Australian Quant Action
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- Debra Hines
- 5 years ago
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1 AUSTRALIA Announced Constituent Changes for the September review S&P ASX Index Security Name Event ASX 1 ALL Aristocrat Leisure Limited Add JBH Jb Hi-Fi Limited Delete ASX DLS Drillsearch Energy Limited Add SAI Sai Global Limited Add SKE Skilled Group Limited Add AQP Aquarius Platinum Limited Delete RMS Ramelius Resources Limited Delete PAN Panoramic Resources Limited Delete ASX 3 AGI Ainsw orth Game Technology Limited Add BRG Breville Group Limited Add BSE Base Resources Limited Add BTR Blackthorn Resources Limited Add COE Cooper Energy Limited Add MAD Maverick Drilling And Exploration Limited Add MLD Maca Limited Add NSE New Standard Energy Limited Add ORE Orocobre Limited Add PCL Pancontinental Oil & Gas Nl Add RCR Rcr Tomlinson Limited Add RFE Red Fork Energy Limited Add SEA Sundance Energy Australia Limited Add SKE Skilled Group Limited Add TME Trade Me Group Limited Add WDR Western Desert Resources Limited Add ABY Aditya Birla Minerals Limited Delete ARU Arafura Resources Limited Delete CLR Carabella Resources Limited Delete GOR Gold Road Resources Limited Delete KRL Kangaroo Resources Limited Delete MMX Murchison Metals Ltd Delete TGR Tassal Group Limited Delete WEC White Energy Company Limited Delete Source: Macquarie Research, September The index effect Event The S&P September quarterly index review was announced to the market on Friday 7 September and will take effect on Friday 21 September (COB). We take a look at the historical trading patterns of stocks around the inclusion or removal of stocks from the S&P indices. Impact The index effect around additions and deletions is a well-known anomaly in the Australian stock market. The effect has existed since the inception of the S&P indices in but performance trends have fluctuated over the years. S&P ASX index inclusions have historically run up strongly prior to the inclusion date and underperform post inclusion in the ASX. Since 11, we see a similar but stronger trend pre inclusion with a spike around announcement. Stocks have also underperformed more significantly over the last two years post inclusion. S&P ASX index deletions have tended to underperform leading into deletion and have outperformed post. Since 11, outperformance post deletion has been more subdued when compared to the entire history. S&P ASX 3 additions over the last 2 years have performed strongly into the index rebalance. There is often a large spike around announcement (1 days prior). Stocks have typically underperformed post addition. This trend has been stronger since 11. Excess returns of stocks around S&P ASX3 Addition -5.% % 11-Now Please contact Macquarie Quant for a full list of index changes for the upcoming review. Analyst(s) 7 September Macquarie Securities (Australia) Limited Please refer to the important disclosures and analyst certification on inside back cover of this document, or on our website
2 Macquarie Private Wealth Stock performance around Index Rebalancing Date Fig 1 Excess returns of stocks around S&P ASX Additions 2.% -2.%.% -6.% -.% -1 -.% 11-Now Stocks in S&P ASX have historically outperformed prior to index inclusions. This is especially so since 11 with greater median excess returns. Stocks typically underperformed post inclusion in the index. Stocks have underperformed more significantly over the last two years. Fig 2 Excess returns of stocks around S&P ASX Deletions.% 15.% 1 5.% -5.% 11-Now Over the entire period, stocks in the ASX tended to underperform leading into deletion and outperform post event. Since 11, the outperformance post deletion has been more subdued when compared to the entire history. Fig 3 Excess returns of stocks around S&P ASX1 Additions 6.%.% 2.% -2.%.% 11-Now Unlike ASX, performance of stocks in the ASX1 pre inclusion has been flat over the entire period. Stocks then drifted 3% higher in excess return in the days post inclusion. Compared to 11 and (YTD), stocks have tended to underperform pre-inclusion. 7 September 2
3 Macquarie Private Wealth Fig Excess returns of stocks around S&P ASX1 Deletions 1 5.% -5.% % -.% 11 - Now Stocks have typically underperformed prior to being deleted from the ASX1 but tended to outperform the market post. This is in complete constrast to the last two years where stocks have underperformed heavily post deletion. In most cases, being deleted from the ASX1 will make the stock a large part of the Small Ordinaries index. Fig 5 Excess returns of stocks around S&P ASX3 Additions -5.% % 11-Now Similar to stocks in the ASX but with stronger trends, stocks have typically outperformed prior to being added to the ASX3 and underperformed following inclusion. Fig 6 Excess returns of stocks around S&P ASX3 Deletions.% 1.% 6.%.% 2.% 11-Now Stocks typically underperform prior to being deleted from the ASX3 and outperform following. This return trend remained largely similar over the last two years. 7 September 3
4 Factor Performance Summary: Profitability and capital were the two factors driving returns last week. Most factors lagged with Valuation, Analyst Sentiment and Growth factors the biggest drag on returns. Subdued overall factor performance saw the Macquarie Alpha model lost ground last week. Valuation: Valuation factors were the biggest drag on returns last week with forward Dividend Yield taking the biggest hit. Among all Value factors, EBITDA/EV NTM was the only factor that was positively predictive of returns. Analyst Sentiment: Most sentiment factors struggled except for Price Upside. Earnings Revisions were the biggest drag on returns for the style group. Momentum: Overall performance from Momentum was weak. Medium to longer term factors underperformed while the Macquarie Periodic Momentum factor led with an IC of.9%. Fig 7 Factor Performance: Information Coefficients 3% 25% % 15% 1% 5% % -5% -1% -15% -% Analyst Sentiment Capital & Funding Growth Liquidity Low Risk Momentum Profitability/ Return on Capital Quality Technical Indicators Valuation Macquarie Alpha Last Week W Avg YTD Last Week W Avg YTD Last Week W Avg YTD Last Week W Avg YTD Valuation -1.6% -7.% 1.3% Profitability/ Return on Capital.% 7.% 1 Analyst Sentiment -1.2%.5% 2.2% Earnings Yield NTM -2.1% -6.% -1.2% CFROI.3% 1.9% -.% Consensus Recommendatio -7.2% -6.2% -.2% Earnings Yield FY -3.3% -1.3% 5.% ROA NTM.2% 3.6% 3.6% DPS Revisions 3M -1.1% 1.%.6% Book Yield NTM.1% -9.1% -7.5% ROE NTM 2.5% 5.5% 6.2% Earnings Revisions 3M -1.3%.% 13.3% Dividend Yield NTM -26.9% -1.% 26.2% ROIC NTM 11.7% 2.3% -.3% Up-down Earnings Revision -.2% -.1% 3.% Sales Yield NTM -13.% -3.%.% Maquarie Sentiment Indicat -.5%.6% 5.9% EBITDA / EV NTM.2% -9.1% -22.% Quality.7% 3.%.5% Recomm. Revisions 3M -15.2%.1%.6% Earnings Stability -13.9%.6% 1.3% Price Upside.6% -.%.3% Technical Indicators -3.3% -3.3% -9.9% Macquarie Quality Indicator.3% -3.% -9.7% Low Risk.% 11.2%.1% Momentum 1M 9.% -7.%.2% Operating Accruals -5.9% -7.2% -15.7% Altman Z-score 1.2% -5.7% -5.7% RSI 1 Day 5.% % Profit Margin NTM 15.%.5%.1% Earnings Certainty -.9% 9.9% 35.% Stochastic Oscillator 6.% -3.2% 26.3% Merton Model 17.5% 3.7% 1.6% Williams %R -5.6% 7.6%.6% Liquidity -1.6% 5.6%.1% Relative Volatility -5.% -.5% 1.% Relative Turnover -5.% 5.7% 13.% Volatility 25D.1% -13.% -5.5% Grow th -5.% 2.3% -6.2% Size -1.3% 6.1% 15.% BETA -1.9% -17.1%.1% 5 Year EPS Trend.%.3% -.3% Turnover D -11.5% 1.3%.1% EPS Growth FY-1/FY 11.6%.% -2.5% Broker Coverage -17.3% 1.1%.2% Momentum.3% 1.% 29.2% EPS Growth FY/FY1-13.% 9.3% -.9% Momentum M -2.7% 13.6%.9% Margin Growth FY/FY1 15.2% -1.5% -23.1% Capital & Funding 5.9% 6.6% 1.3% Momentum (M - 1M) -5.2% 1.2%.9% ROA Growth FY-FY1-3.6% 6.7% -9.3% Buybacks to Shares.7% -.1% 21.% Momentum 3M.% 7.% 3.% ROE Growth FY/FY1-7.9% 6.7% -1.2% Captial Expenditure Growth.% -9.1% -19.1% Momentum 6M -5.7%.9% 33.3% Sales Growth FY/FY1 -.% 3.1% -.5% Increase in the Number of S -3.5% -6.9% -21.3% Macquarie Periodic Moment.9%.9% 19.2% External Financing -9.% -6.9% -1.% Macquarie Alpha -.5% 6.% 1.% 7 September
5 Size and Sector Performance Below we show the recent returns of Small and Large cap indices. Small Caps have outperformed Large Caps over the last week. Fig Small versus Large Cap Returns % 1% % -1% -% -3% -% S&P ASX 1 S&P ASX 1 Industrial S&P ASX 1 Resources S&P ASX Small Ordinaries S&P ASX Small Industrials S&P ASX Small Resources 1 week 1 Month Months Below we show the returns broken down by sector. IT, Materials and Consumer Staples were the best performing sectors last week. On the other hand, Telecom, Financials and Health Care lagged. Fig 9 S&P ASX Sector Total Returns Health Telecommunication Services Information Technology Consumer Staples Utilities Financials Consumer Discretionary Industrials Energy Materials -3% -% -1% % 1% % 3% % Months 1 Month 1 week S&P ASX Resources S&P ASX Industrial S&P ASX / Financial x Property Trusts -SEC S&P ASX / Property Trusts -SEC S&P ASX Headline Index Name 1 week 1 Month Months S&P ASX.2%.% 3.% S&P ASX / Property Trusts -SEC 3.3% 1.% 22.% S&P ASX / Financial x Property Trusts -SEC -1.7% -.5% 13.7% S&P ASX Industrial 1.3% 1.9% S&P ASX Resources 1.9% -.% GICS Industries Materials 2.% -.6% -22.5% Energy.7% 1.2% -2.5% Industrials -.% 2.2%.7% Consumer Discretionary 1.7% 1.% 7.5% Financials -.9% -.1% 15.1% Utilities.%.6%.2% Consumer Staples 1.7% 6.2% 17.2% Information Technology 5.% 17.% 22.1% Telecommunication Services -1.% -6.2% 25.% Health -.% 9.2% 3.6% -25% -% -15% -1% -5% % 5% 1% 15% % 25% Months 1 Month 1 week On a longer term view, resources have underperformed industrials over the last months. Consumer discretionary stocks have also suffered. Defensive sectors have been the clear outperformers. 7 September 5
6 Volume Watch: Keeping an ear to the ground Volume is often considered a good proxy for investor attention. In previous research we have explored the interaction of Volume and Momentum which tends to exhibit a life-cycle. Stocks with high volume and high momentum will typically outperform whilst those with poor momentum and poor volume will underperform. Below we show the top and bottom ranking Large and Small cap stocks by Relative Volume. This is calculated as the ADV over the last week divided by ADV over the last 6 months. Fig 1 ASX1 High Volume Fig 11 ASX1 Low Volume Last Week ADV Code Name Over 6m ADV BLY-AU Boart Longyear Ltd. 5% FMG-AU Fortescue Metals Group Ltd. 3% LYC-AU Lynas Corp. Ltd. 23% MND-AU Monadelphous Group Ltd. 2% QAN-AU Qantas Airways Ltd. 175% DOW-AU Downer EDI Ltd. 172% GNC-AU GrainCorp Ltd. 5% CFX-AU CFS Retail Property Trust 5% SKI-AU Spark Infrastructure Group % AGO-AU Atlas Iron Ltd. 2% Last Week ADV Code Name Over 6m ADV DJS-AU David Jones Ltd. 55% TCL-AU Transurban Group 5% PDN-AU Paladin Energy Ltd. 6% BPT-AU Beach Energy Ltd. 66% CCL-AU Coca-Cola Amatil Ltd. 73% TLS-AU Telstra Corp. Ltd. 7% NWS-AU News Corp. 7% CWN-AU Crown Ltd. 76% EGP-AU Echo Entertainment Group 77% ORG-AU Origin Energy Ltd. 77% Fig ASX Small Ordinaries High Volume Last Week ADV Code Name Over 6m ADV APZ-AU Aspen Group 61% ANG-AU Austin Engineering Ltd. 36% OMH-AU OM Holdings Ltd. 377% PEM-AU Perilya Ltd. 2% APN-AU APN News & Media Ltd. 317% EVR-AU Endeavour Mining 297% MGX-AU Mount Gibson Iron Ltd. 27% ABY-AU Aditya Birla Minerals Ltd. 265% IDL-AU Industrea Ltd. 9% HIL-AU Hills Holdings Ltd. % Fig 13 ASX Small Ordinaries Low Volume Last Week ADV Code Name Over 6m ADV ALS-AU Alesco Corp. Ltd. % FMS-AU Flinders Mines Ltd. 22% ERA-AU Energy Resources of Australia 31% POH-AU Phosphagenics Ltd. % PMV-AU Premier Investments Ltd. 35% SSN-AU Samson Oil & Gas Ltd. % WTP-AU Watpac Ltd. 37% ARU-AU Arafura Resources Ltd. 39% GGG-AU Greenland Minerals & Energy % TAM-AU Tanami Gold N.L. 1% 7 September 6
7 Technical Indicators In our report on Let s get technical, Macquarie Quant, April 9 we found that Williams %R was the most effective mean reversion indicator in the Australian market. Williams %R Developed by Larry Williams, this measures the relative location of the closing price in relation to the high-low range over a set time period with the intention to identify over extended moves in a non-trending market. The indicator will typically peak and turn down a few days before the price peak of the underlying security and vice versa when forming a trough. It is calculated by first determining the highest high and lowest low over the preceding n periods, then taking the ratio of the highest high minus the current price divided by the highest high minus the lowest low. Values range between -1 and. W = -1 * ((Hn Tc)/(Hn-Ln)) Hn = highest price in n periods; Ln = lowest price in n periods, Tc = today s Close Values between & - it is deemed as overbought; between - and -1 it is deemed as oversold. Like the RSI we once again multiply the score by -1 to make sure high scoring (overbought stocks close to ) rank lowly. Additionally, we also test a normalised version of the signal on a 3-, 6- and -month basis. Fig 1 ASX1 Overbought Code Name Williams R CPU COMPUTERSHARE LTD. DUE DUET GROUP NWS NEWS CORP. -5. RRL REGIS RESOURCES LTD CTX CALTEX AUSTRALIA LTD. -7. STO SANTOS LTD GMG GOODMAN GROUP -9.3 PNA PANAUST LIMITED -1 ANN ANSELL LTD JHX JAMES HARDIE INDS.SE -1.3 Fig 15 Small Ordinaries Overbought Code Name Williams R ENV ENVESTRA LIMITED BWP BWP TRUST MMX MURCHISON METALS LTD. ORL OROTONGROUP LTD. TRY TROY RESOURCES LIMITED AQG ALACER GOLD CORP. SMX SMS MAN.& TECH.LIMITED -1.9 SBM ST BARBARA LIMITED -2. PTM PLATINUM ASSET MAN.LTD TRS THE REJECT SHOP LIMITED -3. Fig ASX 1 Oversold Code Name Williams R SEK SEEK LTD WBC WESTPAC BANKING CORP HVN HARVEY NORMAN HDG.LTD ANZ AUS.AND NZ.BANKING GLD. -.2 AGK AGL ENERGY LIMITED LEI LEIGHTON HOLDINGS LTD ORG ORIGIN ENERGY LTD ARI ARRIUM LTD QBE QBE INSURANCE GROUP.26 SWM SEVEN WEST MEDIA LTD..9 Fig 17 ASX Small Ordinaries Oversold Code Name Williams R PRG PROGRAMMED MAINT. -1 MNC METMINCO LIMITED -1 RMS RAMELIUS RESOURCES ANG AUSTIN ENGINEERING LTD VAH VIRGIN AUS.HOLDINGS LTD. -9. CSV CSG LIMITED -9.3 TEN TEN NETWORK HDG.LTD SXY SENEX ENERGY LTD SDM SEDGMAN LIMITED -9.7 ALD ALLIED GOLD MINING PLC September 7
8 23 Feb 11 2 Mar 11 9 Mar 11 Mar Mar 11 3 Mar 11 6 Apr Apr 11 Apr Apr 11 May May 11 1 May May 11 1 Jun 11 Jun Jun Jun Jun 11 6 Jul Jul 11 Jul Jul 11 3 Aug 11 1 Aug Aug 11 Aug Aug 11 7 Sep 11 1 Sep Sep 11 Sep 11 5 Oct 11 Oct Oct Oct 11 2 Nov 11 9 Nov 11 Nov Nov 11 3 Nov 11 7 Dec 11 1 Dec Dec 11 Dec 11 Jan 11 Jan 1 Jan 25 Jan 1 Feb Feb 15 Feb 22 Feb Macquarie Private Wealth Macquarie Risk Index In September 11 we launched the Macquarie Financial Risk Index 1. The Macquarie Risk Index (MFRI) is a global cross-asset risk index which provides a holistic view of overall risk within the economy. We focus on Equity, Sovereign and Corporate Bonds, FX and Commodity asset classes. This provides a useful framework to understand risk and its drivers throughout global financial markets We show below the current readings of the MFRI. Green represents low risk, amber medium risk and red high risk. Fig 1 Macquarie Financial Risk Index (MFRI) MFRI Equity Soveriegn Bonds Corporate Bonds Commodity FX Economics US Equity EU Equity EM Equity UK Equity Japan Equity Asia ex Equity US Sovereign Bonds EU Sovereign Bonds UK Sovereign Bonds EM Sovereign Bonds Japan Sovereign Bonds Asia Ex Sovereign Bonds High Yield Investment Grade Energy Agriculturals Base Metals Precious Metals EU FX UK FX Asia Ex FX Japan FX EM FX US FX 1 See Risky Business Stressing about risk, Macquarie Quantitative Research, September September
9 Important disclosures: Recommendation definitions Macquarie - Australia/New Zealand Outperform return >3% in excess of benchmark return Neutral return within 3% of benchmark return Underperform return >3% below benchmark return Benchmark return is determined by long term nominal GDP growth plus month forward market dividend yield Macquarie Asia/Europe Outperform expected return >+1% Neutral expected return from -1% to +1% Underperform expected return <-1% Macquarie First South - South Africa Outperform expected return >+1% Neutral expected return from -1% to +1% Underperform expected return <-1% Macquarie - Canada Outperform return >5% in excess of benchmark return Neutral return within 5% of benchmark return Underperform return >5% below benchmark return Macquarie - USA Outperform (Buy) return >5% in excess of Russell 3 index return Neutral (Hold) return within 5% of Russell 3 index return Underperform (Sell) return >5% below Russell 3 index return Volatility index definition* This is calculated from the volatility of historical price movements. Very high highest risk Stock should be expected to move up or down 6 1% in a year investors should be aware this stock is highly speculative. High stock should be expected to move up or down at least 6% in a year investors should be aware this stock could be speculative. Medium stock should be expected to move up or down at least 3 % in a year. Low medium stock should be expected to move up or down at least 25 3% in a year. Low stock should be expected to move up or down at least 15 25% in a year. * Applicable to Australian/NZ/Canada stocks only Recommendations months Note: Quant recommendations may differ from Fundamental Analyst recommendations Financial definitions All "Adjusted" data items have had the following adjustments made: Added back: goodwill amortisation, provision for catastrophe reserves, IFRS derivatives & hedging, IFRS impairments & IFRS interest expense Excluded: non recurring items, asset revals, property revals, appraisal value uplift, preference dividends & minority interests EPS = adjusted net profit / efpowa* ROA = adjusted ebit / average total assets ROA Banks/Insurance = adjusted net profit /average total assets ROE = adjusted net profit / average shareholders funds Gross cashflow = adjusted net profit + depreciation *equivalent fully paid ordinary weighted average number of shares All Reported numbers for Australian/NZ listed stocks are modelled under IFRS (International Financial Reporting Standards). Recommendation proportions For quarter ending 3 June AU/NZ Asia RSA USA CA EUR Outperform 55.67% 61.% 53.3% 2.5% 69.23% 6.6% (for US coverage by MCUSA, 9.5% of stocks followed are investment banking clients) Neutral 3.5% 22.11%.99% 52.1%.2% 33.69% (for US coverage by MCUSA,.1% of stocks followed are investment banking clients) Underperform 13.3%.9% 9.59% 5.1% 2.75% 19.71% (for US coverage by MCUSA,.5% of stocks covered are investment banking clients) Company Specific Disclosures: Important disclosure information regarding the subject companies covered in this report is available at Analyst Certification: The views expressed in this research reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst principally responsible for the preparation of this research receives compensation based on overall revenues of Macquarie Group Ltd (ABN , AFSL No. 3162) ( MGL ) and its related entities (the Macquarie Group ) and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. General Disclosure: This research has been issued by Macquarie Securities (Australia) Limited (ABN 5 2 6, AFSL No. 2397) a Participant of the Australian Securities Exchange (ASX) and Chi-X Australia Pty Limited. This research is distributed in Australia by Macquarie Equities Limited (ABN , AFSL No. 2375) ("MEL"), a Participant of the ASX, and in New Zealand by Macquarie Equities New Zealand Limited ( MENZ ) an NZX Firm. Macquarie Private Wealth s services in New Zealand are provided by MENZ. Macquarie Bank Limited (ABN , AFSL No ) ( MBL ) is a company incorporated in Australia and authorised under the Banking Act 1959 (Australia) to conduct banking business in Australia. None of MBL, MGL or MENZ is registered as a bank in New Zealand by the Reserve Bank of New Zealand under the Reserve Bank of New Zealand Act 199. Any MGL subsidiary noted in this research, apart from MBL, is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Australia) and that subsidiary s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that subsidiary, unless noted otherwise. This research is general advice and does not take account of your objectives, financial situation or needs. Before acting on this general advice, you should consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision. This research has been prepared for the use of the clients of the Macquarie Group and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient, you must not use or disclose this research in any way. If you received it in error, please tell us immediately by return and delete the document. We do not guarantee the integrity of any s or attached files and are not responsible for any changes made to them by any other person. Nothing in this research shall be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction. This research is based on information obtained from sources believed to be reliable, but the Macquarie Group does not make any representation or warranty that it is accurate, complete or up to date. We accept no obligation to correct or update the information or opinions in it. Opinions expressed are subject to change without notice. The Macquarie Group accepts no liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this research and/or further communication in relation to this research. The Macquarie Group produces a variety of research products, recommendations contained in one type of research product may differ from recommendations contained in other types of research. The Macquarie Group has established and implemented a conflicts policy at group level, which may be revised and updated from time to time, pursuant to regulatory requirements; which sets out how we must seek to identify and manage all material conflicts of interest. The Macquarie Group, its officers and employees may have conflicting roles in the financial products referred to in this research and, as such, may effect transactions which are not consistent with the recommendations (if any) in this research. The Macquarie Group may receive fees, brokerage or commissions for acting in those capacities and the reader should assume that this is the case. The Macquarie Group s employees or officers may provide oral or written opinions to its clients which are contrary to the opinions expressed in this research. Important disclosure information regarding the subject companies covered in this report is available at 7 September 9
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AUSTRALIA SGM AU Price (at 5:11, 17 Nov 215 GMT) Outperform A$7.19 Valuation - EV/EBIT A$ 8.49-9.6 12-month target A$ 8.9 12-month TSR % +26.6 Volatility Index Medium GICS sector Materials Market cap A$m
More informationOil Search. Proving up PNG A$7.11 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA OSH AU Price (at 05:10, 16 Feb 2017 GMT) Outperform A$7.11 Valuation A$ - DCF (WACC 8.5%, beta 1.4, ERP 5.0%, RFR 3.3%) 6.70 12-month target A$ 7.60 12-month TSR % +8.2 Volatility Index Medium
More informationAutomotive Holdings Group
AUSTRALIA AHG AU Price (at 06:14, 11 Aug 2016 GMT) Outperform A$4.61 Valuation - EV/EBITA A$ 4.09-4.63 12-month target A$ 4.36 12-month TSR % -0.2 Volatility Index Low GICS sector Retailing Market cap
More informationSeek. Progresses Zhaopin privatisation A$16.33 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA SEK AU Price (at 06:33, 07 Apr 2017 GMT) Outperform A$16.33 Valuation - Sum of Parts A$ 16.77 12-month target A$ 16.50 12-month TSR % +3.9 Volatility Index Low/Medium GICS sector Commercial &
More informationCardno. Tough half over A$2.88 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA CDD AU Price (at 04:53, 17 Feb 2015 GMT) Neutral A$2.88 Valuation - Sum of Parts A$ 2.80-3.43 12-month target A$ 3.12 12-month TSR % +18.4 Volatility Index Medium GICS sector Capital Goods Market
More informationCochlear. Roberts replaced A$88.66 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA COH AU Price (at 06:47, 26 May 2015 GMT) Outperform A$88.66 Valuation A$ 81.19 - DCF (WACC 8.0%, beta 1.0, ERP 5.0%, RFR 3.8%, TGR 3.0%) 12-month target A$ 95.00 12-month TSR % +9.8 Volatility
More informationBendigo and Adelaide Bank
AUSTRALIA AU Price (at 06:17, 30 Mar 2017 GMT) Underperform A$12.03 Valuation A$ 11.48- - Sum of Parts/GG 11.71 12-month target A$ 11.50 12-month TSR % +1.2 Volatility Index Low/Medium GICS sector Banks
More informationAustralian Quant Action
AUSTRALIA Top ranked stocks in the Macquarie Alpha model Code Company Name REA REA GROUP LIMITED RMD RESMED INCO. RRL REGIS RESOURCES LIMITED CSL CSL LTD. FLT FLIGHT CENTRE LIMITED COH COCHLEAR LIMITED
More informationSilver Chef. Capital raising A$7.71 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA SIV AU Price (at 08:50, 21 Mar 2017 GMT) Neutral A$7.71 Valuation - PER A$ 6.68 12-month target A$ 6.68 12-month TSR % -7.4 Volatility Index Medium GICS sector Capital Goods Market cap A$m 278
More informationFisher & Paykel Healthcare
NEW ZEALAND FPH NZ Price (at 05:00, 10 Jul 2015 GMT) Outperform NZ$7.03 Valuation NZ$ 7.39 - DCF (WACC 8.8%, beta 0.9, ERP 7.0%, RFR 4.5%, TGR 2.0%) 12-month target NZ$ 7.80 12-month TSR % +13.1 Volatility
More informationUS Economics. State of the Union Growth, rates, and equities NORTH AMERICA. In a nutshell. Our key views on growth, policy, and rates
NORTH AMERICA In a nutshell The US expansion is poised to continue Near-term data may surprise on the upside and show an economy expanding at an underlying 2.5% pace Longer-term growth should decelerate
More informationBuilders Barometer. Rising damp AUSTRALIA. Event. Impact. Outlook
Jan 00 Mar 01 May 02 Jul 03 Sep 04 Nov 05 Jan 07 Mar 08 May 09 Jul 10 Sep 11 Nov 12 Jan 14 Mar 15 May 16 AUSTRALIA Rising damp Event The ABS released February 2017 building approvals data. Seasonallyadjusted,
More informationOz Minerals. On track to meet guidance A$6.51 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA OZL AU Price (at 08:20, 22 Jul 2016 GMT) Underperform A$6.51 Valuation A$ - DCF (WACC 9.0%, beta 1.4, ERP 5.0%, RFR 3.3%) 4.31 12-month target A$ 5.00 12-month TSR % -21.4 Volatility Index High
More informationSenex Energy Production and revenue unsurprised, cash builds on lower capex
26 April 2018 Australia EQUITIES SXY AU Price (at 06:10, 26 Apr 2018 GMT) Outperform A$0.42 Valuation A$ 0.49 - DCF (WACC 9.1%, beta 1.5, ERP 4.0%, RFR 4.3%) 12-month target A$ 0.50 12-month TSR % +19.0
More informationRamsay Health Care. France begins to bite A$66.37 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA RHC AU Price (at 06:11, 06 Aug 2015 GMT) Neutral A$66.37 Valuation A$ 64.54 - DCF (WACC 8.1%, beta 1.1, ERP 5.0%, RFR 3.8%, TGR 3.0%) 12-month target A$ 70.00 12-month TSR % +7.3 Volatility Index
More informationTox Free Solutions. Winning work again A$2.34 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA TOX AU Price (at 05:10, 30 Nov 2016 GMT) Outperform A$2.34 Valuation - EV/EBITDA A$ 2.52-3.07 12-month target A$ 2.79 12-month TSR % +23.1 Volatility Index Medium GICS sector Commercial & Professional
More informationCoca-Cola Amatil. Not as fizzy as it looks A$8.78 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA CCL AU Price (at CLOSE#, 21 Aug 2015) Underperform A$8.78 Valuation A$ 8.47 - DCF (WACC 8.7%, beta 1.0, ERP 5.0%, RFR 3.8%, TGR 1.9%) 12-month target A$ 8.99 12-month TSR % +7.3 Volatility Index
More informationGeneration Healthcare REIT
AUSTRALIA GHC AU Price (at 06:13, 24 Aug 2015 GMT) Neutral A$1.65 Valuation - Sum of Parts A$ 1.51-1.59 12-month target A$ 1.59 12-month TSR % +1.8 Volatility Index Low GICS sector Real Estate Market cap
More informationWhitehaven Coal. China outlook drives impairments A$1.04 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA WHC AU Price (at 06:10, 13 Aug 2015 GMT) Neutral A$1.04 Valuation A$ - DCF (WACC 8.0%, beta 1.6, ERP 5.0%, RFR 3.8%) 1.18 12-month target A$ 1.15 12-month TSR % +10.6 Volatility Index High GICS
More informationTelstra Corporation. Vodafone better, but far from good A$6.43 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA TLS AU Price (at 11:23, 21 Jul 2015 GMT) Neutral A$6.43 Valuation A$ 6.37 - DCF (WACC 6.8%, beta 0.8, ERP 5.0%, RFR 3.8%, TGR 1.2%) 12-month target A$ 6.30 12-month TSR % +3.3 Volatility Index
More informationAuckland International Airport
NEW ZEALAND AIA NZ Price (at 04:00, 27 Nov 2013 GMT) Neutral NZ$3.42 Valuation NZ$ 3.37 - DCF (WACC 8.0%, beta 0.9, ERP 7.0%, RFR 4.3%, TGR 3.0%) 12-month target NZ$ 3.37 12-month TSR % +2.6 Volatility
More informationOrigin Energy. 4Q Production. ORG reported its 4 th quarter production report, following on ConocoPhilips quarterly result.
AUSTRALIA ORG AU Price (at 06:11, 30 Jul 2015 GMT) Neutral A$11.35 Valuation A$ 12.79 - DCF (WACC 10.3%, beta 1.3, ERP 5.0%, RFR 3.8%, TGR 2.0%) 12-month target A$ 12.89 12-month TSR % +18.1 Volatility
More informationAustralian Banks. Pre-Reporting Form Guide AUSTRALIA. Event. Impact. Outlook
AUSTRALIA MRE vs Consensus MQG FY15 Consensus FY15 Date Profit EPS DPS Profit EPS DPS BEN 10-Aug 439 92 67 434 92 67 CBA 12-Aug 9,289 557 420 9,116 554 419 Source: Factset, Macquarie Research, August 2015
More informationEarnings and target price revision. Price catalyst. Catalyst: 1H14 result in February Action and recommendation
AUSTRALIA CBA AU Price (at 06:10, 10 Sep 2013 GMT) Neutral A$73.63 Valuation A$ - DCF (WACC 10.3%, beta 1.0, ERP 5.0%, RFR 5.5%) 50.40 12-month target A$ 66.15 12-month TSR % -5.0 Volatility Index Low
More informationSirtex Medical. Healthy dose sales. Earnings and target price revision. Price catalyst. Catalyst: FY16 result on the 24th of August
AUSTRALIA SRX AU Price (at CLOSE#, 11 Jul 2016) Outperform A$27.88 Valuation A$ 37.93 - DCF (WACC 9.0%, beta 1.2, ERP 5.0%, RFR 3.3%, TGR 1.5%) 12-month target A$ 38.00 12-month TSR % +37.4 Volatility
More informationVista Group International
NEW ZEALAND VGL NZ Price (at 03:15, 26 Feb 2015 GMT) Outperform NZ$4.35 Valuation NZ$ 4.31 - DCF (WACC 9.9%, beta 1.0, ERP 7.0%, RFR 4.0%, TGR 2.0%) 12-month target NZ$ 4.75 12-month TSR % +9.5 Volatility
More informationANZ Bank. The Dis-Associates. Earnings and target price revision. No change. Price catalyst. Catalyst: 3Q15 Trading Update. Action and recommendation
AUSTRALIA ANZ AU Price (at 07:51, 03 Jul 2015 GMT) Underperform A$32.46 Valuation - DDM/PE A$ 32.52 12-month target A$ 33.91 12-month TSR % +10.0 Volatility Index Low GICS sector Banks Market cap A$m 89,752
More informationOz Minerals. Solid start to the year A$5.62 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA OZL AU Price (at 6:24, 21 Apr 216 GMT) Underperform A$5.62 Valuation A$ - DCF (WACC 1%, beta 1.4, ERP 5.%, RFR 3.8%) 4.61 12-month target A$ 4.6 12-month TSR % -15.5 Volatility Index High GICS
More informationKingsgate Consolidated
AUSTRALIA KCN AU Price (at 6:11, 31 Jul 215 GMT) Underperform A$.67 Valuation A$ - DCF (WACC 12.%, beta 1.6, ERP 5.%, RFR 3.8%).3 12-month target A$.3 12-month TSR % -54.9 Volatility Index Very High GICS
More informationUGL. Driving growth in DTZ. Earnings and target price revision. No change. Price catalyst. Action and recommendation
AUSTRALIA AU Price (at 08:17, 03 Sep 2012 GMT) Underperform A$10.52 Volatility index Low 12-month target A$ 11.08 12-month TSR % +12.0 Valuation A$ - DCF (beta 1.1, ERP 5.0%, RFR 6.0%, TGR 2.5%) 15.09
More informationIron Mountain. US$10 worth Recalling at investor day US$31.83 UNITED STATES. Event. Impact. Earnings and target price revision.
UNITED STATES IRM US Price (at 20:03, 07 Oct 2015 GMT) Outperform US$31.83 Valuation - DCF (WACC 6.1%) US$ 40.00 12-month target US$ 40.00 12-month TSR % +31.6 GICS sector Real Estate Market cap US$m 6,711
More informationNational Australia Bank
AUSTRALIA NAB AU Price (at 08:23, 03 Jul 2012 GMT) Outperform A$23.68 Volatility index Low 12-month target A$ 27.66 12-month TSR % +24.9 Valuation A$ - DCF (WACC 12.6%, beta 1.0, ERP 5.0%, RFR 5.8%) 25.14
More informationPanAust. Larger impairment and dividend cut A$1.35 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA PNA AU Price (at 7:6, 19 Feb 215 GMT) Outperform A$1.35 Valuation A$ - DCF (WACC 11.%, beta 1.7, ERP 5.%, RFR 3.8%) 1.73 12-month target A$ 1.7 12-month TSR % +25.9 Volatility Index High GICS
More informationSouthern Cross Media. Streamlining ahead of reform? A$1.37 AUSTRALIA
AUSTRALIA SXL AU Price (at 05:10, 27 Mar 2017 GMT) Neutral A$1.37 Valuation A$ - DCF (WACC 8.0%, beta 1.2, ERP 5.0%, RFR 3.3%) 1.39 12-month target A$ 1.30 12-month TSR % +0.8 Volatility Index Medium GICS
More informationNuplex Industries. Should benefit from a weak Kiwi NZ$4.55 NEW ZEALAND. Event. Impact. Earnings and target price revision.
NEW ZEALAND NPX NZ Price (at 05:00, 31 Jul 2015 GMT) Outperform NZ$4.55 Valuation NZ$ 4.40 - DCF (WACC 12.5%, beta 1.4, ERP 7.0%, RFR 4.5%, TGR 2.0%) 12-month target NZ$ 4.75 12-month TSR % +10.6 Volatility
More informationMeridian Energy. On tax depreciation NZ$2.08 NEW ZEALAND. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
NEW ZEALAND MEL NZ Price (at 05:00, 13 Jul 2015 GMT) Outperform NZ$2.08 Valuation NZ$ 2.50 - DCF (WACC 7.8%, beta 0.6, ERP 7.0%, RFR 3.6%, TGR 2.0%) 12-month target NZ$ 2.60 12-month TSR % +31.7 Volatility
More informationAust. General Insurance
AUSTRALIA June 2016 3 mth rolling market results Personal Commercial Market Average Rate Growth -3. -3.6% -3.3% GWP Growth 1.8% -0.8% 0.9% Volume Growth 2.8% 0.8% 2.1% Est. Exposure Value Growth 2. 2.
More informationAustralian Quant Action
Average Monthly Long/Short Return Jul-96 Feb-97 Sep-97 Apr-98 Nov-98 Jun-99 Jan-00 Aug-00 Mar-01 Oct-01 May-02 Dec-02 Jul-03 Feb-04 Sep-04 Apr-05 Nov-05 Jun-06 Jan-07 Aug-07 Mar-08 Oct-08 May-09 Dec-09
More informationSpotless Group Holdings
AUSTRALIA SPO AU Price (at 05:45, 31 Jan 2017 GMT) Neutral A$0.94 Valuation - Peer multiples A$ 1.02 12-month target A$ 1.02 12-month TSR % +18.3 Volatility Index High GICS sector Commercial & Professional
More informationPerseus Mining. Revised Sissingué plan A$0.31 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA PRU AU Price (at 5:1, 31 Mar 217 GMT) Neutral A$.31 Valuation A$ - DCF (WACC 1.%, beta.4, ERP 5.%, RFR 3.3%).35 12-month target A$.32 12-month TSR % +3.2 Volatility Index Very High GICS sector
More informationGenworth Mortgage Insurance Australia
AUSTRALIA GMA AU Price (at 07:29, 05 Aug 2015 GMT) Outperform A$3.50 Valuation A$ - DCF (WACC 12.0%, beta 1.6, ERP 5.0%, RFR 4.5%) 3.52 12-month target A$ 3.47 12-month TSR % +9.2 Volatility Index Medium
More informationKaroon Gas. What a difference a day makes A$1.63 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA KAR AU Price (at 05:10, 16 Mar 2017 GMT) Outperform A$1.63 Valuation A$ - DCF (WACC 11.1%, beta 1.7, ERP 5.0%, RFR 3.3%) 2.79 12-month target A$ 2.40 12-month TSR % +47.7 Volatility Index High
More informationFortescue Metals Group
AUSTRALIA FMG AU Price (at 5:1, 5 Mar 215 GMT) Neutral A$2.29 Valuation A$ 2.6 - DCF (WACC 1.%, beta 1.4, ERP 5.%, RFR 3.8%, TGR 2.6%) 12-month target A$ 2.6 12-month TSR % +16. Volatility Index High GICS
More informationJB Hi-Fi & Harvey Norman
AUSTRALIA HVN AU Price (at 06:10, 09 Sep 2015 GMT) Underperform A$3.96 Valuation - EV/EBIT A$ 4.16-4.56 12-month target A$ 4.36 12-month TSR % +12.0 Volatility Index Low Market cap A$m 4,523 30-day avg
More informationSingTel. Optus rises A$3.98 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA SGT AU Price (at 05:10, 12 Feb 2015 GMT) Outperform A$3.98 Valuation - Sum of Parts A$ 4.64-4.73 12-month target A$ 4.69 12-month TSR % +22.4 Volatility Index Low GICS sector Telecommunication
More informationRegis Resources. Strong 1H15 result A$1.29 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA RRL AU Price (at 7:29, 13 2 GMT) Outperform A$1.29 Valuation A$ - DCF (WACC 9.%, beta 1.5, ERP 5.%, RFR 3.8%) 1.68 12-month target A$ 1.7 12-month TSR % +37.2 Volatility Index High GICS sector
More informationFisher & Paykel Healthcare
NEW ZEALAND FPH NZ Price (at 03:59, 16 Mar 2015 GMT) Outperform NZ$6.63 Valuation NZ$ 6.86 - DCF (WACC 8.8%, beta 0.9, ERP 7.0%, RFR 4.5%, TGR 2.0%) 12-month target NZ$ 7.25 12-month TSR % +11.6 Volatility
More informationSuper Retail Group (SUL AU) Are we there yet?
25 October 2018 Australia EQUITIES SUL AU Price (at 09:01, 24 Oct 2018 GMT) Neutral A$8.33 Valuation A$ 8.30-9.50 - EV/EBITA 12-month target A$ 8.70 12-month TSR % +10.9 Volatility Index GICS sector Low/Medium
More informationAustralian Quant Action
Jan-91 Oct-91 Jul-92 Apr-93 Jan-94 Oct-94 Jul-95 Apr-96 Jan-97 Oct-97 Jul-98 Apr-99 Jan-00 Oct-00 Jul-01 Apr-02 Jan-03 Oct-03 Jul-04 Apr-05 Jan-06 Oct-06 Jul-07 Apr-08 Jan-09 Oct-09 Jul-10 Apr-11 Jan-12
More informationANZ Bank. What execution risk? Earnings and target price revision. Price catalyst. Catalyst: 1Q17 Trading update, February 2017.
AUSTRALIA ANZ AU Price (at 09:15, 18 Jan 2017 GMT) Neutral A$30.11 Valuation A$ 30.69- - Sum of Parts/GG 31.47 12-month target A$ 31.00 12-month TSR % +8.4 Volatility Index Low/Medium GICS sector Banks
More informationSandfire Resources. Swings to net cash A$5.34 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA SFR AU Price (at 6:11, 7 Jul 216 GMT) Outperform A$5.34 Valuation A$ - DCF (WACC 9.%, beta 1.4, ERP 5.%, RFR 3.3%) 5.82 12-month target A$ 6.1 12-month TSR % +18.3 Volatility Index Medium GICS
More informationOz Minerals. Raises copper production outlook A$9.08 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA OZL AU Price (at 7:28, 3 Jan 27 GMT) Neutral A$9.8 Valuation A$ - DCF (WACC 9.%, beta.4, ERP 5.%, RFR 3.3%) 8.48 2-month target A$ 9.3 2-month TSR % +4.6 Volatility Index High GICS sector Materials
More informationPremier Investments. Making a move? A$14.18 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA PMV AU Price (at 09:06, 29 Mar 2017 GMT) Outperform A$14.18 Valuation - Sum of Parts A$ 17.19 12-month target A$ 17.92 12-month TSR % +30.4 Volatility Index Low/Medium GICS sector Retailing Market
More informationNEW ZEALAND Price Valuation NZ$ 1.74 Event 12-month target NZ$ month TSR % -10.1
NEW ZEALAND GNE NZ Price (at 05:06, 24 Feb 2015 GMT) Underperform NZ$2.20 Valuation NZ$ 1.74 - DCF (WACC 8.1%, beta 0.6, ERP 7.0%, RFR 3.6%, TGR 2.1%) 12-month target NZ$ 1.82 12-month TSR % -10.1 Volatility
More informationRamsay Health Care (RHC AU) RHC UK on the mend?
17 October 2018 Australia EQUITIES RHC AU Price (at 05:48, 17 Oct 2018 GMT) Outperform A$54.18 Valuation A$ 68.50 - DCF (WACC 7.4%, beta 0.9, ERP 5.0%, RFR 3.7%, TGR 3.7%) 12-month target A$ 68.50 12-month
More informationCIMIC Group. Earnings and target price revision. No change. Price catalyst. Catalyst: Q1 earnings 13 April. Action and recommendation
AUSTRALIA CIM AU Price (at 05:10, 31 Mar 2017 GMT) Outperform A$35.93 Valuation A$ 42.69 - DCF (WACC 8.5%, beta 1.4, ERP 5.0%, RFR 3.3%, TGR 2.0%) 12-month target A$ 42.50 12-month TSR % +22.0 Volatility
More informationAventus Retail Property Fund
AUSTRALIA AVN AU Price (at 06:10, 29 Apr 2016 GMT) A$2.16 Volatility Index Low GICS sector Real Estate Market cap A$m 741 30-day avg turnover A$m 0.7 Number shares on issue m 343.2 Investment fundamentals
More informationKiwi Property Group. Land banking for the future NZ$1.43 NEW ZEALAND. Event. Impact. Earnings and target price revision.
NEW ZEALAND KPG NZ Price (at 08:19, 07 Apr 2017 GMT) Outperform NZ$1.43 Valuation NZ$ 1.53 - DCF (WACC 6.9%, beta 0.6, ERP 7.0%, RFR 3.5%, TGR 2.0%) 12-month target NZ$ 1.53 12-month TSR % +11.8 Volatility
More informationDowner EDI Two out of three ain t bad Event
AUSTRALIA DOW AU Price (at 06:26, 01 Dec 2016 GMT) Outperform A$6.08 Valuation - Sum of Parts A$ 5.69-6.38 12-month target A$ 6.40 12-month TSR % +9.6 Volatility Index Medium GICS sector Commercial & Professional
More informationOrocobre. Upside exposure fading. Earnings and target price revision. Price catalyst. Catalyst: Update on projects or Q1 report
AUSTRALIA ORE AU Price (at 5:11, 28 Feb 217 GMT) Neutral A$3.8 Valuation - DCF (WACC 1.%) A$ 1.34 12-month target A$ 3.17 12-month TSR % +2.9 Volatility Index High GICS sector Materials Market cap A$m
More informationAustal. Retail take up 62% Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA ASB AU Price (at 01:41, 02 Jan 2013 GMT) A$0.58 Volatility index Medium GICS sector Capital Goods Market cap A$m 201 30-day avg turnover A$m 0.3 Number shares on issue m 346.0 Investment fundamentals
More informationWeekly Market Action Thursday 9 June 2011 to Thursday 16 June 2011
Weekly Market Action Thursday 9 June 2011 to Thursday 16 June 2011 The Australian market fell 1.6% in the week to Thursday based on the S&P/ASX 200 Accumulation Index. The small companies underperformed
More informationPilbara Minerals (PLS AU) Ramp-up gaining traction
17 January 219 Australia EQUITIES PLS AU Price (at 5:1, 16 Jan 219 GMT) Outperform A$.7 Valuation A$ 1.11 - DCF (WACC 1.%, beta 1.6, ERP 5.%, RFR 3.8%) 12-month target A$ 1.2 12-month TSR % +72.7 Volatility
More informationIndependence Group NL
AUSTRALIA IGO AU Price (at 12:29, 26 Oct 216 GMT) Outperform A$4.25 Valuation A$ - DCF (WACC 8.4%, beta 1.2, ERP 5.%, RFR 3.3%) 3.98 12-month target A$ 5. 12-month TSR % +2.2 Volatility Index High GICS
More informationSilver Lake Resources
AUSTRALIA SLR AU Price (at 12:42, 27 Jan 215 GMT) Neutral A$.25 Valuation - DCF (WACC 1.%) A$.23 12-month target A$.23 12-month TSR % -8. Volatility Index Very High GICS sector Materials Market cap A$m
More informationBillabong International
AUSTRALIA BBG AU Price (at 06:10, 27 Aug 2012 GMT) A$1.35 Volatility index Very High GICS sector Consumer Durables & Apparel Market cap A$m 644 30-day avg turnover A$m 4.4 Number shares on issue m 478.9
More informationAustralian Banks. If it s too good to be true AUSTRALIA. Event. Impact. Outlook. Impact of repricing and capital from additional 10% investor RWA
CBA CBA CBA CBA AUSTRALIA Changes to lending rates (bps) bps Owner Occupier Investor P&I IO P&I IO 0 20 25 36 CBA 3 25 24 26 7 7 25 25 3 8 23 28 BEN 0 0 25 25 Source: Company data, Macquarie research,
More informationAsaleo Care. NZ$ pulped. We review the outlook for Asaleo. Earnings and target price revision. Price catalyst. Catalyst: CY15 results.
AUSTRALIA AHY AU Price (at 06:10, 16 Jul 2015 GMT) Outperform A$1.80 Valuation - EV/EBITA A$ 1.90-2.00 12-month target A$ 2.00 12-month TSR % +16.8 Volatility Index Low GICS sector Household & Personal
More informationAged Care. Propco sale & lease back A$2.71 A$5.75 A$6.15 AUSTRALIA. Event. Impact. Outlook
AUSTRALIA JHC AU Price (at 06:10, 27 Apr 2015 GMT) Outperform A$2.71 Valuation A$ 2.97 - DCF (WACC 9.1%, beta 1.1, ERP 5.0%, RFR 4.5%, TGR 2.3%) 12-month target A$ 3.00 12-month TSR % +14.7 Volatility
More informationAustralia without mining
AUSTRALIA What would happen if iron ore spot prices remained at current levels? USD/tonne 19 17 15 13 11 9 7 Iron ore Spot Price 5 Aug-9 Oct-1 Dec-11 Feb-13 Source; ABS, Macquarie Research, September 1
More informationEvolution Mining. Cowal pushes EVN beyond 800kozpa A$1.10 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA EVN AU Price (at 3:18, 26 May 215 GMT) Neutral A$1.1 Valuation A$ - DCF (WACC 9.%, beta 1.7, ERP 5.%, RFR 3.8%) 1.11 12-month target A$ 1.1 12-month TSR % +1.8 Volatility Index High GICS sector
More informationFund Managers. Aust. Fund managers review & rank AUSTRALIA. Event. Stock Views
AUSTRALIA 4 February 2016 Macquarie Securities (Australia) Limited Aust. Fund managers review & rank Event We review and rank the listed Australian under Macquarie Securities coverage, assessing fund performance,
More informationThe Carbon Tax. Macquarie Funds Group. Implications for the Economy AUSTRALIA. Event. Impact. Outlook. 11 July 2011
AUSTRALIA Consumers are very aware of something happening with tax %* Consumer confidence - News Recall Index %* (ann avg) 35 30 25 15 10 5 0 Mar-86 Mar-91 Mar-96 Mar-01 Mar-06 Mar-11 *% of respondants
More informationBendigo and Adelaide Bank
AUSTRALIA BEN AU Price (at CLOSE#, 17 Aug 2012) Neutral A$8.69 Volatility index Low 12-month target A$ 9.28 12-month TSR % +14.0 Valuation - DCF (WACC 12.1%) A$ 8.28 GICS sector Banks Market cap A$m 3,447
More informationNational Australia Bank
AUSTRALIA NAB AU Price (at 05:32, 30 Mar 2015 GMT) Outperform A$38.32 Valuation A$ - DCF (WACC 9.3%, beta 1.0, ERP 5.0%, RFR 5.8%) 38.97 12-month target A$ 40.58 12-month TSR % +11.1 Volatility Index Low
More informationCarsales.com. Motoring along nicely A$10.23 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA CRZ AU Price (at 9:48, 18 Feb 15 GMT) Outperform A$1.23 Valuation A$ 12.59 - DCF (WACC 8.1%, beta 1.2, ERP 5., RFR 3.8%, TGR 3.) 12-month target A$ 12.3 12-month TSR % +24.1 Volatility Index
More informationGenesis Energy. A 9% FCF yield and you call underperform? NZ$1.71 NEW ZEALAND. Event. Impact. Earnings and target price revision.
NEW ZEALAND GNE NZ Price (at 06:49, 29 Jul 2015 GMT) Underperform NZ$1.71 Valuation NZ$ 1.60 - DCF (WACC 8.0%, beta 0.6, ERP 7.0%, RFR 3.5%, TGR 2.1%) 12-month target NZ$ 1.65 12-month TSR % +6.1 Volatility
More informationCommodities Comment. PGM cost curve another difficult year for S. African miners GLOBAL. Feature article. Latest news
GLOBAL LME cash price % change US$/tonne day on day Aluminium 1,921-0.4 Copper 5,737-0.7 Lead 2,285-2.5 Nickel 9,703-1.1 Tin 19,520-1.8 Zinc 2,742-2.5 Cobalt 53,750 0.0 Molybdenum 14,899 0.0 Other prices
More informationDexus Property Group. Infra driving industrial demand A$9.94 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA DXS AU Price (at 06:10, 06 Apr 2017 GMT) Neutral A$9.94 Valuation - NAV A$ 9.20-9.57 12-month target A$ 9.57 12-month TSR % +1.0 Volatility Index Low GICS sector Real Estate Market cap A$m 9,621
More informationAdelaide Brighton. Overcoming headwinds A$5.45 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA ABC AU Price (at 09:22, 23 Feb 2017 GMT) Outperform A$5.45 Valuation A$ 6.40 - DCF (WACC 7.8%, beta 1.2, ERP 5.0%, RFR 3.3%, TGR 2.0%) 12-month target A$ 6.30 12-month TSR % +2 Volatility Index
More informationAUSTRALIA Price Valuation A$ 7.52 Event 12-month target A$ month TSR % +3.4
AUSTRALIA ILU AU Price (at 05:10, 19 Feb 2015 GMT) Neutral A$7.59 Valuation A$ 7.52 - DCF (WACC 9.0%, beta 1.5, ERP 5.0%, RFR 4.5%, TGR 3.9%) 12-month target A$ 7.50 12-month TSR % +3.4 Volatility Index
More informationCSL: Global plasma report
AUSTRALIA AU Price (at 10:49, 11 Apr 2013 GMT) Outperform A$59.35 Volatility index Low 12-month target A$ 63.85 12-month TSR % +9.6 Valuation A$ 59.84 - DCF (WACC 8.5%, beta 0.9, ERP 5.0%, RFR 5.0%, TGR
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