Cochlear (COH)
|
Trading update.
AGM (20 Oct)
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Positive |
As no FY21 guidance has been given, we expect a trading update at the 20 October AGM, with the main emphasis on patient volumes, referrals and scheduled surgeries. |
Coronado (CRN) |
Quarterly production (21 Oct) |
Positive
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Met coal markets/prices have improved strongly in recent weeks improving cash generation. We expect robust quarterly production and efforts to further de-risk the balance sheet are on track. We expect steel intensive stimulus in customer jurisdictions and expectations for Chinese relaxation of import quotas into 2021 to further drive coal prices. |
Healius (HLS) |
Trading update.
AGM (22 Oct)
|
Positive
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Management will provide a market update at 22 Oct AGM, with the recommencement of dividends likely and a possible special dividend on the back of the A$470m sale of its Medical centres business. |
Suncorp (SUN) |
AGM (22 Oct) |
Positive
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Expecting a solid trading update and for management to quantify the cost out plan. |
Adairs (ADH) |
Trading update
AGM (26 Oct)
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Positive
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1Q21 sales are likely to show very strong growth, despite VIC restrictions. With no major escalation in costs, we think strong opex leverage could lead to further consensus earnings upgrades. ADH has valuation support, a solid yield and FY21 will represent a very strong period of growth. |
Corporate Travel (CTD),
Flight Centre (FLT)
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CTD AGM (27 Oct)
FLT AGM (5 Nov)
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Positive
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Will point to slowly improving traffic volumes but really they need borders to reopen. Liquidity updates will be key. The bigger catalysts for these stocks is borders reopening and an effective vaccine. |
Redbubble (RBL) |
Trading update.
AGM (28 Oct)
|
Positive
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1Q21 earnings update likely to come before the AGM on 28 Oct. Momentum continues, competitors have seen strong August sales (Society 6, KGN, TPW). Leverage of strong sales momentum to earnings could surprise on the upside. |
Super Retail (SUL) |
Trading update.
AGM (28 Oct)
|
Positive
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We expect SUL to provide a strong trading update at its AGM, similar to its August result update. The combination of domestic tourism/consumption tailwinds leaves all SUL’s businesses well placed (perhaps excluding Macpac). We think these trends could continue for some time and see upside risk to consensus forecasts. |
Wagners (WGN) |
Trading update.
AGM (28 Oct)
|
Positive
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While a formal trading update may be unlikely, commentary on general trading YTD should be positive and reflect the benefit of existing major projects already secured and resumption of normalised cement volumes. Could highlight the potential future benefit of recent Federal Budget measures and expectation of an improved FY21 result. |
Impedimed (IPD) |
Data point.
AGM (28 Oct)
|
Positive
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The key catalyst is the publication of the meta data analysis for lymphoedema which we expect to be positive and drive private payor uptake. The AGM is set for 28 October and we expect this catalyst on or before this point. |
Reliance (RWC) |
Trading update.
AGM (29 Oct)
|
Positive
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RWC’s sales performance in 1Q21 was strong. While the short-term outlook remains uncertain, management is likely to provide an update on trading conditions at the AGM on 29 October with potential for positive momentum to continue. |
Volpara (VHT) |
FDA decision (Oct) |
Positive
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Management noted that the US regulator, the FDA will announce before the end of October that every woman who has a mammogram must be told of her breast density and the implications. A positive for VHT’s technology. |
Coca-Cola Amatil (CCL) |
Investor day
(2 Nov)
|
Positive
|
Should point to improving volumes as its markets reopen. Clearly emerging markets (Indonesia and Fiji) will take longer to recover. The investor day will also provide more detail on CCL’s ability to permanently retain its cost-out targets. |
Eagers Automotive (APE) |
Investor day
(TBA, early Nov)
|
Positive
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We expect the company will focus on 3 key pillars of its growth strategy: 1) cost-out; 2) property acquisition strategy; and 3) its used strategy to incorporate EasyAuto123. There is also the chance the company will provide a trading update. We think current dynamics could see the company nicely outperform market expectations.
|
Credit Corp (CCP) |
Trading update.
AGM (5 Nov)
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Positive
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We expect CCP to reaffirm earnings and key metrics guidance which was set at the full year result. Some broadly positive commentary that the debt sale market is returning in Australia could be a positive catalyst. |
Treasury Wine Estate (TWE) |
Trading update.
AGM (5 Nov)
|
Positive
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AGM will likely point to improved trading conditions as its key markets reopen post COVID-19 restrictions, particularly in China. However, the threat of a future tariff from China (its largest business unit) is likely to overhang the stock.
|
Ansell (ANN) |
Trading update.
AGM (5 Nov)
|
Positive
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Despite giving FY21 guidance (EPS US$1.26-1.38, 3-13%), we expect a trading update at the 5 Nov AGM, with a focus on the outlook across Strategic Business Units (SBUs), addressing supply shortages in Exam/Single use medical gloves, macros and cost management.
|
Incitec Pivot (IPL) |
FY20 result (10 Nov) |
Positive
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FY20 result is on 10 November. Will likely point to improved operating conditions and its focus on the controllables - strategies are in place to deliver at least A$100-110m of EBIT improvements by FY22.
|
Bingo (BIN) |
Trading update.
AGM (11 Nov)
|
Positive
|
Did not provide guidance at the August result, and we expect a weaker earnings period in FY21 given softness in Sydney-centric construction and demolition waste. BIN has said it is chasing volume at the expense of price, and expects margins to decline but strong post collection performance in the 1Q should support the share price. |
Sonic Healthcare (SHL)
|
Trading update.
AGM (12 Nov)
|
Positive
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Management will provide a market update at its 12 Nov AGM, with the outlook dependent on fluctuations in base business and COVID-19 testing revenues. |
Elders (ELD) |
FY20 result (16 Nov) |
Positive
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We believe earnings will be strong given supportive growing conditions and will likely beat our forecast. Outlook commentary should also be upbeat.
|
Seek
(SEK)
|
Trading update.
AGM (19 Nov)
|
Positive
|
Domestic listings volumes broadly consistent with earnings expectations at present and likely above Seek’s indicative guidance. Potential activity around Zhaopin stake a positive catalyst with Seek confirming they are in talks with potential investors around a sale of a stake in this business.
|
Virtus Health (VRT) |
Trading update.
AGM (19 Nov)
|
Positive
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IVF cycle numbers are increasing (Medicare data provided each month) after a period of lock down and elective surgery deferral (recommenced late April). We expect the AGM (19 November) will provide a positive update on cycle volumes.
|
Orica
(ORI)
|
FY20 result (20 Nov)
|
Positive
|
FY20 result (20 Nov) has been pre released and points to a weak 2H20 due to COVID-19. We expect outlook commentary should reiterate that it expects customer demand will start to return to pre COVID-19 levels from around November 2020 (i.e. 1Q21) and highlight its various growth projects (Burrup, Exsa, SAP).
|
Ramsay (RHC) |
Trading Update.
AGM (24 Nov)
|
Positive
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Despite strong industry fundamentals and a large backlog of patients awaiting surgeries, with no FY21 guidance we expect a trading update at the 24 November AGM. |
Qube (QUB) |
Trading update.
AGM (26 Nov)
|
Negative |
Minimal guidance was provided at the August result, with QUB acknowledging it had very limited visibility of near-term volumes in key markets. It also expects volumes in a number of key markets to decline in FY21. The market will be watching for an update on the Moorebank monetisation process.
|
Micro-X (MX1) |
Data point (Oct/Nov)
|
Positive
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The next catalyst is the outcome of a grant application lodged with the Federal Government as part of the Stroke Alliance. If successful, MX1 is likely to receive ~A$14m over the next two years. A decision is expected in the next two months.
|
Collins Foods (CKF)
|
Trading update.
1H result (1 Dec)
|
Positive
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We expect a strong 1H21 result, driven by outperformance of its core KFC Australia business (noting continued consumer strength in QLD and WA - CKF’s primary exposures). As a result, we believe there is upside risk to consensus FY21 sales/EBITDA forecasts.
|
Nufarm (NUF) |
AGM (18 Dec)
|
Positive
|
Should highlight improved summer cropping conditions in Australia. It will also reiterate its performance improvement program (PIP) target of A$35-40m in run-rate savings in FY22, its commitment to turning around the underperforming European operations and focus on improving its balance sheet metrics.
|
Mach 7 (M7T) |
Contract wins
|
Positive
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Management has indicated the outcome of various and material tenders is expected before the end of CY20.
|
Acrow (ACF) |
Contract wins
|
Positive
|
Work pipeline remains strong with ongoing government support for infrastructure projects. ACF is well placed for further contract wins, especially on the east coast.
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