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Reporting Calendar

Below is our Reporting Season Calendar for February 2019, including reporting dates and recommendations and comments from our award-winning Research team‚Äč.

For detailed analysis on the company results released during Reporting Season February 2019, visit:

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.


For more detailed analysis on the company results released during Reporting Season February 2019, visit:

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