Corporate Results Monitor

FNArena's All-Year Round Australian Corporate Results Monitor.

Currently monitoring Post August 2019.

Figures shown as at 16 September 2019

FNArena subscribers receive the most current information. Please login with your account details.

TOTAL STOCKS:

4

Beats

2

In Line

1

Misses

1

Total Rating Upgrades:

1

Total Rating Downgrades:

0

Simple average net target price change:

-2.91%

Beat/Miss Ratio:

2.00

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.

Total: 4

Yet to Report

Indicates that the company is also found on your portfolio

Monday
16 September
Tuesday
17 September

earnings result


Wednesday
18 September

earnings result


Thursday
19 September

earnings result


Friday
20 September

earnings result


Monday
23 September
Tuesday
24 September
Wednesday
25 September

earnings result


Thursday
26 September

US

GDP, Q2 (revision)


Friday
27 September
Monday
30 September

earnings result


earnings result


Tuesday
1 October
Wednesday
2 October
Thursday
3 October
Friday
4 October
Monday
7 October
Tuesday
8 October
Wednesday
9 October
Thursday
10 October
Friday
11 October

Listed Companies on the Calendar

Date Code
30/09/2019ALQearnings result
19/09/2019BKWearnings result
18/09/2019KMDearnings result
Date Code
17/09/2019NHCearnings result
30/09/2019NSTearnings result
25/09/2019NUFearnings result
Date Code
20/09/2019PMVearnings result
26/09/2019USGDP, Q2 (revision)