| Ticker |
Company Name |
Rating |
Date |
Comments |
| A2M |
The A2 Milk Company |
Add |
20/02/2019 |
Result could surprise to the
upside. Expect guidance to be re-iterated. |
| APA |
APA Group |
Hold |
20/02/2019 |
FY EBITDA guidance of
$1550-1575m. Key EBITDA driver will be Wallumbilla Gladstone (LNG) pipeline,
and to a lesser extent new project earnings. DPS already gone ex. Major
investment program underway. |
| CTD |
Corporate Travel |
Add |
20/02/2019 |
Expect a solid result. As
has been well guided too, cash flow will be weak. FY19 guidance should be
re-iterated. |
| DMP |
Domino Pizza Enterprises |
Hold |
20/02/2019 |
We forecast 10% revenue and
13% EBIT growth in 1H19. We think downside risk lies with margins in Europe
and potentially ANZ while upside risk clearly lies in Japan given the very
weak previous corresponding period in that geography. |
| DTL |
Data #3 |
Hold |
20/02/2019 |
At their AGM DTL guided to
1H19 PBT of A$7-8.5m and a more normal 1H/2H skew. |
| FMG |
Fortescue Metals |
Add |
20/02/2019 |
Expecting a healthy 1H
result supported by improving prices for low grade iron ore. |
| HSO |
Healthscope |
Hold |
20/02/2019 |
Expect some downside risk,
as utilisation remains soft and ongoing brownfield spend is not fully
contributing to uplift in the P&L…but earnings may not matter in light of
Brookfields A$2.55 bid. |
| LOV |
Lovisa |
Add |
20/02/2019 |
With an absence of any clear
and dominant trends, cycling a strong PCP (Christmas 2017) and a softening
consumer environment, we expect LFL sales trends have decelerated further
post the AGM trading update. Unlike many other retailers, we expect LOV has held
its nerve on discounting, preferring to protect Gross Margin rather than
stimulate the top line. |
| MMI |
Metro Mining |
Add |
20/02/2019 |
|
| PGH |
Pact Group |
Hold |
20/02/2019 |
Focus will be on organic
growth which is likely to go backwards due to higher input costs. FY19
earnings guidance will also be closely watched given the downgrade in
November. |
| RIC |
Ridley |
Hold |
20/02/2019 |
|
| SDG |
Sunland Group |
Hold |
20/02/2019 |
Expect a general trading
update. |
| SHL |
Sonic Healthcare |
Add |
20/02/2019 |
In-line/softer as seasonally
2H weighted, lab growth needs to offset regulatory headwinds and expecting an
update on the Aurora acquisition. |
| SOM |
Somnomed |
Add |
20/02/2019 |
Expecting a disappointing
result although well flagged with poor RSS and wind-up costs. Outlook for
core business critical. |
| WOW |
Woolworths Group |
Hold |
20/02/2019 |
Focus will be on sales
growth in the core Australian Food business and trading during the key
December period. Divestment of Petrol division leaves a strong balance sheet
with the possibility of a capital return in the near term. |
| APE |
AP Eagers |
Add |
21/02/2019 |
Few surprises expected given
the recent provision of guidance. Achieving growth in Auto earnings is
certainly an achievement given the extext of industry weakness
currently. |
| AX1 |
Accent Group |
Hold |
21/02/2019 |
We expect like-for-like
sales growth to have continued in line with the recent run-rate. AX1's 1H19
growth rate will be a highlight in the retail sector, although this will
moderate meaningfully looking forward. |
| CCL |
Coca Cola Amatil |
Hold |
21/02/2019 |
Additional investment in
Australian Beverages, CDS, subdued trading in Indonesia, increased OHS and
loss at SPC will impact earnings. FY19 is another 'transitional' year. |
| CGR |
CML Group |
Add |
21/02/2019 |
Expect the result to show
steady momentum in the business and FY19 guidance to be reaffirmed. |
| EPW |
ERM Power |
Add |
21/02/2019 |
Look for greater certainty
on domestic retail gross margin ($4.75 vs $4-5.5/MWh range) and revised
capital management framework post-USA exit (we target close to doubling of
dividend). |
| FLT |
Flight Centre |
Add |
21/02/2019 |
Subdued 1H and we are at the
mid point of guidance. Expect full year guidance to be re-iterated. Capital
management may be announced. |
| HPI |
Hotel Property Stapled |
Hold |
21/02/2019 |
Expect a general trading
update. |
| IPD |
Impedimed |
Add |
21/02/2019 |
Peer reviewed publication
release is key to get private payors on board. |
| IRE |
IRESS |
Add |
21/02/2019 |
Market conditions were tough
in 2H. Meeting guidance is enough to satisfy the market. |
| MWY |
Midway |
Add |
21/02/2019 |
Strong earnings growth
reflects a lower AUD and higher USD woodchip prices. |
| ORG |
Origin Energy |
Add |
21/02/2019 |
Dividends recommencing in
1H19. Look for an update on Ironbark sale and regulatory/market outlook. |
| PPT |
Perpetual |
Add |
21/02/2019 |
Will be impacted by recent
market falls, with earnings tied to Funds Under Management. |
| QUB |
QUBE Holdings |
Add |
21/02/2019 |
Expecting strong performance
from Patrick to be a highlight, and Logistics to be a drag on performance.
Will there be another surprise dividend? |
| SGR |
The Star Entertainment Group |
Add |
21/02/2019 |
Investors will be keen to
hear an update on the intermediate Sovereign Room in Sydney given the strong
start reported up to the AGM. We remain cautious that this may have been an
initial spike in visitation and play due to the new fit-out which will then
moderate over the remainder of the FY. |
| STO |
Santos |
Hold |
21/02/2019 |
|
| SYD |
Sydney Airport |
Add |
21/02/2019 |
Expect aeronautical and
retail revenues to be key growth drivers. 2H18 DPS already gone ex. Look for
first-time 2019 DPS guidance and comments on DPS growth path into
commencement of tax paying early next decade (we have a below-consensus
growth outlook). |
| VEA |
Viva Energy Group |
Add |
21/02/2019 |
Refining margins still weak,
but commentary around Coles alliance could be more positive. |
| VVR |
Viva Energy REIT |
Add |
21/02/2019 |
Expect FY19 guidance to be
provided. |
| WEB |
Webjet |
Hold |
21/02/2019 |
Will benefit from a full
period of JacTravel. Cashflow will likely be weak. Expect full year guidance
to be reiterated. Looking for an update on DOTW acquisition and Thomas Cook
agreement. |
| WES |
Wesfarmers |
Add |
21/02/2019 |
Post the Coles demerger the
key focus will be on Bunnings. Department Stores earnings will be weak as per
the January trading update but we expect Officeworks earnings to be solid.
Capital management is a possibility given a number of asset sales over the
past 12 months. |
| AHG |
Automotive Holdings |
Hold |
22/02/2019 |
We think 1H19 earnings and
FY19 guidance has the potential to miss already bearish consensus
expectations. Trading conditions in NSW and VIC have worsened further since
AHG's last update. |
| GDF |
Garda Diversified Property Fund |
Add |
22/02/2019 |
Expect a general trading
update. |
| ICQ |
iCar Asia |
Add |
22/02/2019 |
We expect guidance for FY19
to be re-affirmed. |
| IVC |
Invocare |
Hold |
22/02/2019 |
Lower number of deaths is
likely to have a negative impact on the result. We also expect management to
provide an update on progress with the Protect & Grow plan. |
| LAU |
Lindsay Australia |
Add |
22/02/2019 |
Should deliver a solid
result, led by Transport, and reiterate it is on track to deliver FY19 NPAT
growth of 10-12%. |
| REG |
Regis Healthcare |
Hold |
22/02/2019 |
The key is reconfirming FY19
guidance of EBITDA in line with last year and any comments regarding the
Royal Commission. |
| ADH |
Adairs |
Add |
25/02/2019 |
Likely to match consensus
expectations, with LFL sales growth remaining more resilient that most. The
softer AUD does pose some GM risk in the 2H. |
| ATL |
Apollo Tourism |
Add |
25/02/2019 |
We forecast solid growth in
1H19. ATL will benefit from an extra 2-week contribution from Canadream (peak
season), however top line growth will be more muted. An in-line result would
be well received by the market given recent share price weakness. |
| GEM |
G8 Education |
Add |
25/02/2019 |
Delivery of FY18 guidance
will be key following last year's slight miss. Also further evidence
occupancy has stabilised and other updates regarding operational initiatives. |
| JHC |
Japara Healthcare |
Hold |
25/02/2019 |
The key is confirming FY19
guidance of flat EBITDA. |
| MVF |
Monash IVF |
Hold |
25/02/2019 |
Looking to reconfirm
guidance of an improved 2H resulting in flat year. |
| NAN |
Nanosonics |
Add |
25/02/2019 |
Confirmation of installed
base growth similar to FY18. |
| NBL |
Noni B |
Add |
25/02/2019 |
Expect no surprises given
recent 1H disclosure. |
| PWH |
PWR Holdings |
Add |
25/02/2019 |
We expect the result will be
driven by growth in motorsports, OEMs and emerging technologies. FX movements
should have a positive impact on the result. |
| QBE |
QBE Insurance Group |
Add |
25/02/2019 |
The result should be in-line
with guidance as QBE re-affirmed guidance in December. |
| RWC |
Reliance Worldwide |
Add |
25/02/2019 |
Focus will be on further
penetration of SharkBite in the US, the performance of John Guest and synergy
targets. FX movements should have a positive impact on the result. |
| APT |
Afterpay Group |
Add |
26/02/2019 |
Key focus will be comments
on earnings metrics for APT's US business. |
| CWP |
Cedar Woods Property |
Hold |
26/02/2019 |
Expect a strong result,
boosted by the Target building settlement. Expect FY19 guidance to be given. |
| FXL |
FlexiGroup |
Add |
26/02/2019 |
FY19 guidance reaffirmed in
Oct-18. The market is very bearish on FXL's medium-term prospects – important
result including strategic direction commentary from the new CEO. |
| KSL |
Kina Securities |
Add |
26/02/2019 |
We expect a stable result
broadly in-line with our forecast. |
| LVH |
Livehire |
Add |
26/02/2019 |
LVH needs to maintain a high
rate of new customer signings to sustain share price. |
| ORE |
Orocobre |
Add |
26/02/2019 |
|
| SIL |
Smiles Inclusive |
Add |
26/02/2019 |
The key is reconfirming
underlying guidance of NPAT of A$5m before one-off costs of A$2.7m. |
| SKI |
Spark Infrastructure |
Hold |
26/02/2019 |
High degree of certainty re:
regulated revenues (major earnings contributor), but volatility in one-off
items and unregulated earnings. Look for first time 2019 DPS guidance (has
previously said at least CPI growth). |
| AVG |
Australian Vintage |
Add |
27/02/2019 |
Possible upside to guidance
of at least 15% profit growth. Comments on any expected market impact from
Brexit will be important. |
| BAL |
Bellamy's Australia |
Hold |
27/02/2019 |
Expect a weak result.
Potentially downside risk to full year guidance. Still waiting on SAMR
approval. |
| CGC |
Costa Group |
Hold |
27/02/2019 |
Very weak result has been
guided to. Key will be commentary around trends in prices, consumer demand
and CY19 guidance. |
| MX1 |
Micro X |
Add |
27/02/2019 |
Need clarification on
Carestream's sales strategy. |
| NSR |
National Storage |
Hold |
27/02/2019 |
Expect a general trading
update. |
| NTD |
National Tyre and Wheel |
Add |
27/02/2019 |
Expect a weak 1H result
given challenges in the ETD. |
| OZL |
Oz Minerals |
Add |
27/02/2019 |
OZL's financials are well
understood via quarterly updates. We're not expecting any major surprises. |
| RAP |
Resapp Health |
Add |
27/02/2019 |
The key is release of
Australian respiratory trial data. |
| RIO |
Rio Tinto |
Hold |
27/02/2019 |
Potential for a dividend
surprise with low capex requirements. |
| SEK |
SEEK |
Hold |
27/02/2019 |
Slowing job ads in Australia
and China are the issue. Volume commentary will be closely scrutinised. |
| SHJ |
Shine Corporate |
Add |
27/02/2019 |
No formal guidance has been
provided by SHJ but the company has guided to a “continued modest improvement
in EBITDA”. We forecast approx. 6%
growth and note that the acquisitions of ACA Lawyers and Carr & Co are
both expected to be EPS accretive which may provide upside to our FY19
estimates. |
| VMY |
Vimy Resources |
Add |
27/02/2019 |
|
| VOC |
Vocus Group |
Hold |
27/02/2019 |
Debt will peak in 1H19 as
submarine cable capex completes. FY19 guidance – $350-370m underlying EBITDA. |
| ACF |
Acrow Formwork |
Add |
28/02/2019 |
Focus will be on penetration
into the key NSW and VIC infrastructure markets, performance of Natform,
growth capex investment and strength of the balance sheet. |
| ALX |
Atlas Arteria |
Add |
28/02/2019 |
FY19 DPS guidance of 30
cents per share already provided. Look for impact of riots on APRR traffic,
interest cost reductions and comments on restructuring initiatives. |
| BUB |
Bubs Australia |
Hold |
28/02/2019 |
Despite strong top line
growth, expect an EBITDA loss and a large cash outflow. Focus will be on any
commentary around SAMR approval timing and progress in the daigou market. |
| FDV |
Frontier Digital |
Add |
28/02/2019 |
Confirmation of continuing
growth momentum in Pakistan should ease market worries. |
| FNP |
Freedom Food |
Hold |
28/02/2019 |
Earnings are forecast to be
2H skewed. Expect full year sales guidance of A$500-530m to be reiterated. |
| ING |
Inghams Group |
Hold |
28/02/2019 |
Despite input cost
headwinds, we expect a flat EBITDA result due to more wholesale business and
Project Accelerate benefits. |
| OEL |
Otto Energy |
Add |
28/02/2019 |
|
| RHC |
Ramsay Health Care |
Hold |
28/02/2019 |
See risk to the downside, as
utilisation remains soft, the operating environment challening across all
divisions and domestic uncertainty will only increase with the likely change
of government. |
| SFR |
Sandfire Resources |
Reduce |
28/02/2019 |
|
| WGN |
Wagners Holding Company |
Add |
28/02/2019 |
Weather impacted 1H is
unlikely to impress. |
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