Australia Strategy: 2021 sector outlooks and strategies

By Tom Sartor

02 December 2020, 9:00 AM

Morgans research analysts re set their sector views, strategies and best stock ideas ahead of an accelerating economic recovery into 2021. The November market bounce was stunning, but we remind investors to continually re asses their portfolio exposures and to prepare for ongoing opportunities as we expect bumps in the road ahead.

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ALS: Firmly on the recovery trajectory

By Tom Sartor

19 November 2020, 3:45 PM

1H21 underlying financials met the market’s expectations helped by thorough disclosure through COVID. All indications suggest 1Q21 will mark the low-point in activity, with resilient margins and much stronger 2Q sample flows seen continuing into 2H21. We forecast earnings to recover back to pre-COVID levels during 1H22, contingent on avoiding further hard lockdowns in key geographies. Our blended valuation is based on our FY22 forecasts and adjus...

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Oil and Gas: A plan to have a plan

By Adrian Prendergast

22 September 2020, 9:25 AM

We see the oil & gas sector as a Covid-exit trade that has so far been overlooked. Given market jitters around energy, we expect a broad sector re-rating to trail some other key Covid trades. This has left us favouring those oil & gas players with defendable (low risk) earnings platforms and healthy balance sheets.

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Rio Tinto – Iron ore drives first half

By Adrian Prendergast

30 July 2020, 9:00 AM

1H20 result was ahead of consensus estimates, with ongoing iron ore strength helping Rio Tinto (ASX:RIO) to plug a gap left by lower aluminium and copper prices. We downgrade to a Hold rating on recent share price strength, while still considering RIO a core holding for a wide group of investor types.

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Oil market: Second phase of downcycle starts

By Adrian Prendergast

21 April 2020, 1:15 PM

We expect the panic selling to continue in oil futures markets and ETF’s and for it to extend into June. We have been waiting for this kind of oil price volatility (waiting for it to hit rock bottom) so we can gain conviction on our buy ideas, and it looks like it is quickly approaching.

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