COF – Credit Suisse rates the stock as Outperform
FY20 results were ahead of Credit Suisse estimates mainly because of the broker’s overly conservative rent relief assumptions. The business remains well within debt covenants.
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AQZ – Morgans rates the stock as Add
Alliance Aviation Services posted a FY20 profit (NPBT) figure of $40.7m that was in-line with recent guidance and consensus. Morgans points to extremely strong trends in 2H20 for aircraft utilisation and company outlook comments for earnings growth in FY21 that were above the broker’s expectations.
Read MoreTPG – UBS rates the stock as Downgrade to Sell from Neutral
UBS thinks TPG Telecom’s share price has not fully adjusted for the special dividend payment.
Read MoreAQZ – Credit Suisse rates the stock as Outperform
Credit Suisse observes Alliance Aviation enters FY21 with a fully utilised fleet and no indication that the trends from the fourth quarter are moderating. FIFO markets are strong and end commodity exposures favourable.
Read MoreCTP – Morgans rates the stock as Hold
Central Petroleum posted its 4Q20 result, with cash receipts and production costs in-line with Morgans forecasts, while General & Administrative and finance costs were below its forecasts.
Read MoreCCX – Macquarie rates the stock as Outperform
The company has raised around $90m to support the balance sheet by eliminating debt and two-position for growth. The unaudited result for FY20 is broadly in line with Macquarie’s forecasts.
Read MoreHLS – Morgans rates the stock as Hold
Healius provided a trading update, expecting to report FY20 underlying earnings (EBIT) of $102m-$104m and underlying profit (NPAT) of $54m-56m. Morgans states that covid-19 impacts were seen across all segments, with Imaging and Day Hospitals/IVF faring the worst, while Pathology did better as covid-19 testing helped buffer declines across base testing.
Read MoreBEN – Macquarie rates the stock as Downgrade to Underperform from Neutral
Macquarie reviews impairment forecasts. With 10-15% of consumer and small-medium enterprise loans being deferred, along with a weak economic outlook, there is downside risk to bank earnings.
Read MoreNWS – Credit Suisse rates the stock as Outperform
Credit Suisse observes trends have been improving over the fourth quarter, with better listings at REA Group ((REA)) and data on the US advertising market.
Read MoreCCX – Morgan Stanley rates the stock as Overweight
City Chic is the preferred bidder for the online assets of Catherines, a US plus-sized brand. The company will fund the deal via an equity raising of $80m.
Read MoreRRL – Morgans rates the stock as Downgrade to Hold from Add
Regis Resources reported strong production to finish the financial year and achieve gold production at the midpoint of the company’s annual guidance, according to Morgans.
Read MoreMPL – Credit Suisse rates the stock as Outperform
Medibank Private will report its results on August 20. Credit Suisse expects the focus will be less around the profit outcome and more around the treatment of coronavirus claims and top-line trends.
Read MoreORG – Credit Suisse rates the stock as Neutral
Credit Suisse assesses the fourth quarter produced a good result from LNG, with production in line with guidance despite Origin Energy curtailing production.
Read MoreFCT – Morgans rates the stock as Add
Firstwave Cloud Technology reported 4QFY20 results and exceeded the expectations of Morgans.
Read MoreBAP – Citi rates the stock as Buy
Citi retains a Buy rating of Bapcor as the end of JobKeeper is likely to have a limited impact on profitability, unlike other discretionary retailers eligible for the scheme.
Read MorePLS – Credit Suisse rates the stock as Outperform
The June quarter production result was positive, Credit Suisse observes. The project has demonstrated design recovery of 70-75% for extended periods. The main issue is with demand which is outside the company’s control.
Read MoreSWM – UBS rates the stock as Neutral
Seven West Media’s debt facilities have been extended and secured via a security deed, reports UBS.
Read MoreECX – Morgan Stanley rates the stock as Overweight
Morgan Stanley examines the recent speculation that the sale of Right2Drive could be a catalyst for consolidation.
Read MorePAR – Morgans rates the stock as Downgrade to Reduce from Hold
Paradigm Biopharmaceuetical posted its 4Q20 cashflow report with the most significant item being an uptick in R&D expenses, according to Morgans.
Read MoreASB – Citi rates the stock as Buy
Citi highlights more opportunities in the US after naval shipbuilding has been proposed to be included in the latest covid-19 relief measures. This includes Expeditionary Medical Ships (EMS) and Expeditionary Fast Transport (EPF).
Read MoreSBM – Credit Suisse rates the stock as Outperform
FY21 guidance is for production of 370-410,000 ounces. The guidance for Gwalia as softer than Credit Suisse had expected but is not critical to the outlook or future capability.
Read MoreILU – Credit Suisse rates the stock as Outperform
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.
Read MoreCVN – Macquarie rates the stock as Outperform
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.
Read MoreSGR – Macquarie rates the stock as Outperform
Macquarie reassesses the Sydney domestic tables market, given the completion of Sovereign Resort and competition from Crown Sydney ((CWN)) in early 2021.
Read MoreRIO – UBS rates the stock as Neutral
Rio Tinto will be releasing its 2020 interim financial results on July 29. UBS expects earnings to decline -6% year on year driven by declining commodity prices.
Read MoreKAR – Macquarie rates the stock as Outperform
Karoon Energy has successfully renegotiated the Bauna deal with Petrobras. This results in a -40% reduction in acquisition costs.
Read MorePPT – Credit Suisse rates the stock as Neutral
Perpetual has acquired 75% of Barrow Hanley for $465m along with a $265m equity raising. Credit Suisse factors in little growth in the Barrow Hanley business although there is upside if the distribution capability in the US can be refined and expanded into Europe/Asia.
Read MoreREA – Credit Suisse rates the stock as Neutral
Credit Suisse had expected a recovery in Sydney and Melbourne property markets would support volumes but suspects REA Group could lag Domain Holdings ((DHG)) because of its broader national exposure.
Read MoreCDD – Morgans rates the stock as Add
Cardno have positively surprised the market by providing guidance for FY20 earnings of $41m-$43m, according to Morgans.
Read MoreSTO – Macquarie rates the stock as Neutral
June quarter production and sales were in line with expectations. The company continues to progress Dorado, Barossa and the Moomba carbon capture/storage project. Infill drilling is also being considered to extend the Bayu-Undan field life.
Read MoreIAG – Credit Suisse rates the stock as Outperform
Credit Suisse notes Insurance Australia Group is suffering from some degree of uncertainty due to business interruption claims from COVID-19.
Read MoreSHL – UBS rates the stock as Sell
Analysis of Sonic Healthcare’s contribution to virus testing leads the broker to upgrade its revenue assumptions for FY21. The broker assumes a reduction in routine pathology earnings will be fully offset by increased testing earnings, and total earnings may well be above pre-virus levels.
Read MoreNAN – Morgans rates the stock as Upgrade to Add from Hold
Even though the August profit release may cause some price weakness, Morgans prefers to get in early with a upgrade to Add, given the share price is -10% below the broker’s target price of $6.92. The post-result weakness may arise from limited hospital access in the last few months.
Read MoreQBE – Credit Suisse rates the stock as Outperform
QBE Insurance Group expects to report a statutory loss of -US$750m in the first half. The group also expects to incur costs of -US$600m, of which -US$335m will be in its first-half result, reports Credit Suisse.
Read MoreAMI – Macquarie rates the stock as Outperform
Aurelia Metals posted a strong production recovery in the June quarter thanks to higher grades and improved throughput. A maiden resource was announced for Federation, which the broker sees as a significant step forward towards a substantially longer mine life for Hera.
Read MoreDOW – UBS rates the stock as Neutral
Downer EDI has announced a capital raise and trading update.
Read MorePRU – Macquarie rates the stock as Downgrade to Underperform from Neutral
Perseus Mining ‘s June quarter featured sales and costs 13% and 4% better than Macquarie’s forecast but production -6% lower. First half FY21 guidance is below expectation, although management cited conservatism in the face of covid, given growing case-counts in operating countries.
Read MoreRMD – UBS rates the stock as Neutral
UBS has analysed the current penetration of the US obstructive sleep apnoea (OSA) market and assessed the sustainability of new patient flow generator set-up growth.
Read MoreBHP – Credit Suisse rates the stock as Neutral
After a solid (if expected) end to FY20, FY21 guidance across most divisions was lower than expected by Credit Suisse. For some cases like petroleum and met coal, this can be explained by a tough market backdrop, explains the broker.
Read MoreTPG – Credit Suisse rates the stock as Reinitiating coverage with Underperform
Credit Suisse re-initiates coverage of the new TPG Telecom with an Underperform rating.
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