Reporting Season Scorecard: 23 August 2021

About the author:

Tom Sartor
Author name:
By Tom Sartor
Job title:
Senior Analyst
Date posted:
23 August 2021, 10:10 AM
Sectors Covered:
Junior (Emerging) Resources, Bulk Materials

A total of 39% of the ASX300 and 68% of the ASX50 have reported their results. Our analysts reveal the trends so far, result highlights and the outlook for FY22.

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A snapshot with one week remaining

Progress
  • 39% of the ASX300, 68% of the ASX50 have reported
Surprise vs Disappoint
  • Beats comfortably exceeding misses (by ~2.5:1) dominated by small-caps this time (3.3:1)
Price action
  • Looks sensible. Beats up 6.1%; Misses down 4%
Highlight results
  • Suncorp (SUN), Pinnacle Investment Management (PNI), Carsales (CAR), QBE Insurance Group (QBE), Inghams (ING), Treasure Wine Estates (TWE), Corporate Travel Management (CTD), Orora (ORA)
Notable recommendation changes
  • Morgans: OZL, S32, GWA, BLX, RBL, EBO
  • Consensus: STO, AQZ, TAH, SEK, TLS, DHG
Outlook
  • Cautious overall. Only ~25% of large caps have offered FY22 guidance, Lockdown warnings
Dividends
  • Percent of companies growing dividends up strongly, recovering toward pre-COVID levels.
  • Resumed dividends – SGM, SXL, FBU, CCP, DOW, COH, BEN, IAG, TAH, CIM, CGF
Trends so far
  • Industrials looking through the commodities sell-off and sluggish/ uncertain FY22 Outlook
  • Market maintains a conservative outlook – Forecast dividend contraction in FY22
  • Insurers (tightening cycle), Resources cost pressure, Cyclicals
  • Flagged beats OP ASX200 by 190 bps since July preview (PNI, CAR, AMS), Best ideas (+50bps)
Other forces
  • Commodities weakness, Offshore anxiety regarding Fed tapering/ China

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Find out more

You can find further detailed analysis of company results this reporting season by browsing our reporting season tag, and view a full list of upcoming results on our Reporting Season Calendar.

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Disclaimer: Analyst may own shares. The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.

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