Morgans Blog | Morgans

All posts by Alex Lu

Analyst

Sectors Covered: Industrials

View author's profile

Woolworths: COVID-19 anniversary nears

24 February 2021, 3:00 PM

Woolworths (WOW) reported a 1H21 result well ahead of expectations, with Big W's turnaround gaining momentum. Hotels earnings were lower albeit better than we expected.

Wesfarmers: Still going strong

By Alex Lu

18 February 2021, 4:30 PM

Wesfarmers' 1H21 result was well above our expectations. However, while sales across its retail businesses have remained strong through January and February, a slowdown from March is expected due to COVID-19.

Coles Group: An interesting period ahead

By Alex Lu

17 February 2021, 8:00 AM

Coles Group (COL) reported 1H21 earnings growth comfortably ahead of our forecast. We are particularly attracted to the strength of the balance sheet which will allow ongoing investment for growth while delivering a consistent dividend stream.

Reporting Season: Industrials Sector Preview

By Alex Lu

09 February 2021, 9:17 AM

Analysis on Amcor, Woolworths, Coles, Wesfarmers, InvoCare, PWR Holdings, Acrow Formwork and Construction Services ahead of Reporting Season First Half 2021.

Amcor: Reliable as always

By Alex Lu

03 February 2021, 4:00 PM

Amcor's 1H21 result on a constant currency basis was ahead of our expectations. On a reported basis, the result was slightly below with FX being the difference.

Video: Industrials update - Alex Lu, Analyst

By Alex Lu

14 January 2021, 12:00 PM

Morgans Analyst Alex Lu details his latest perspective on the Industrials Sector. He also covers his key picks including Amcor (ASX:AMC), Brambles (ASX:BXB), Invocare (ASX:IVC), Coles (ASX:COL), Woolworths (ASX:WOW), PWR Holdings (ASX:PWH) and Acrow Formwork and Construction Services (ASX:ACF).

Wesfarmers: Trading well despite some disruptions

By Alex Lu

12 November 2020, 12:00 AM

Wesfarmers' (ASX:WES) trading update overall for October YTD was better than we expected. Bunnings and Officeworks were particularly strong with Catch also maintaining good momentum. LFL sales at Kmart and Target were solid, boosted by very strong online growth, although total sales were adversely impacted by government-mandated store closures in Melbourne.

Coles Group: The cost of doing essential business

By Alex Lu

20 August 2020, 8:52 AM

Coles Group's (ASX:COL) FY20 result (pre-AASB16) overall was slightly above our expectations. Supermarkets EBIT rose 11% (+2% vs Morgans), Liquor EBIT was flat (+5% vs Morgans) and Express EBIT fell to -A$16m (Morgans -A$22m).