Oil Search: Tackling new key hurdles

By Adrian Prendergast

23 October 2019, 4:13 PM

Oil Search has had a steady Q3, with stable LNG and weaker liquids volumes of which have already been flagged. A new key hurdle for the PNG expansion has emerged, the P'nyang Gas Agreement talks. OSH is trading at an attractive discount and and we maintain our ADD rating.

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Bank of Queensland: Hamstrung

By Azib Khan

22 October 2019, 2:02 PM

BOQ’s return on tangible equity (ROTE) has now declined to 10.2% in 2H19. With such a low ROTE, the Company is not creating shareholder value from our perspective. If the decline in ROTE is not stemmed, then soon we may view the Company as diminishing shareholder value. We retain a Reduce recommendation.

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BHP Group: Iron ore could give better opportunity

By Adrian Prendergast

22 October 2019, 1:06 PM

BHP has announced it will spend US$345m on Jansen, ahead of a decision on the project going to the board in February 2021. Weakening demand could see short-term iron ore price volatility. We recommend holding fire to see if iron ore price volatility unfolds and provides a better entry point into BHP.

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Bank of Queensland: Significant makeover coming up?

By Azib Khan

15 October 2019, 12:29 PM

Bank of Queensland (ASX:BOQ) is expected to report its FY19 result on the 17th of October. We continue to forecast FY19 cash earnings of $330m and a final dividend of 34cps fully-franked. We believe BOQ's underlying cash EPS growth will remain challenged relative to the major banks over the next couple of years. Our recommendation is downgraded to Reduce (from Hold).

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