Corporate Results Monitor
FNArena's All-Year Round Australian Corporate Results Monitor.
Currently monitoring Post August 2019.
Figures shown as at 16 September 2019
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Previous Corporate Results Updates
|Company||Result||Upgrades||Downgrades||Buy/Hold/Sell||Prev Target||New Target||Brokers||Commentary|
|MYR - MYER||BEAT||0||0||2/2/1||0.55||0.66||5||
Myer's earnings result beat expectations on improvement in gross margins, but this was all down to cost reductions offsetting an ongoing decline in sales. Further margin expansion is on offer through store rationalisation and product mix changes. While Myer's online business is growing solidly, it is dilutive to margins. A split of ratings largely reflects a belief further improvement can be made against a wider negative view about the consumer in FY20.
|SIG - SIGMA HEALTHCARE||IN LINE||0||0||0/1/3||0.48||0.50||4||
A messy result from Sigma Healthcare, impacted by the loss of the Chemist Warehouse contract and restructuring costs related to Project Pivot, equally beat, met and missed forecasts. More important to brokers is what happens from here. Improved efficiencies are going some way to mitigating the contract loss but restructuring comes with execution risk. The company continues to invest in automated distribution centres that may lead to excess capacity. Brokers believe guidance may be a tad optimistic.
|SM1 - SYNLAIT MILK||MISS||0||0||0/2/2||9.60||8.79||4||
Synlait Milk's FY19 result missed expectations and FY20 guidance disappointed. The result reflected start-up issues at new facilities, margin pressure from the renegotiated a2 Milk contract and increased overheads. The company's need to invest ahead of the curve will mean materially higher overheads, Morgans notes. Guidance addresses concerns regarding lower initial returns on the Pokeno factory and "Everyday Dairy" plant. There is scope for the relationship between Synlait Milk and a2 Milk to be restored as earnings growth picks up and operating risks moderate. Valuation is considered full.
|TPM - TPG TELECOM||BEAT||1||0||1/3/1||6.23||6.42||6||
TPG Telecom's earnings came in ahead of guidance and either met or beat forecasts. Management continues to aggressively fight NBN margin erosion with cost reductions. The stock is nevertheless currently a binary risk, dependent entirely on whether the Federal Court approves the merger with Vodafone or not. Up/downside risk on that decision is significant.
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GDP, Q2 (revision)
Listed Companies on the Calendar
|26/09/2019||US||GDP, Q2 (revision)|