SHL – UBS rates the stock as Sell
Sonic Healthcare’s earnings fell slightly short of UBS estimates despite a beat on revenue thanks to a solid contribution from Aurora.
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SWM – Credit Suisse rates the stock as Neutral
First-half earnings were lower than Credit Suisse expected. This was primarily because of lower earnings in TV and higher-than-expected costs.
Read MoreCOL – UBS rates the stock as Sell
Coles’ result came in 3% above the company’s pre-announced number earlier in the month, largely due to better than expected cost-outs. UBS is surprised by the solid performance of the supermarket in the face of higher levels of investment by rivals.
Read MoreEHL – Morgans rates the stock as Add
First-half results were pre-released and the main new item in the financials was the growth guidance from the PnP acquisition. This contributes to a lift in Morgans’ FY20-22 operating earnings estimates of 3-10%.
Read MoreBXB – UBS rates the stock as Neutral
Underlying profit was in line with forecasts and the highlight for UBS was the increased price realisation of 3% in response to cost inflation incurred over the past two years.
Read MoreBEN – Citi rates the stock as Sell
Bendigo & Adelaide Bank’s result was overshadowed by a large software expense impairment, a dividend cut and an announced capital raising.
Read MoreGWA – Credit Suisse rates the stock as Neutral
First half earnings (EBIT) were in line with expectations. Sales were below Credit Suisse estimates, stemming from further deterioration in the market and customer de-stocking.
Read MoreBPT – Credit Suisse rates the stock as Upgrade to Outperform from Neutral
Credit Suisse observes the market appears to be doubting or fearing the FY20 capital expenditure guidance, after the stock slumped -11% versus its peers.
Read MoreTPM – UBS rates the stock as Neutral
The Federal Court has ruled that the proposed merger with Vodafone Australia can go ahead. The merger is expected to be completed in mid 2020. UBS considers the development broadly neutral for the sector.
Read MoreNAB – Morgans rates the stock as Hold
National Bank’s quarterly update highlighted some positive themes, the broker notes, continuing on from Commonwealth Bank’s ((CBA)) result earlier in the week. Net interest margin increased slightly on mortgage repricing, although the broker sees offsetting actions required ahead to counter a lower cash rate. Asset quality is sound and capital has increased.
Read MoreAMP – Citi rates the stock as Sell
Citi analysts have been of the view that, at best, AMP is looking forward to a long road to recovery, and that view hasn’t changed. Hence why the rating remains Sell/High Risk. Estimates have been lowered post the release of FY19 financials.
Read MoreWES – Credit Suisse rates the stock as Underperform
Wesfarmers is scheduled to report on February 19, and Credit Suisse anticipates a “solid” performance despite some industrials issues. Sales growth at Bunnings is believed to be accelerating and Kmart, despite overall tough conditions for retail, should come out well, assisted by logistics problems in the past.
Read MoreCBA – Macquarie rates the stock as Underperform
The broker has responded to the Commonwealth bank result with a series of charts. It is unclear how the result stacked up against forecasts.
Read MoreCSL – Morgans rates the stock as Hold
First half results were better than Morgans expected. Immunoglobulin growth continues to impress and Seqirus sales were robust.
Read MoreNST – Credit Suisse rates the stock as Underperform
First-half net profit beat Credit Suisse estimates because of toll treatment contributions that were not discernible from the quarterly reports.
Read MoreCOH – Morgans rates the stock as Hold
FY20 profit guidance is downgraded by up to -7% because of the impact of coronavirus in greater China. Management has not witnessed any impact outside of greater China and is not making any changes to the cost base.
Read MoreAVN – Macquarie rates the stock as Outperform
Aventus Group posted a solid result, the broker suggests, in line with expectations and ahead of retail peers. The REIT is making incremental steps towards gearing reduction which the broker sees as positive.
Read MoreSM1 – Credit Suisse rates the stock as Upgrade to Neutral from Underperform
Credit Suisse upgrades to Neutral from Underperform and assesses the market is now more realistic about diversification outcomes.
Read MoreOGC – UBS rates the stock as Buy
2020 guidance is slightly better than UBS forecast. Production ex Didipio is expected to be 360-380,000 ounces at an all-in sustainable cost of $1025-1075/oz.
Read MoreAZJ – Macquarie rates the stock as Underperform
Aurizon’s result was solid, the broker suggests, as network earnings normalised and the bulk division posted a beat. Strong cash generation has led to an expansion of the buyback, given meaningful growth opportunities are hard to find.
Read MoreQAN – UBS rates the stock as Buy
UBS believes there is an increasing likelihood that Qantas will pursue direct flights to New York and London. An increase in capital expenditure is expected as a result.
Read MoreSHL – Credit Suisse rates the stock as Neutral
Going into the first half result, due February 19, Credit Suisse envisages low risk to FY20 guidance.
Read MoreASB – Macquarie rates the stock as Outperform
Austal’s inclusion in the US Navy’s Umanned Surface Vessel program is a major win for the company, the broker suggests, ensuring Austal remains a relevant shipbuilder for the US Navy as it pivots towards unmanned vessels.
Read MoreDXS – UBS rates the stock as Buy
The company has marginally upgraded guidance at the first half result, which was broadly in line with expectations.
Read MoreMGR – Credit Suisse rates the stock as Neutral
First half results were in line with expectations. The main growth driver in the future is the commercial development pipeline, in Credit Suisse’s view.
Read MoreCMA – Morgans rates the stock as Hold
First half leasing activity was equal to around 9.5% of the portfolio’s leasing assets. The portfolio is now valued at $2.1bn across 23 assets.
Read MoreAQZ – Credit Suisse rates the stock as Outperform
The interim result was solid, in Credit Suisse’s view, although an accelerated maintenance schedule prevented a meaningful improvement.
Read MoreCIM – Credit Suisse rates the stock as Outperform
2019 underlying net profit was in line with guidance and expectations. This includes the previously-announced loss related to the exit of the BICC business in the Middle East.
Read MoreBWP – UBS rates the stock as Sell
First-half results were in line with estimates. UBS observes investors in BWP Trust have an elevated level of risk relative to history.
Read MoreSCP – Macquarie rates the stock as Neutral
Shopping Centres’ result slightly beat the broker and FY20 guidance was in lone with expectation. An upgrade to funds from operations expectations is a positive, the broker notes, along with improvement in sales growth.
Read MoreCGC – UBS rates the stock as Buy
UBS observes wholesale trends continue to improve through January and mushroom pricing was particularly pleasing.
Read MoreOSH – Citi rates the stock as Neutral
An agreement on fiscal terms for the P’nyang project has not been forthcoming. Papua LNG is now the sole focus. Citi notes Papua LNG will need to renegotiate its commercial terms with PNG LNG and re-engineer the downstream.
Read MorePLS – Credit Suisse rates the stock as Outperform
Activity levels have been materially reduced over the December quarter to conserve cash in the current market, with mining down -78%. March quarter sales are guided at 35-50,000t and operating expenditure at $19.8m.
Read MoreOGC – UBS rates the stock as Buy
Group production of 108,000 ounces at an all-in sustainable cost of US$980/oz were in line with forecasts. Didipio remains in limbo, pending the outcome of the mining licence renewal process.
Read MoreALG – Citi rates the stock as Buy
Google reviews suggest both Main Event and Dreamworld are seeing improved customer momentum, leading the broker to reiterate its Buy rating on Ardent Leisure.
Read MoreNCM – UBS rates the stock as Sell
Gold production in the December quarter was well below UBS estimates. Costs were ahead. Weaker production is mainly because of lower output at Lihir and Telfer.
Read MoreORE – Credit Suisse rates the stock as Outperform
Credit Suisse observes the company is making progress on what it can control. Production in the December quarter was marginally ahead of the FY20 budget.
Read MoreBPT – Credit Suisse rates the stock as Neutral
First half production was below estimates but this was more than offset by higher pricing and sales revenue. Credit Suisse is encouraged by the successful Bauer appraisal well which may support an upgrade to reserves.
Read MoreWOR – UBS rates the stock as Buy
Ahead of the first half result on February 24 the company has disclosed Pro-forma financials. These are in line with UBS estimates, with aggregated revenue of $10.5bn.
Read MoreOSH – Credit Suisse rates the stock as Underperform
The company has guided to around 8.4mtpa in 2020 because of turbine maintenance on one LNG train. Similar maintenance will be undertaken on the second train in 2021.
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