Reporting Season Summary: 18 Feb 2014
About the author:
- Author name:
- By Fiona Buchanan
- Job title:
- Co-Head of Research, Senior Analyst
- Date posted:
- 18 February 2014, 2:52 PM
- Sectors Covered:
- Property, AREITS
BHP Billiton (BHP)
1H14 Result
NPAT: A$7.7 billion; Dividend: 59cps
The result beat expectations.
Morgans comment
With strong free cash flow, selective investment and continued simplification, BHP says "we are well placed to extend our strong track record of capital management".
Sonic Healthcare (SHL)
1H14 Result
NPAT: A$177 million
The result was in-line with expectations.
Morgans comment
With consensus sitting at A$741m (2H: A$397m, +16%), we see only minor revisions to consensus and the market to view results favourably.
Coca-Cola Amatil (CCL)
1H14 Result
NPAT: A$502.8 million; Dividend: 32cps
The result was in-line with expectations.
Morgans comment
Early January trading in Australian Grocery remains challenging and has suggested prices have declined since January yoy.
iProperty Group (IPP)
1H14 Result
NPAT: A$1.7 million
The result beat expectations.
Morgans comment
The company ended FY13 with a cash balance of $14.5 million. The cash balance will increase steeply over the next two years as the group profit margin expands.
Challenger (CGF)
1H14 Result
The result was in-line with expectations.
NPAT: A$164 million; Dividend: 12.5cps
Morgans comment
Challenger is one of our preferred Div Fin exposures. We see the potential for the stock's current <10x PE to re-rate over time given the track record CGF is creating with its annuity business (95% market share).
Alchemia (ACL)
1H14 Result
NLAT: A$5.5 million (loss)
The result was in-line with expectations.
Morgans comment
The key catalyst to drive the share price is the release of the Phase 3 metastatic colorectal cancer results in 2QCY14.
Sirtex Medical (SRX)
1H14 Result
NPAT: A$11.2 million
The result was in-line with expectations.
Morgans comment
Headline numbers look broadly in-line on the bottom, with NPAT of A11.2m (+43.6%; cons A$11m; CIMB A$10.8m), with a better than expected top-line (A$58.6m, +27.2%; CIMB A$53.4m).
Cardno (CDD)
1H14 Result
NPAT: A$43.1 million; Dividend: 19cps
The result beat expectations.
Morgans comment
No change to our buy call on CDD given its early and positive correlation to improving economic conditions in the US, in particular, and Australian private (non-mining) investment.
RCR Tomlinson (RCR)
1H14 Result
NPAT: A$22 million; Dividend: 3cps
The result beat expectations.
Morgans comment
Overall, a solid result that is likely to see minor consensus upgrades. Cashflow conversion remains strong and the integration of NFK is on track by all accounts.
Monadelphous (MND)
1H14 Result
NPAT: A$79.2 million; Dividend: 60cps
The result was in-line with expectations.
Morgans comment
A solid result in the context of a difficult environment. The stock has been shorted reasonably heavily leading into the result and while the result won't see this balance close entirely, it may shake some of the hotter money out of the trade.
Oakton (OKN)
1H14 Result
NPAT: A$4.1 million; Dividend: 4cps
The result missed expectations.
Morgans comment
Margins improved for the first time in five years and the outlook is for a stronger 2H and full year.
Amcor (AMC)
1H14 Result
NPAT: A$379.8 million; Dividend: 19.5cps
The result was in-line with expectations.
Morgans comment
Result was marginally below expectations. Cash flow was well below expectations however this was due to a special dividend being received in the pcp.
More information
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