.4, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 55.00 cents and EPS of 64.80 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.8, implying annual growth of 8.2%.

Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: 0.0

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


Ord Minnett rates GUD as Hold (3) -

FY20 net profit was below Ord Minnett's forecasts as the second half was significantly affected by the pandemic.

Demand for automotive products has increased significantly but the company believes this will moderate through FY21.

Still, Ord Minnett finds revenue improvements are encouraging.

As the stock has re-rated over the past four months the broker retains a Hold rating, increasing the target to $10.60 from $9.50.

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

Target price is $10.60 Current Price is $11.73 Difference: minus $1.13 (current price is over target).
If GUD meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.65, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 42.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 3.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.8, implying annual growth of N/A.

Current consensus DPS estimate is 41.4, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 52.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 4.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.8, implying annual growth of 8.2%.

Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: 0.0

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


UBS rates GUD as Neutral (3) -

GUD Holdings’ FY20 result demonstrates the resiliency of its product portfolio coupled with management’s strong execution, comments UBS. The auto business experienced material sales volatility during the second half due to the pandemic.

The company noted an improved exit rate with auto sales growth up double digits. This is expected to moderate in the first half of FY21 with pent-up demand and fiscal stimulus rolling off.

The broker is positive on the auto aftermarket due to improving domestic mobility, increasing average vehicle ages and the shift to repair from replace. On the flip side, the FY21 pricing environment is expected to be tough.

UBS maintains its Neutral rating with the target price increasing to $11.50 from $9.20.

Target price is $11.50 Current Price is $11.73 Difference: minus $0.23 (current price is over target).
If GUD meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.65, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 40.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.8, implying annual growth of N/A.

Current consensus DPS estimate is 41.4, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 51.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 4.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.8, implying annual growth of 8.2%.

Current consensus DPS estimate is 51.4, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: 0.0

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

ILU  ILUKA RESOURCES LIMITED

Mineral Sands

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Overnight Price: $9.37

Citi rates ILU as Neutral (3) -

June quarter production and sales fell short of Citi's estimates. The broker reduces 2020-21 earnings estimates and lowers sales volumes.

The demerger of the MAC royalty remains on schedule with an update expected in the financial results on August 14.

Neutral rating and $9.45 target maintained.

Target price is $9.45 Current Price is $9.37 Difference: $0.08
If ILU meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $9.59, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 7.00 cents and EPS of 35.90 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.9, implying annual growth of N/A.

Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 21.9.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 28.00 cents and EPS of 84.80 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.8, implying annual growth of 92.8%.

Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 0.4

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


Credit Suisse rates ILU as Outperform (1) -

Credit Suisse found little clarity in the June quarter production result but commentary appears to suggest some of the worst may be behind the business.

Zircon sales volumes were slightly ahead of expectations. The MAC de-merger appears still targeted for the current half-year.

Upside potential has been reduced, as the stock heads towards the broker's unchanged target of $10.

Outperform retained, as the balance sheet remains robust and the de-merger could be a catalyst.

Target price is $10.00 Current Price is $9.37 Difference: $0.63
If ILU meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.59, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 11.00 cents and EPS of 44.89 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.9, implying annual growth of N/A.

Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 21.9.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 29.00 cents and EPS of 81.82 cents.
At the last closing share price the estimated dividend yield is 3.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.8, implying annual growth of 92.8%.

Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 0.4

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


Macquarie rates ILU as No Rating (-1) -

June quarter sales volumes were better than Macquarie expected and this drove a 17% beat to estimates of revenue for the quarter.

The demand outlook remains subdued. The broker reduces 2020 and 2021 earnings forecasts by -7% and -3%, respectively.

The broker is restricted on research and cannot provide a rating or target at present.

Current Price is $9.37. Target price not assessed.

Current consensus price target is $9.59, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 7.00 cents and EPS of 41.50 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.9, implying annual growth of N/A.

Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 21.9.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 56.00 cents and EPS of 67.30 cents.
At the last closing share price the estimated dividend yield is 5.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.8, implying annual growth of 92.8%.

Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 0.4

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


Morgan Stanley rates ILU as Overweight (1) -

June quarter revenue reported for Iluka Resources was about -4% less than Morgan Stanley estimates, likely driven by synthetic rutile pricing.

Production and sales of zircon were better than expected. Rutile fared poorly led by downtime at Sierra Rutile and skill shortages from covid-19, observes the broker.

The company expects to move to the Jacinth mine by the September quarter and improve production at Sierra Rutile. The demerger of Iluka’s royalty business remains scheduled for the second half.

Morgan Stanley retains its Overweight rating with a target price of $9.60. Industry view: Attractive.

Target price is $9.60 Current Price is $9.37 Difference: $0.23
If ILU meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.59, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 7.00 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 0.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.9, implying annual growth of N/A.

Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 21.9.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 42.00 cents and EPS of 101.00 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.8, implying annual growth of 92.8%.

Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 0.4

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


Ord Minnett rates ILU as Hold (3) -

June quarter production and sales were below Ord Minnett's forecasts, although zircon prices held up a little better than expected.

The main catalysts going forward are any update on the royalty spin off-off of Mining Area C and detail on the project pipeline.

Ord Minnett retains a Hold rating and raises the target to $8.90 from $8.70.

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

Target price is $8.90 Current Price is $9.37 Difference: minus $0.47 (current price is over target).
If ILU 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 $9.59, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 10.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.9, implying annual growth of N/A.

Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 21.9.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 30.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.8, implying annual growth of 92.8%.

Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 11.4.

Market Sentiment: 0.4

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

JHG  JANUS HENDERSON GROUP PLC.

Wealth Management & Investments

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Overnight Price: $31.65

Credit Suisse rates JHG as Underperform (5) -

Credit Suisse anticipates second quarter net profit of US$94m and a dividend of US$0.36. The company will report results on July 29.

Volatility throughout the first half has reduced earnings certainty and leaves scope for a surprise.

Compensation could also negatively surprise given the rise in the share price. Underperform rating and $21.47 target.

Target price is $21.47 Current Price is $31.65 Difference: minus $10.18 (current price is over target).
If JHG meets the Credit Suisse target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.49, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 224.84 cents and EPS of 332.04 cents.
At the last closing share price the estimated dividend yield is 7.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 317.0, implying annual growth of N/A.

Current consensus DPS estimate is 209.0, implying a prospective dividend yield of 6.7%.

Current consensus EPS estimate suggests the PER is 9.8.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 247.17 cents and EPS of 340.98 cents.
At the last closing share price the estimated dividend yield is 7.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 327.7, implying annual growth of 3.4%.

Current consensus DPS estimate is 209.2, implying a prospective dividend yield of 6.7%.

Current consensus EPS estimate suggests the PER is 9.5.

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

Market Sentiment: 0.5

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

KAR  KAROON ENERGY LTD

Crude Oil

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Overnight Price: $0.73

Morgan Stanley rates KAR as Overweight (1) -

Karoon Energy has amended terms for the acquisition of Bauna with the Brazilian oil company Petrobras. Bauna is located in Brazil’s Santos Basin.

The company will now be paying US$665m in two instalments. The second instalment of US$285m will depend on oil price increases, reports Morgan Stanley.

The broker assumes the contingent amount will not be paid by Karoon Energy since its oil price assumptions are lower. If the opposite were to happen, the broker notes the company could have a problem on its hands.

The broker highlights the company is performing well even in a challenging environment.

Morgan Stanley reaffirms its Overweight rating with the target price increasing to $1.14 from $0.84. Industry view: Cautious.

Target price is $1.14 Current Price is $0.73 Difference: $0.41
If KAR meets the Morgan Stanley target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $1.30, suggesting upside of 75.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 9.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -11.7, implying annual growth of N/A.

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

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

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.7, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 1.0

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

MCP  MCPHERSON'S LIMITED

Health & Nutrition

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Overnight Price: $3.00

Ord Minnett rates MCP as Buy (1) -

FY20 underlying net profit was up 14% and ahead of Ord Minnett's forecasts. The company-owned core brands delivered sales growth of 16% which validates the company's strategy, in the broker's view.

The dividend of $0.07 in the second half is considered a positive signal for trading conditions.

Emerging brand write-downs of -$10.6m were the negative surprise and the broker reduces its valuation, to $3.40 from $3.50, to account for this.

The Buy rating is maintained, supported by a strong balance sheet and opportunities for additional market share.

Target price is $3.40 Current Price is $3.00 Difference: $0.4
If MCP meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 11.50 cents and EPS of 17.90 cents.
At the last closing share price the estimated dividend yield is 3.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.76.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 12.50 cents and EPS of 20.50 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.63.

Market Sentiment: 1.0

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

MPL  MEDIBANK PRIVATE LIMITED

Insurance

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Overnight Price: $2.88

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

Morgan Stanley thinks rising unemployment and underemployment will decrease private health insurance (PHI) participation. It expects things to worsen due to covid-19.

The industry is experiencing structural headwinds led by low participation, an ageing system and an unclear value proposition. The broker thinks without some kind of regulation to encourage system participation, margin pressure will continue to be a pain.

Medibank is doing well but claims pressure is expected to remain in a post-covid-19 world, points out the broker. 

Morgan Stanley retains its Equal-weight rating with the target price decreasing to $2.75 from $2.90. Industry view: In-line.

Target price is $2.75 Current Price is $2.88 Difference: minus $0.13 (current price is over target).
If MPL 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 $2.84, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 12.80 cents and EPS of 13.80 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of -25.7%.

Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 23.1.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 12.90 cents and EPS of 14.80 cents.
At the last closing share price the estimated dividend yield is 4.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of 14.5%.

Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: 0.1

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

NHF  NIB HOLDINGS LIMITED

Insurance

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Overnight Price: $4.50

Credit Suisse rates NHF as Neutral (3) -

The Australian Securities and Investments Commission has announced that private health insurers could hold liability at balance date to allow for the suspension of non-urgent or non-essential elective surgery.

Credit Suisse now applies this change to nib Holdings, having previously applied it to Medibank Private ((MPL)) forecasts.

Smoother profit levels are expected as a result, as the broker previously estimated an elevated profit in FY20 and lower profit in FY21.

Neutral rating and $4.90 target maintained.

Target price is $4.90 Current Price is $4.50 Difference: $0.4
If NHF meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 14.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.8, implying annual growth of -24.6%.

Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 17.8.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 17.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 3.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, implying annual growth of 12.5%.

Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 15.8.

Market Sentiment: 0.2

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


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

Morgan Stanley thinks rising unemployment and underemployment will decrease private health insurance (PHI) participation. Things are likely to worsen due to covid-19, it expects.

The industry is experiencing structural headwinds led by low participation, an ageing system and an unclear value proposition. The broker thinks without some kind of regulation to encourage system participation, margin pressure will continue to be a pain.

nib Holdings' main issues for FY20, highlights the broker, include risks to delivering Australian residents health insurance (ARHI) net margin of circa 6%.

The outlook on international students and workers along with a tighter consumer backdrop are other risks. 

Morgan Stanley retains its Equal-weight rating with the target price decreasing to $4.80 from $5.05. Industry view: In-line. 

Target price is $4.80 Current Price is $4.50 Difference: $0.3
If NHF meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.08, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 22.50 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.8, implying annual growth of -24.6%.

Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 17.8.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 20.90 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 4.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, implying annual growth of 12.5%.

Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 15.8.

Market Sentiment: 0.2

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

PPT  PERPETUAL LIMITED

Wealth Management & Investments

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Overnight Price: $31.91

Morgan Stanley rates PPT as Overweight (1) -

Perpetual is acquiring 75% of the US-based asset manager Barrow Hanley from BrightSphere Investment Group.

If successful, this acquisition would offer about 16-18% earnings accretion. Morgan Stanley adds the deal will also provide scale for Perpetual in the US.

From FY21, the company will be changing its dividend policy and the broker expects a lower payout. The company has also hinted towards more bolt-on acquisitions in the private wealth and corporate trust businesses.

Morgan Stanley retains its Overweight rating with a target price of $45. Industry view: In-line.

Target price is $45.00 Current Price is $31.91 Difference: $13.09
If PPT meets the Morgan Stanley target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $36.13, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 169.00 cents and EPS of 197.00 cents.
At the last closing share price the estimated dividend yield is 5.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 194.6, implying annual growth of -22.4%.

Current consensus DPS estimate is 174.5, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 135.00 cents and EPS of 169.00 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 199.1, implying annual growth of 2.3%.

Current consensus DPS estimate is 157.1, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 16.0.

Market Sentiment: 0.1

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

RIO  RIO TINTO LIMITED

Bulks

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Overnight Price: $104.11

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

Rio Tinto has disclosed the inferred mineral resource at its 100% owned Winu copper-gold project. The company notes a cut-off copper grade of 0.2% would yield 2.26mt of contained copper equivalent.

Morgan Stanley calculates if the cut-off grade is increased to 0.45%, it would lead to contained copper equivalent of circa 1.28mt. The broker is waiting for more clarity and has not assigned any value for Winu in its price target.

Rio Tinto also revealed the discovery of a new zone of gold dominant mineralisation, about 2 km east of the Winu deposit. 

The miner is declaring its first-half results on July 29.

Morgan Stanley maintains its Equal-weight rating with a target price of 4,300p. Industry view: In-line.

Target price is $93.50 Current Price is $104.11 Difference: minus $10.61 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $101.93, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 460.10 cents and EPS of 760.87 cents.
At the last closing share price the estimated dividend yield is 4.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 819.1, implying annual growth of N/A.

Current consensus DPS estimate is 517.9, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 361.82 cents and EPS of 600.06 cents.
At the last closing share price the estimated dividend yield is 3.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 751.7, implying annual growth of -8.2%.

Current consensus DPS estimate is 484.7, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 13.8.

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

Market Sentiment: 0.2

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

RRL  REGIS RESOURCES LIMITED

Gold & Silver

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Overnight Price: $5.98

Citi rates RRL as Neutral (3) -

The company has guided to more gold in FY21, amid the prospect of McPhillamys receiving development approval and potential for exploration in the Duketon region to yield another large discovery.

Citi retains a Neutral rating and $5.70 target, noting the overall focus is on replenishing resources in FY21.

Target price is $5.70 Current Price is $5.98 Difference: minus $0.28 (current price is over target).
If RRL 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 $5.44, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 16.00 cents and EPS of 40.70 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.8, implying annual growth of 26.8%.

Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 16.00 cents and EPS of 55.50 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of 19.9%.

Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 11.9.

Market Sentiment: 0.1

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


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

June quarter production was affected by a two-week unplanned outage at Garden Well as well as pandemic-related costs.

FY21 guidance is for 355-380,000 ounces. Credit Suisse observes FY20 was solid despite the challenges and operations reflect a slightly lower operating risk profile compared with peers.

The broker assumes McPhillamys proceeds although no material advancement was made in the quarter.

Target is raised to $5.90 from $5.50 and the rating is downgraded to Neutral from Outperform on valuation grounds.

Target price is $5.90 Current Price is $5.98 Difference: minus $0.08 (current price is over target).
If RRL meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.44, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 17.70 cents and EPS of 39.91 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.8, implying annual growth of 26.8%.

Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 18.00 cents and EPS of 54.11 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of 19.9%.

Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 11.9.

Market Sentiment: 0.1

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


Macquarie rates RRL as Underperform (5) -

June quarter production was below Macquarie's estimates and FY21 production guidance is also below expectations.

The timing for McPhillamys is becoming clearer and project approval is expected in the first half of 2021.

The coming year will be important for Regis Resources, the broker assesses, with the execution of the underground strategy at Duketon and the approvals for McPhillamys.

Underperform retained. Target is raised to $4.80 from $4.50.

Target price is $4.80 Current Price is $5.98 Difference: minus $1.18 (current price is over target).
If RRL meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.44, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 19.00 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.8, implying annual growth of 26.8%.

Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 24.00 cents and EPS of 53.90 cents.
At the last closing share price the estimated dividend yield is 4.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of 19.9%.

Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 11.9.

Market Sentiment: 0.1

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


Morgan Stanley rates RRL as Overweight (1) -

Morgan Stanley notes the June quarter saw gold production -5% lower than expected due to lower Duketon North grades. Costs were also high due to more drill and blast costs at Rosemont open pit. 

FY21 guidance for gold production and costs are 4% and 1% above the broker's estimates. Project timelines remain the same.

Morgan Stanley retains its Overweight rating with a target price of $5.65. Industry view: Attractive.

Target price is $5.65 Current Price is $5.98 Difference: minus $0.33 (current price is over target).
If RRL meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.44, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 19.00 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.8, implying annual growth of 26.8%.

Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 20.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 3.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of 19.9%.

Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 11.9.

Market Sentiment: 0.1

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


Ord Minnett rates RRL as Sell (5) -

June quarter production was below Ord Minnett's forecasts and the broker notes a similar outlook in terms of production and costs in FY21 guidance.

Regis Resources has doubled the delivery into its hedge book to 20,000 ounces per quarter.

Ord Minnett lowers production estimates by -7% which means FY20-22 estimates are reduced. Sell rating retained. Target is lowered to $4.30 from $4.50.

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

Target price is $4.30 Current Price is $5.98 Difference: minus $1.68 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.44, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 17.00 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.8, implying annual growth of 26.8%.

Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 21.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of 19.9%.

Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 11.9.

Market Sentiment: 0.1

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


UBS rates RRL as Buy (1) -

June quarter production for Regis Resources was weaker than expected with costs on the higher side. FY21 guidance is in-line with market expectations, notes UBS.

The stock is trading below its peers and the broker thinks one of the factors that could be driving the discount is Duketon’s short mine life (6 years).

Management hopes to get approval for its McPhillamys gold project by the first half of 2021.

UBS retains its Buy rating with a target price of $6.50.

Target price is $6.50 Current Price is $5.98 Difference: $0.52
If RRL meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.44, suggesting downside of -6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 16.00 cents and EPS of 40.00 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.8, implying annual growth of 26.8%.

Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 14.3.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 16.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of 19.9%.

Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 11.9.

Market Sentiment: 0.1

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

SDF  STEADFAST GROUP LIMITED

Insurance

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Overnight Price: $3.43

Credit Suisse rates SDF as Outperform (1) -

Steadfast Group now expects FY20 earnings at the top of the guidance range of $215-225m that was withdrawn previously because of the pandemic.

Credit Suisse estimates $228.7m, which includes marking-to-market gains on the JLG portfolio. No changes are made to FY21 forecasts.

Outperform retained and the target is raised to $3.75 from $3.50.

Target price is $3.75 Current Price is $3.43 Difference: $0.32
If SDF meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 9.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.6, implying annual growth of 3.3%.

Current consensus DPS estimate is 8.1, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 9.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.0, implying annual growth of 10.3%.

Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 22.8.

Market Sentiment: 0.9

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

SGR  THE STAR ENTERTAINMENT GROUP LIMITED

Gaming

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Overnight Price: $2.70

Macquarie rates SGR as Outperform (1) -

Macquarie reassesses the Sydney domestic tables market, given the completion of Sovereign Resort and competition from Crown Sydney ((CWN)) in early 2021.

The broker concludes, with improving cash flow, moderating leverage and an eventual earnings recovery Star Entertainment's valuation is attractive.

The company will provide its covid-19 update and FY20 result on August 20. Target is reduced to $3.70 from $3.85. Outperform retained.

Target price is $3.70 Current Price is $2.70 Difference: $1
If SGR meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 26.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 10.50 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 3.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.0, implying annual growth of -53.7%.

Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 26.8.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of -3.0%.

Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 27.6.

Market Sentiment: 0.6

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

TPG  TPG TELECOM LIMITED

Telecommunication

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Overnight Price: $8.06

Macquarie rates TPG as Resume coverage with Neutral (3) -

The newly merged business is facing a challenging time, Macquarie observes. 2020 and 2021 are expected to be challenged by the soft subscriber momentum in mobile, NBN headwinds and the impacts of the pandemic.

Still, Macquarie believes this will be offset by 2022 amid growth in corporate, a robust recovery in top-line growth in mobile as well as the operating benefits in fixed line as the NBN migration ends.

The broker resumes coverage on the new entity with an $8.60 target and Neutral rating.

Target price is $8.60 Current Price is $8.06 Difference: $0.54
If TPG meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.62, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 7.60 cents and EPS of 11.70 cents.
At the last closing share price the estimated dividend yield is 0.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 68.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.8, implying annual growth of 16.6%.

Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 37.3.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 20.10 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 2.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of -4.1%.

Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 38.9.

Market Sentiment: 0.3

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

TPW  TEMPLE & WEBSTER GROUP

Furniture & Renovation

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Overnight Price: $8.23

Macquarie rates TPW as Outperform (1) -

FY20 revenue and earnings were in line with expectations. Trends remain supportive and Macquarie notes the category tailwinds continue.

The broker believes investors understand current growth rates will not continue for an extended period but the cash balance provides options for M&A and other opportunities.

Macquarie raises the target to $8.80 from $6.70 and maintains an Outperform rating.

Target price is $8.80 Current Price is $8.23 Difference: $0.57
If TPW meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 13.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 59.21.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 17.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.30.

Market Sentiment: 1.0

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

UWL  UNITI GROUP LIMITED

Telecommunication

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Overnight Price: $1.59

Ord Minnett rates UWL as Buy (1) -

The quarterly cash flow statement was ahead of Ord Minnett's expectations and implies continued growth and successful integration of acquisitions.

The run rate is on track, in the broker's view, to meet FY21 operating earnings (EBITDA) assumptions. Ord Minnett retains a Buy rating and $2.06 target.

Target price is $2.06 Current Price is $1.59 Difference: $0.47
If UWL meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 4.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.98.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 7.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.08.

Market Sentiment: 1.0

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

VHT  VOLPARA HEALTH TECHNOLOGIES LIMITED

Medical Equipment & Devices

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Overnight Price: $1.36

Morgans rates VHT as Add (1) -

Volpara posted a 1QFY21 cashflow result close to Morgans forecasts. No outlook commentary was provided by the company.

The company noted that the start of the state based screening program had been delayed a few months due to covid-19.

Morgans lists upcoming catalysts including a FDA ruling mandating that a women’s breast density must be provided, the above-mentioned launch of the screening program and an update on merger and acquisition activity.

The broker points to delays in executing new contracts as a result of the health crisis as being the main downside risk.

Speculative Buy rating is maintained. The target price is $1.73.

Target price is $1.73 Current Price is $1.36 Difference: $0.37
If VHT meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 38.82.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 1.05 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 130.14.

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

VUK  VIRGIN MONEY UK PLC

Banks

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Overnight Price: $1.77

Macquarie rates VUK as Outperform (1) -

There were no negative surprises and the capital position improved in the third quarter, which Macquarie believes bodes well for the investment thesis.

The improving capital position suggests the company should be able to avoid raising capital at a deep discount to net tangible assets.

Margin trends remain consistent and full year guidance is unchanged, although Macquarie notes this implies a very wide range of outcomes in the fourth quarter.

Virgin Money UK will report its FY20 result on November 20. Target is reduced to $2.10 from $2.15. Outperform retained.

Target price is $2.10 Current Price is $1.77 Difference: $0.33
If VUK meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.77, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 17.83 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 19.52 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.4, implying annual growth of 16.6%.

Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 8.8.

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

Market Sentiment: 0.7

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

WBC  WESTPAC BANKING CORPORATION

Banks

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Overnight Price: $17.46

Ord Minnett rates WBC as Hold (3) -

Westpac has provided a further update on unreported transaction threshold reports. Ord Minnett believes the bank is at increased risk of a larger penalty for anti-money laundering breaches.

While the bank has provided for -$900m in AUSTRAC penalties the broker factors in -$1.1bn. The broker expects uncertainty around the quantum of the potential fine will continue to weigh on the share price.

Hold rating and $18.90 target maintained.

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

Target price is $18.90 Current Price is $17.46 Difference: $1.44
If WBC meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $19.99, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 35.00 cents and EPS of 109.40 cents.
At the last closing share price the estimated dividend yield is 2.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 111.7, implying annual growth of -51.6%.

Current consensus DPS estimate is 44.7, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 85.00 cents and EPS of 153.00 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 160.1, implying annual growth of 43.3%.

Current consensus DPS estimate is 103.3, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 11.0.

Market Sentiment: 0.6

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
CCP Credit Corp $18.03 Macquarie 20.70 19.30 7.25%
Morgans 21.25 19.10 11.26%
CVN Carnarvon Petroleum $0.19 Macquarie 0.35 N/A -
EHL Emeco $1.05 Macquarie 1.40 1.50 -6.67%
GUD GUD Holdings $11.44 Citi 12.75 12.85 -0.78%
Credit Suisse 11.80 9.15 28.96%
Macquarie 11.60 11.50 0.87%
Ord Minnett 10.60 9.50 11.58%
UBS 11.50 9.20 25.00%
ILU Iluka Resources $9.19 Morgan Stanley 9.60 N/A -
Ord Minnett 8.90 8.70 2.30%
JHG Janus Henderson Group $31.15 Credit Suisse 21.47 16.44 30.60%
KAR Karoon Energy $0.74 Morgan Stanley 1.14 0.84 35.71%
MCP Mcpherson'S $2.97 Ord Minnett 3.40 3.50 -2.86%
MPL Medibank Private $2.87 Morgan Stanley 2.75 2.90 -5.17%
NHF nib Holdings $4.42 Morgan Stanley 4.80 5.05 -4.95%
RRL Regis Resources $5.82 Credit Suisse 5.90 5.50 7.27%
Macquarie 4.80 4.50 6.67%
Morgan Stanley 5.65 6.05 -6.61%
Ord Minnett 4.30 4.50 -4.44%
UBS 6.50 6.00 8.33%
SDF Steadfast Group $3.42 Credit Suisse 3.75 3.50 7.14%
SGR Star Entertainment $2.68 Macquarie 3.70 3.85 -3.90%
TPG TPG Telecom $8.13 Macquarie 8.60 N/A -
TPW Temple & Webster $7.94 Macquarie 8.80 6.70 31.34%
VUK Virgin Money Uk $1.80 Macquarie 2.10 2.15 -2.33%
Summaries
CCP Credit Corp Outperform - Macquarie Overnight Price $18.37
Add - Morgans Overnight Price $18.37
Accumulate - Ord Minnett Overnight Price $18.37
CVN Carnarvon Petroleum Outperform - Macquarie Overnight Price $0.19
EHL Emeco Outperform - Macquarie Overnight Price $1.07
GUD GUD Holdings Downgrade to Neutral from Buy - Citi Overnight Price $11.73
Neutral - Credit Suisse Overnight Price $11.73
Neutral - Macquarie Overnight Price $11.73
Hold - Ord Minnett Overnight Price $11.73
Neutral - UBS Overnight Price $11.73
ILU Iluka Resources Neutral - Citi Overnight Price $9.37
Outperform - Credit Suisse Overnight Price $9.37
No Rating - Macquarie Overnight Price $9.37
Overweight - Morgan Stanley Overnight Price $9.37
Hold - Ord Minnett Overnight Price $9.37
JHG Janus Henderson Group Underperform - Credit Suisse Overnight Price $31.65
KAR Karoon Energy Overweight - Morgan Stanley Overnight Price $0.73
MCP Mcpherson'S Buy - Ord Minnett Overnight Price $3.00
MPL Medibank Private Equal-weight - Morgan Stanley Overnight Price $2.88
NHF nib Holdings Neutral - Credit Suisse Overnight Price $4.50
Equal-weight - Morgan Stanley Overnight Price $4.50
PPT Perpetual Overweight - Morgan Stanley Overnight Price $31.91
RIO Rio Tinto Equal-weight - Morgan Stanley Overnight Price $104.11
RRL Regis Resources Neutral - Citi Overnight Price $5.98
Downgrade to Neutral from Outperform - Credit Suisse Overnight Price $5.98
Underperform - Macquarie Overnight Price $5.98
Overweight - Morgan Stanley Overnight Price $5.98
Sell - Ord Minnett Overnight Price $5.98
Buy - UBS Overnight Price $5.98
SDF Steadfast Group Outperform - Credit Suisse Overnight Price $3.43
SGR Star Entertainment Outperform - Macquarie Overnight Price $2.70
TPG TPG Telecom Resume coverage with Neutral - Macquarie Overnight Price $8.06
TPW Temple & Webster Outperform - Macquarie Overnight Price $8.23
UWL Uniti Group Buy - Ord Minnett Overnight Price $1.59
VHT Volpara Health Technologies Add - Morgans Overnight Price $1.36
VUK Virgin Money Uk Outperform - Macquarie Overnight Price $1.77
WBC Westpac Banking Hold - Ord Minnett Overnight Price $17.46
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

17

2. Accumulate

1

3. Hold

15

5. Sell

3

Wednesday 29 July 2020

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