SUL – Macquarie rates the stock as Outperform
Macquarie considers the risk/reward more balanced now. The broker has feedback that suggests Supercheap Auto and Rebel are holding up well relative to other discretionary retail categories.
Read MoreMacquarie considers the risk/reward more balanced now. The broker has feedback that suggests Supercheap Auto and Rebel are holding up well relative to other discretionary retail categories.
Read MoreThe oil price has lifted from its April low, benefiting from a lift in sentiment as a result of reduced supply and the lifting of mobility restrictions.
Read MoreSantos has completed its US$1.5bn acquisition of the northern Australia/Timor-Leste assets. Macquarie notes some improvement in the settlement terms.
Read MoreCredit Suisse eventually expects upside to the FY19 earnings base, primarily driven by the B2B division. However, with this division exposed to onerous travel restrictions in the northern hemisphere the broker tempers expectations and will look to get upbeat again once intra-regional leisure travel improves.
Read MoreThe company has announced a $420m placement to be used for repayment of the corporate debt facility, which UBS assesses removes some risk and simplifies the holding structure for the 31% stake in APRR.
Read MoreCredit Suisse believes the increase in PPE demand, and single-use examination gloves in particular, is structural and will remain a focus post the pandemic.
Read MoreWith the shares having underperformed the broader market by no less than -19% over the month past, including a noticeable drubbing in yesterday’s session, Citi analysts have upgraded CSL to Buy from Neutral.
Read MoreFY20 net profit was slightly ahead of UBS estimates. The company has reiterated recent commentary regarding trading and provided no formal FY21 guidance.
Read MoreAs a result of actions to cut expenditure, Air New Zealand expects its FY21 monthly cash burn to reduce a further -NZ$50-60m, excluding any benefit from passenger revenue.
Read MoreThe strong market backdrop and the outperformance of independent grocers as well as an improving outlook for hardware has caused the broker to upgrade to Buy from Neutral.
Read MoreFY20 earnings guidance has been upgraded by around 10% to $45-55m because of the narrowing of production guidance.
Read MoreSandfire has reinstated FY20 operating guidance. Guidance was withdrawn as a precaution at the March quarter result but there has been no discernible impact on operations from the pandemic to date.
Read MoreUBS suspects weakening electricity prices will affect forecast earnings. The broker reduces FY20-22 estimates for earnings per share by -3-16%.
Read MoreThe company’s balance sheet is the strongest in Citi’s coverage, courtesy of having negligible debt. The broker likes the combination of relative resilience in mining, coupled with optimism regarding the pace of recovery in energy from 2021.
Read MoreAfterpay has indicated there are now more than 5m active customers in the US. No update on other markets was provided.
Read MoreCredit Suisse suggests the restructuring of Target is unlikely to shift investor views regarding Wesfarmers. The company will spend $240-310m on the restructuring.
Read MoreTabcorp is facing a challenging year, cycling a fortunate run of lottery jackpots amid wagering retail venue closures and an uncertain outlook for sports betting.
Read MoreFirst-half net profit was down -13% to $368m but Macquarie envisages a path for net profit to exceed $1bn in FY22, supported by gains in market share, both in land-based games and digital.
Read MoreUBS assesses the third quarter result was “respectable”, underpinned by higher margins across all divisions and lower operating costs.
Read MoreThe company has indicated the outlook is difficult and plans to cut 1500 jobs. The prospect of breaking even on earnings (EBIT) in the fourth quarter, which usually represents 40-45% of annual EBIT, highlights the downside associated with any return to more restrictive lockdown measures, Credit Suisse asserts.
Read MoreUBS expects a softening in residential and commercial construction will negatively affect waste volumes across Australia. Still, Bingo Industries should be resilient and could even benefit from increased infrastructure projects.
Read MoreComputershare has re-affirmed its FY20 guidance after a number of pandemic-led earnings downgrades with margin income guidance at US$180m.
Read MoreWhile the acquisition of Matt Blatt and the acceleration in online penetration is supportive, UBS remains cautious. As stores re-open and competitive offerings emerge the broker expects the benefits for online business from the pandemic will partially reverse.
Read MoreAt current levels, Credit Suisse suggests an upgrade is required to support the share price appreciation and this may be challenging in the current environment.
Read MoreShare price of Nanosonics has been relatively stable during this period of pandemic-generated volatility, observes Morgans.
Read MoreCredit Suisse describes the drop in profitability in the latest update as “stunning”, with margins down -7-10%, and despite little apparent impact from the pandemic on revenue.
Read MoreFirst-half results were ahead of expectations and show the benefits of recent cost reductions and improvement in operations.
Read MoreCiti assesses the potential value of the US market for pandemic testing at US$6bn the six months ending December 2020.
Read MoreImproving fund flows in April indicates to Credit Suisse that assumptions were too conservative. The broker now upgrades FY20 estimates by 2% and FY21-22 Buy 9-12%.
Read MoreMacquarie considers Breville an attractive long-term portfolio holding, given the extended growth potential for the business, but downgrades to Neutral from Outperform, given the strong re-rating of the stock.
Read MoreOptiComm boasts a strong development pipeline that continues to perform well, hence the broker still expects a small beat of prospectus forecasts in FY20. For FY21, the broker forecasts a -20% decline in new dwelling construction.
Read MoreBreville Group’s equity raising provides flexibility and also enables the company to invest in international expansion and new product development, Credit Suisse notes.
Read MoreFirst half net profit was lower than Macquarie expected. The company has announced a $140m equity raising to strengthen the balance sheet.
Read MoreFalling market rents have caused Citi to lower office income forecasts. While Sydney and Melbourne entered the pandemic restrictions in a strong position, with rents near historical highs and vacancies at their lows, economic conditions have deteriorated.
Read MoreMacquarie believes a $700m capital raising provides the company with the ability to deal with the travel restrictions. While total transaction value in April was down -95%, an improvement is expected as travel restrictions gradually ease.
Read MoreUnderlying net profit in FY20 beat UBS estimates. The broker estimates the current pandemic relief package reduces FY21 revenue by around -1.5%.
Read MoreReports that the Chinese government is seeking to imposed tariffs on Australian beef, barley and other exports signals to Credit Suisse there may be a hit to container volumes.
Read MoreAlacer Gold and SSR Mining have announced a merger, whereby Alacer Gold shareholders will receive 43% of the equity in the combined business.
Read MoreFollowing a short restriction (from just ahead of the pandemic outbreak), Credit Suisse resumes coverage, upgrading to Outperform from Neutral, and reducing the target to NZ$1.40 from NZ$3.65.
Read MoreThe third-quarter update was largely in line with expectations. Credit Suisse suggests a dividend is still a possibility in the second half. Nevertheless, the valuation appeal is not enough and the broker retains a Neutral rating.
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