First half results were in line with expectations. Excluding mobile network impairments, underlying operating earnings (EBITDA) were up 3%. Morgans believes this was a strong result in the face of NBN margin pressure.
Read MoreFirst-half results missed expectations because of costs. Credit Suisse suspects investors are concerned that the syndicated loan the company has acquired is a signal for lower capital returns going forward.
Read MoreCaltex has guided to first quarter convenience retail earnings (EBIT) of $160-180m. UBS suspects some of the retail margin headwinds will abate in the second half as crude prices drop and US production lifts.
Read MoreThe company has completed a $43m placement to fund growth initiatives and strengthen its balance sheet. Morgans considers the capital raising opportunistic but believes the strong growth trends warrant accelerated investment.
Read MoreDeutsche Bank notes Star Entertainment has been shortlisted for the Cairns global tourism hub. Proposals are to be lodged by July with a decision to be made late in 2019 or early 2020.
Read MoreCiti analysts have updated with the view that a deal between Freedom Foods Group and Lion is now unlikely, removing a potential overhang from its share price. The analysts remain of the view this company’s outlook is all about margin expansion medium-term.
Read MoreFollowing a broader market re-rating, Macquarie finds the bank sector looking increasingly attractive on a relative basis. The sector is offering healthy dividend yields and supportive relative valuations.
Read MoreBroker Call Report already reported on Friday Morgan Stanley analysts have increased their confidence regarding Macquarie’s growth outlook, and the result has been a shift in their price target to $140 from $133.
Read MoreSyrah Resources has downgraded its March quarter graphite price to US$460-470/t from prior guidance of US$500-600/t provided in January.
Read MoreThe company has announced a capital raising of up to $60m, a little earlier than UBS anticipated. Still, the broker believes this aligns with the company’s strategy and further de-risks future growth.
Read MoreCredit Suisse finds considerable uncertainty prevails for FY20 and FY21 earnings and does not envisage much upside for the share price. The broker finds listed health insurers expensive.
Read MoreKaroon Gas posted a first-half loss in line with the broker’s forecast. The good news is the new chairman has highlighted a need for a clear strategy, to maximise value from existing assets and improve capital management.
Read MoreAfter reviewing the Vapotherm results, UBS believes the competitive threat to Fisher & Paykel is modest.
Read MoreMacquarie observes retail business profitability is under pressure. The company’s earnings outlook is suffering as LREC pricing is declining quickly and providing downside risk to forecasts.
Read MoreSigma Pharmaceuticals has rejected the offer from Australian Pharmaceutical Industries ((API)). The company has reiterated its view that there is potential on a stand-alone basis with identified cost savings of over -$100m.
Read MoreMorgan Stanley assesses the weak advertising market is presenting challenges but is increasingly convinced the company has opportunities to create value. This should mean its shares outperform over the next 1-2 years.
Read MoreDexus and DWPF have exercised their rights to acquire the remainder of MLC tower, taking ownership to 50% each.
Read MoreIPH has announced a proposal to acquire listed competitor Xenith IP ((XIP)) with a scrip and cash offer. This offer values the business at $1.97 per share and under the proposal shareholders will receive $1.28 in cash and 0.1056 IPH shares for every Xenith share.
Read MoreCredit Suisse points out ANZ’s recent announcement, that it may have been too conservative in its approach to mortgage lending, has been interpreted by some that this is an inflection point for growth.
Read MoreMacquarie points out earnings expectations in energy markets now reflect the falling LREC price and the inability for Origin Energy to offset this from other sources.
Read MoreNewcrest will acquire a 70% stake in the copper-gold mine, Red Chris, Canada, for US$806.5m. Morgan Stanley considers this a natural fit, as few operators globally have block caving experience.
Read MoreSix months ago management was of the opinion the industry structure was the best in 10 years. Since then, weak Chinese hot-rolled coil prices have meant the North Star spread has fallen around -35% to US$360/t and the broker notes incremental new supply is coming to the US.
Read MoreMacquarie believes IPH is well-positioned in the three-way merger tussle, as the Qantm ((QIP)) merger deal with Xenith ((XIP)) remains subject to a number of hurdles.
Read MoreHotel Property is the owner/landlord of 42 hotels, of which 41 are leased by and operated by Coles ((COL)). Coles has entered a JV with Australian Venue Co in relation to its hotels business.
Read MoreSix months ago management was of the opinion the industry structure was the best in 10 years. Since then, weak Chinese hot rolled coil prices have meant the North Star spread has fallen around -35% to US$360/t and the broker notes incremental new supply is coming to the US.
Read MoreCredit Suisse notes press reports there is foreign interest in the company’s engineering & services business. China’s State Construction and Engineering Company is allegedly a front runner.
Read MoreMorgan Stanley observes conditions in Europe and North America have improved, although lowers estimates to reflect continued dry conditions in Australia.
Read MoreDeutsche Bank found some positive signs in the Myer first half result. Operating costs declined and sales trends improved.
Read MoreFirst half results were in line and distribution guidance is reiterated at $0.09 per security. Morgans notes some good leasing activity during the half.
Read MoreMacquarie is encouraged by the economics of the Carrapateena expansion study. The increased production, due mid next decade, will more than offset the decline in output that is forecast from Prominent Hill.
Read MoreDeutsche Bank considers the Queensland government’s call for registrations of interest to develop a global tourism hub on the Gold Coast a minor negative for Star Entertainment.
Read MoreThe company has achieved first production at Poplar Grove and this will ramp up over 2019. First sales of coal to a contracted buyer are slated for the end of the month.
Read MoreUBS delves into the financial implications of the company’s recent software-as-a-service/connected care acquisitions and joint ventures.
Read MoreMorgans upgrades estimates and valuation post the recent discovery at Lightning. First production from Lightning is on track for March. This will be the company’s second producing asset, as it explores the on or near-shore targets.
Read MoreMacquarie downgrades to Neutral from Outperform as the stock is now trading close to its target. The broker believes the share price has also caught up with the traditional correlation to earnings. Target is raised to $50.90 from $50.26.
Read MoreMetcash is refining its strategy and will spend $300m for growth across FY20-24. Management has signalled a 15% minimum return hurdle and, if this is not achieved, expenditure will slow and capital management resume.
Read MoreAfter upgrading to Hold in January Deutsche Bank has now upgraded Nufarm to Buy, as the stock is now trading at a -16% discount to valuation.
Read MoreThe company has reported an -$9.3m loss for the first half. Macquarie finds catalysts aplenty in the second half, as the company is finalising an offtake agreement and debt discussions continue with the credit agency.
Read MoreFirst half results were below expectations. Morgans forgives some of the miss, given the strategic decision to exit a large number of low-margin contract manufacturing arrangements, because it will build a better business over the medium term.
Read More2018 operating earnings (EBITDA) were ahead of Deutsche Bank’s forecasts. Growth continues to be supported by traffic, smaller declines on the Dulles Greenway and toll increases.
Read More