Corporate Results Monitor

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

Currently monitoring March-July 2020.

Figures shown as at 31 March 2020

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TOTAL STOCKS:

8

Beats

2

In Line

4

Misses

2

Total Rating Upgrades:

2

Total Rating Downgrades:

0

Total target price movement in aggregate:

-18.95%

Average individual target price change:

-13.34%

Beat/Miss Ratio:

1.00

Previous Corporate Results Updates

Company Result Upgrades Downgrades Buy/Hold/Sell Prev Target New Target Brokers Commentary
BKW - BRICKWORKS IN LINE 0 0 0/2/0 18.68 15.12 2

Brickworks had pre-announced its result. Property outperformed once again thanks to revaluation profits, while Building Products Australia continues to be impacted by weak activity, intense competition, plant shutdowns and higher gas costs. WH Soul Pattinson also saw a -36% decline (cross-shareholding). North American building materials stood out, however the outlook remains highly uncertain and the company has withdrawn any previous outlook statements.

CLV - CLOVER CORP MISS 1 0 2/0/0 3.11 2.43 2

Clover Corp's result missed expectations on lower A&NZ and Asian sales growth. However, infant formula brands are guiding to a strong performance in China during the quarantine period, and combined with EU regulations which are instigating sales, a solid second half is anticipated. UBS upgrades to Buy, pointing to defensive qualities, changes in European regulations and exposure to structural growth markets underpinning the stock.

FSF - FONTERRA BEAT 0 0 0/2/1 0.00 0.00 3

Fonterra reported ahead of forecasts. Guidance retained but with caveats of drought and virus impact. No interim dividend but the company hopes to pay a final. UBS (Hold) is more confident in the company's ability to produce earnings at the top end of its forecast range, despite a modest demand risk stemming from the virus, although recovery may be more sedate. Macquarie retains Sell given uncertainty.

NHC - NEW HOPE CORP IN LINE 0 0 3/0/0 1.99 1.77 3

Three brokers -- one beat, one meet, one miss for New Hope Corp. The company has guided towards a weaker second half as a result of mine scheduling at Bengalla amid lower realised price expectations, albeit Bengalla costs have been reduced. The short-term outlook is difficult to predict but brokers retain Buy ratings on a knocked down share price, which Morgans notes suggests investors can buy hard assets outside Bengalla and growth options for free. Patience required nonetheless.

NUF - NUFARM IN LINE 0 0 3/3/0 5.89 5.51 6

Nufarm's result was weak but well-flagged in regularly updated guidance. The only profit came from the South American business, now divested, but that divestment has fixed the balance sheet. A second half skew is the norm and seasonal conditions have begun to improve not just locally but across all regions. However, it's out of the drought fire and into the virus frying pan, with lockdowns impacting on product movement and costs. The pending commercialisation of omega-3 remains the primary catalyst. No guidance provided.

PMV - PREMIER INVESTMENTS BEAT 0 0 3/2/0 17.52 13.97 5

Premier Investments' result was strong but is now ancient history given the company has since closed its stores. This has led only to one broker downgrading to Hold from Buy in the interim, nonetheless. Otherwise brokers had suggested forecasts for the second half were uncertain but highlighted the strength of the company's balance sheet, placing it in a comfortable position to ride out the storm. Post store closures, new average target is $13.70.

SIG - SIGMA HEALTHCARE IN LINE 1 0 0/2/1 0.54 0.62 3

Sigma Healthcare's underlying result was in line. Management refrained from providing guidance in the current climate, but Citi (Hold) suggests this is not necessarily a negative. While it is likely there will be an increased demand for pharmaceuticals in the first half, the timing and size of this is considered too uncertain. The balance sheet is stretched but the company is pursuing sale and lease back arrangements of its distribution centres, although the virus might disrupt this process. Credit Suisse upgrades to Hold.

SM1 - SYNLAIT MILK MISS 0 0 1/2/0 6.95 4.90 3

Synlait Milk's earnings were slightly below forecast but FY guidance has been reiterated. So far there has been minimal virus impact. Discussions with a2 Milk regarding participating in infant formula manufacturing are at an early stage. UBS (Buy) believes Synlait is in the box seat for any JV arrangement. Morgans and Credit Suisse retain Hold given balance sheet concerns in the current environment following investment in new capacity and acquisitions.

Total: 8

ASX50 TOTAL STOCKS:

0

Beats

N/A

  

In Line

N/A

  

Misses

N/A

  

Total Rating Upgrades:

N/A

Total Rating Downgrades:

N/A

Total target price movement in aggregate:

N/A

Average individual target price change:

0.00%

Beat/Miss Ratio:

N/A

ASX200 TOTAL STOCKS:

4

Beats

1

 25.0% 

In Line

3

 75.0% 

Misses

0

  

Total Rating Upgrades:

0

Total Rating Downgrades:

0

Total target price movement in aggregate:

-17.49%

Average individual target price change:

-14.21%

Beat/Miss Ratio:

N/A

Yet to Report

Indicates that the company is also found on your portfolio

Monday
30 March
Tuesday
31 March
Wednesday
1 April
Thursday
2 April
Friday
3 April
Monday
6 April
Tuesday
7 April
Wednesday
8 April

earnings result


Thursday
9 April
Friday
10 April
Monday
13 April
Tuesday
14 April
Wednesday
15 April
Thursday
16 April
Friday
17 April
Monday
20 April
Tuesday
21 April
Wednesday
22 April
Thursday
23 April
Friday
24 April

Listed Companies on the Calendar

Date Code
08/04/2020BOQearnings result