Citi notes Brickworks’ FY19 performance beat the company’s own guidance (4% growth versus flat guidance), broadly showing off the inherent resilience that stems from a diversified set of operations. Record earnings from the Property business helped, of course.
Read MoreThe company has acquired two assets for $380.5m, funded with a $273m equity raising. UBS increases the valuation, raising the target to $2.82 from $2.74, after incorporating the transaction but downgrades to Neutral from Buy on valuation grounds.
Read MoreMorgans believes Infigen Energy’s approach to delivering energy to customers is the future of the National Electricity Market and remains confident the company can grow retail volumes and earnings in the face of declining carbon prices.
Read MoreUBS assesses Regis Healthcare continues to generate the best returns in the aged care sector, with the highest quality portfolio of assets.
Read MoreFY19 net profit was at the top end of guidance and above forecasts. Credit Suisse found the results solid, reflecting the full year impact of the Oboz acquisition as well as operating efficiencies.
Read MoreWhile 2019 has been affected by lower demand and de-stocking, Morgan Stanley remains bullish on near-term copper prices. Inventory levels are low and supply growth is weak. Moreover, there are positive indicators of demand in China, which should support the copper price.
Read MoreCiti analysts attended a2 Milk’s Shanghai Investor Day with the take-away message that growth potential remains significant, but from here onwards the company will have to spend more to achieve it.
Read MoreMorgan Stanley assesses, while some early demand indicators for FY20 are subdued, there is more confidence the downside risks are captured and there is limited near-term impact from volatility in the oil price.
Read MoreThe FY19 result revealed materially softer coal prices in the second half. Delays at Acland continue. The project still requires the mining and water licence to proceed and no further insight was provided.
Read MoreMorgan Stanley envisages ongoing challenges for the bank’s retail network because of weak mortgage loan growth, downward pressure on margins and the need for significant investment. Another dividend reduction is probable if profitability continues to fall.
Read MoreThe company expects the first half result to be “materially lower” than the prior corresponding first half. This earnings warning comes soon after the FY19 results where, Credit Suisse points out, management had highlighted macro headwinds stemming from the US/China trade war, low Turkish steel demand and soft automotive demand.
Read MoreThe company has entered the scheme of arrangement with one of China’s dairy product manufacturers, China Mengniu Dairy.
Read MoreThe company has announced the divestment of its commercial equipment finance business. As the core fleet & novated leasing has returned to a dominant position, and with just two further divestments in the pipeline (Right2Drive and consumer), Citi upgrades to Buy from Neutral.
Read MoreThe outlook for private hospital volumes and prices remains the key driver of Ramsay Health Care, UBS assesses. Australia represents around 78% of the FY20 earnings (EBIT) forecast.
Read MoreCredit Suisse was impressed with the visit to the Torquoy mine and processing facility. The broker now appreciates why management was willing to pay a premium to acquire Atlantic Gold although still believes exploration success is necessary to bridge the premium.
Read MoreGuidance for FY20 addresses UBS concerns regarding lower initial returns on the Pokeno factory and “Everyday Dairy” plant.
Read MoreBack in late 2011 Citi stopped covering New Hope Corp, leaving with a Buy recommendation and $6.10 price target. Circumstances since have obviously changed a lot. Today, Citi re-appears with a Neutral rating and $2.55 price target.
Read MoreSince the beginning of August the stock has underperformed the healthcare sector by -11% and the broader market by -9%, Credit Suisse observes.
Read MoreCredit Suisse reiterates a positive view on the quality of the company’s office portfolio, expecting that operating income growth will be healthy and derived from rent reviews and the rolling out/completion of the commercial development pipeline.
Read MoreCommodities analysts at Citi this week revised their price forecasts for gold bullion, now predicting US$2000/oz in the medium term should be regarded as a genuine possibility.
Read MoreUBS believes there are enough structural developments to overcome global economic uncertainty. Going forward, the company’s portfolio strategy should mean a high level of sustainable performance fees.
Read MoreUBS slightly reduces forecasts for oil prices through to 2021 but retains a long-term oil price at US$70/bbl, which is expected through 2022-24. The revised outlook for the next couple of years reflects a more subdued view on global demand, in line with economic forecasts.
Read MoreThe company has acquired Classic Funding Group for $11m. The business provides invoice discounting and equipment finance. Morgans observes the acquisition provides significant scale for emerging divisions and is attractive from a strategic and valuation perspective.
Read MoreThe company has completed the institutional proportion of its $91.5m capital raising. The second portion is a strategic investment from CATL, a Chinese-based global manufacturer of electric vehicles and energy storage batteries.
Read MoreBy FY27 Whitehaven Coal expects to be producing more than 35mtpa of saleable coal through the Vickery and Winchester South projects. Currently production is 20-21mt.
Read MoreCredit Suisse upgrades FY20 and FY21 estimates for earnings per share by 20% and 10%, respectively, on the implementation of higher nickel pricing.
Read MoreMorgan Stanley believes the digital business is key to valuing the stock. Downloads in Big Fish continue to be weak and the launch of Toy Story Drop appears to provide little benefit, on the basis of monthly Sensor Tower data.
Read MoreFY19 results were in line with UBS estimates. The broker suggests the NBN aspirations could begin to affect forward earnings. The company expects FY20 to be the peak in headwinds from the NBN with the drag on earnings lifting to -$110m.
Read MoreA little over one month ago, Citi analysts agreed on taking a broadly neutral view post-CYBG’s Q3 report release, despite the fact that management’s guidance implied a steep fall for the Net Interest Margin (NIM) in the current quarter.
Read MoreMorgan Stanley notes the company’s high-performing London market specialty business, historically, has experienced margins declining -10 percentage points since 2012.
Read MoreMacquarie has upgraded its FY20 and FY21 nickel price forecasts by 34% and 9% respectively to incorporate the early reinstatement of the nickel ore ban. This leads to a 266% increase in forecast FY20 earnings for Western Areas.
Read MoreGiven the bullish outlook for demand for ammonium nitrate, the company is committed to a further 15% expansion of the Moranbah output by FY22.
Read MoreAt first glance FY19 operating earnings (EBITDA) beat estimates with more cost reductions and better income in the enterprise division. First-time FY20 operating earnings guidance is $735-750m, also ahead of Morgan Stanley’s forecasts.
Read MoreASIC has commenced proceedings against the Bank of Queensland relating to potentially unfair contract terms for certain small business lending from November 2016 to June 2019.
Read MoreUBS initiates coverage with a Neutral rating and NZ$9.70 target, believing the downside is priced into the stock. The broker’s analysis suggests 60% of the company’s profit comes from manufacturing infant milk formula, mainly for a2 Milk ((A2M)) under contract until FY24.
Read MoreCiti analysts had already concluded the risk-reward proposition for owning this stock had turned favourably again, post share market sell-off that followed another profit warning by the company. Since then the analysts attended what they label an “upbeat” Investor Day.
Read MoreMorgan Stanley considers the company’s portfolio, prized for its diversity and growth, is manageable for investors only if it comes with transparency.
Read MoreThe month of August is expected to reflect the impact of the Hong Kong protests on demand for flights out of Sydney. Some 7% of international passengers are bound for Hong Kong on average, and the broker now assumes a reduction in its forecasts.
Read MoreThe PNG petroleum minister has stated the government intends to honour the existing Papua LNG gas agreement.
Read MoreNews reports suggest Indonesia is moving ahead with new regulations and bringing forward an export ban for nickel with grade less than 1.7%.
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