##{"id":90079,"date":"2020-11-20T10:35:29","date_gmt":"2020-11-19T23:35:29","guid":{"rendered":"https:\/\/www.fnarena.com\/?p=90079"},"modified":"2020-11-20T10:35:31","modified_gmt":"2020-11-19T23:35:31","slug":"australian-broker-call-extra-edition-nov-20-2020","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2020\/11\/20\/australian-broker-call-extra-edition-nov-20-2020\/","title":{"rendered":"Australian Broker Call *Extra* Edition – Nov 20, 2020"},"content":{"rendered":"

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.<\/strong><\/p>\n

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.<\/p>\n

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.<\/p>\n

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.<\/p>\n

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.<\/p>\n

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.<\/p>\n

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.<\/p>\n

COMPANIES DISCUSSED IN THIS ISSUE<\/strong><\/p>\n

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)<\/p>\n

CAT<\/a> CNI<\/a> CQR (2)<\/a> CXL<\/a> DRR<\/a> FLT<\/a> FZO<\/a> ILU<\/a> INA<\/a> IPL<\/a> JHX<\/a> MAQ<\/a> NEC<\/a> PBP<\/a> SGM<\/a> UWL<\/a> ZBT<\/a> <\/p>\n

CAT<\/a>    CATAPULT GROUP INTERNATIONAL LTD<\/h2>\n
Medical Equipment & Devices – Overnight Price: $2.00 <\/strong><\/p>\n
Bell Potter rates ((CAT)) as Hold (3) –<\/p>\n
Catapult Group International provided a business update.<\/p>\n
Key points for Bell Potter include churn remains low, subscription renewals remain strong and customer usage of the company's cloud-based SaaS solutions are higher than the previous year across all regions.<\/p>\n
The broker explains new business opportunities that were delayed from late FY20 remain mostly open, but are challenged in the current environment.<\/p>\n
Bell Potter makes only slight changes to profit (NPAT) forecasts. The Hold rating is unchanged and the target price is increased to $1.95 from $1.85.<\/p>\n
This report was published on November 10, 2020.<\/p>\n
Target price is $1.95<\/strong> Current Price is $2.00 <\/strong> Difference: minus $0.05<\/strong> (current price is over target).
If CAT<\/strong> meets the Bell Potter target it will return approximately minus 3%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in March.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Bell Potter forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 2.80<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 71.43<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Bell Potter forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 0.90<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 222.22<\/strong>.<\/p>\n<\/blockquote>\n
This company reports in USD<\/strong>. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
CNI<\/a>    CENTURIA CAPITAL GROUP<\/h2>\n
Diversified Financials – Overnight Price: $2.40 <\/strong><\/p>\n
Moelis rates ((CNI)) as Downgraded to Hold from Buy (3) –<\/p>\n
The Centuria Capital Group has acquired New Zealand’s only glass bottle & jar manufacturing site for NZ$178m. The group undertook a $120m equity raising at $2.25 per security.<\/p>\n
The Auckland-based Visy facility is acquired for a new single asset unlisted fund on the Augusta platform. Moelis expects the group to generate fees of around $6m in FY21 from the syndication of the Visy asset.<\/p>\n
Proceeds from the equity raising will be used to fund new transaction opportunities (including syndicating the Visy Facility) as well as retiring debt.<\/p>\n
Moelis downgrades the rating to Hold from Buy and increases the target to $2.52 from $2.30.<\/p>\n
This report was published on November 9, 2020.<\/p>\n
Target price is $2.52<\/strong> Current Price is $2.40 <\/strong> Difference: $0.12<\/strong>
If CNI<\/strong> meets the Moelis target it will return approximately 5%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Moelis forecasts a full year FY21<\/strong> dividend of 9.00<\/strong> cents and EPS of 11.70<\/strong> cents.
At the last closing share price the estimated dividend yield is 3.75%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.51<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Moelis forecasts a full year FY22<\/strong> dividend of 9.20<\/strong> cents and EPS of 12.50<\/strong> cents.
At the last closing share price the estimated dividend yield is 3.83%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.20<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.8<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
CQR<\/a>    CHARTER HALL RETAIL REIT<\/h2>\n
REITs – Overnight Price: $3.88 <\/strong><\/p>\n
Goldman Sachs rates ((CQR)) as Neutral (3) –<\/p>\n
Charter Hall Retail REIT's first-quarter update introduced a dividend guidance for the first half of 10.7c versus a consensus estimate of 10.9c. The REIT also expects the second half dividend to be higher than the first half.<\/p>\n
Charter Hall Retail REIT also noted improved cash collection of 92% from 79% in the June quarter of FY20 with only 5% as tenant support and the remaining outstanding for collection. Management looks comfortable with the credit loss provision of -$1.5m in June, comments the broker.<\/p>\n
In Goldman Sachs's view, the result shows resiliency and strength of the REIT's portfolio and its active asset management. The broker expects supermarket sales performance to moderate over FY21-22.<\/p>\n
Neutral rating is retained with a target price of $3.70.<\/p>\n
This report was published on November 10, 2020.<\/p>\n
Target price is $3.70<\/strong> Current Price is $3.88 <\/strong> Difference: minus $0.18<\/strong> (current price is over target).
If CQR<\/strong> meets the Goldman Sachs target it will return approximately minus 5%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.38<\/strong>, suggesting downside of -13.0%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY21<\/strong> EPS of 27.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.37<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 25.9<\/strong>, implying annual growth of 173.8%<\/strong>.
Current consensus DPS estimate is 22.4<\/strong>, implying a prospective dividend yield of 5.8%<\/strong>.
Current consensus EPS estimate suggests the PER is 15.0<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY22<\/strong> EPS of 27.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.37<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 27.0<\/strong>, implying annual growth of 4.2%<\/strong>.
Current consensus DPS estimate is 24.5<\/strong>, implying a prospective dividend yield of 6.3%<\/strong>.
Current consensus EPS estimate suggests the PER is 14.4<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.2<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
\n
Moelis rates ((CQR)) as Downgrade to Hold from Buy (3) –<\/p>\n
Looking at its strong cash collections year to date, Charter Hall Retail REIT has guided to a first-half dividend of 10.7c and expects the second half distribution to be higher. This implies a payout ratio of 88% and, according to Moelis, more reflective of cash flow.<\/p>\n
The REIT's rent collections continued to improve with 92% of rent collected in the quarter. Total tenant support in the quarter was $3.7m, of which $1.4m pertained to Victoria. With conditions improving, the broker expects rent support measures to decline.<\/p>\n
Supermarkets remained strong performers while specialties were in the negative, dragged down by Victoria.<\/p>\n
Moelis downgrades its rating to Hold from Buy on valuation grounds with the target rising to $3.75 from $3.69.<\/p>\n
This report was published on November 11, 2020.<\/p>\n
Target price is $3.75<\/strong> Current Price is $3.88 <\/strong> Difference: minus $0.13<\/strong> (current price is over target).
If CQR<\/strong> meets the Moelis target it will return approximately minus 3%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $3.38<\/strong>, suggesting downside of -13.0%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Moelis forecasts a full year FY21<\/strong> dividend of 22.10<\/strong> cents and EPS of 25.20<\/strong> cents.
At the last closing share price the estimated dividend yield is 5.70%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.40<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 25.9<\/strong>, implying annual growth of 173.8%<\/strong>.
Current consensus DPS estimate is 22.4<\/strong>, implying a prospective dividend yield of 5.8%<\/strong>.
Current consensus EPS estimate suggests the PER is 15.0<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Moelis forecasts a full year FY22<\/strong> dividend of 24.40<\/strong> cents and EPS of 27.80<\/strong> cents.
At the last closing share price the estimated dividend yield is 6.29%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.96<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 27.0<\/strong>, implying annual growth of 4.2%<\/strong>.
Current consensus DPS estimate is 24.5<\/strong>, implying a prospective dividend yield of 6.3%<\/strong>.
Current consensus EPS estimate suggests the PER is 14.4<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.2<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
CXL<\/a>    CALIX LIMITED<\/h2>\n
Mining Sector Contracting – Overnight Price: $0.99 <\/strong><\/p>\n
Shaw and Partners rates ((CXL)) as Buy (1) –<\/p>\n
Year to date sales for Calix are up 333% at $5.78m post its acquisition of IER. Shaw and Partners concludes Calix's traditional business sales were flat, considered good given the impact of covid-19 in its markets.<\/p>\n
Year to date, Calix's total revenue is up 124% with its gross margin up 5-30% reflecting the introduction of its technology into IER.<\/p>\n
Over the next 12 months, the broker expects a potential partial sell down of the LEILAC technology along with a significant capacity increase for IEL.<\/p>\n
Buy rating reaffirmed with a target price of $1.20.<\/p>\n
This report was published on November 9, 2020.<\/p>\n
Target price is $1.20<\/strong> Current Price is $0.99 <\/strong> Difference: $0.21<\/strong>
If CXL<\/strong> meets the Shaw and Partners target it will return approximately 21%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Shaw and Partners forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 0.60<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 165.00<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Shaw and Partners forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of 0.20<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 495.00<\/strong>.<\/p>\n<\/blockquote>\n
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
DRR<\/a>    DETERRA ROYALTIES LIMITED<\/h2>\n
Iron Ore – Overnight Price: $4.24 <\/strong><\/p>\n
Goldman Sachs rates ((DRR)) as Initiation of coverage with Neutral (3) –<\/p>\n
Goldman Sachs initiates coverage of Deterra Royalties with a Neutral rating and a $4.10 price target.<\/p>\n
The company was demerged from Iluka Resources ((ILU)) in October. Deterra Royalties owns a 1.232% royalty over BHP Group's ((BHP)) long life Mining Area C (MAC) iron ore mine in the Pilbara.<\/p>\n
The broker's Neutral rating negates the attractive earnings (EBITDA) growth outlook because the valuation is considered full versus the broad peer group.<\/p>\n
The company has stated growth will be targeted via acquisitions.  <\/p>\n
The analyst believes the company is best suited focusing on producing\/near producing bulk and base metal royalties. This is considered optimum due to an inability to leverage scrip to pay for royalties – versus its North American peers (that trade at much higher multiples).<\/p>\n
This report was published on November 9, 2020.<\/p>\n
Target price is $4.10<\/strong> Current Price is $4.24 <\/strong> Difference: minus $0.14<\/strong> (current price is over target).
If DRR<\/strong> meets the Goldman Sachs target it will return approximately minus 3%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.40<\/strong>, suggesting upside of 3.8%<\/strong>(ex-dividends)
The company's fiscal year ends in December.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY21<\/strong> dividend of 10.00<\/strong> cents and EPS of 11.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 2.36%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.55<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 13.2<\/strong>, implying annual growth of N\/A<\/strong>.
Current consensus DPS estimate is 13.0<\/strong>, implying a prospective dividend yield of 3.1%<\/strong>.
Current consensus EPS estimate suggests the PER is 32.1<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY22<\/strong> dividend of 24.00<\/strong> cents and EPS of 24.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 5.66%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.67<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 18.8<\/strong>, implying annual growth of 42.4%<\/strong>.
Current consensus DPS estimate is 18.6<\/strong>, implying a prospective dividend yield of 4.4%<\/strong>.
Current consensus EPS estimate suggests the PER is 22.6<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.3<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
FLT<\/a>    FLIGHT CENTRE LIMITED<\/h2>\n
Travel, Leisure & Tourism – Overnight Price: $16.20 <\/strong><\/p>\n
Bell Potter rates ((FLT)) as Buy (1) –<\/p>\n
Pfizer and BioNTech have both reported positive developments with respect to their covid-19 vaccines. While still far from the final goal post, Bell Potter considers this a significant inflection point, pointing towards a potential resumption in global travel.<\/p>\n
The broker believes the travel industry, already on a rebound in conjunction with the easing restrictions, will be given a significant boost with the development and distribution of a vaccine. <\/p>\n
Bell Potter considers Flight Centre a diversified exposure to the recovery in global travel and expects the restoration of earnings at higher margins with the removal of structural costs and market leadership to be the key drivers of value over the long-term.<\/p>\n
Bell Potter retains its Buy rating with the target price rising to $19 from $16.50.<\/p>\n
This report was published on November 11, 2020.<\/p>\n
Target price is $19.00<\/strong> Current Price is $16.20 <\/strong> Difference: $2.8<\/strong>
If FLT<\/strong> meets the Bell Potter target it will return approximately 17%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $13.94<\/strong>, suggesting downside of -13.9%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Bell Potter forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 113.50<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 14.27<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is -111.5<\/strong>, implying annual growth of N\/A<\/strong>.
Current consensus DPS estimate is N\/A<\/strong>, implying a prospective dividend yield of N\/A<\/strong>.
Current consensus EPS estimate suggests the PER is N\/A<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Bell Potter forecasts a full year FY22<\/strong> dividend of 23.00<\/strong> cents and EPS of 54.20<\/strong> cents.
At the last closing share price the estimated dividend yield is 1.42%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.89<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 29.5<\/strong>, implying annual growth of N\/A<\/strong>.
Current consensus DPS estimate is 6.0<\/strong>, implying a prospective dividend yield of 0.4%<\/strong>.
Current consensus EPS estimate suggests the PER is 54.9<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.1<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
FZO<\/a>    FAMILY ZONE CYBER SAFETY LTD<\/h2>\n
Software & Services – Overnight Price: $0.44 <\/strong><\/p>\n
Shaw and Partners rates ((FZO)) as Initiation of coverage with Buy (1) –<\/p>\n
Shaw and Partners initiates coverage on Family Zone Cyber Safety with a Buy rating and a target price of $0.73.<\/p>\n
Family Zone Cyber Safety provides cloud-based cyber safety solutions globally for students, schools and families. Since every US school has to float a tender when it is time to renew the contract, the company's wins are a validation of its product over competitors, comments the broker.<\/p>\n
The cyber solutions provider services more than 2,900 schools that currently deliver more than $10m of annual recurring revenue. Shaw and Partners estimates the company will earn $18.6m in FY21, an increase of 130% versus last year.<\/p>\n
The broker notes the company's share is currently 1.5% of schools in the US, up 269% versus last year. The share is expected to increase to 3% by FY21 and 8% by FY23.<\/p>\n
The platform offers unique exposure to one of the fastest-growing recurring revenue profiles on the ASX, suggests the broker.<\/p>\n
This report was published on November 6, 2020.<\/p>\n
Target price is $0.73<\/strong> Current Price is $0.44 <\/strong> Difference: $0.29<\/strong>
If FZO<\/strong> meets the Shaw and Partners target it will return approximately 66%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Shaw and Partners forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 3.30<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 13.33<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Shaw and Partners forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 1.40<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 31.43<\/strong>.<\/p>\n<\/blockquote>\n
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
ILU<\/a>    ILUKA RESOURCES LIMITED<\/h2>\n
Mineral Sands – Overnight Price: $5.23 <\/strong><\/p>\n
Goldman Sachs rates ((ILU)) as Buy (1) –<\/p>\n
Goldman Sachs retains its Buy rating on Iluka Resources post the de-merger of Deterra Royalties ((DRR), with a revised target price of $5.71 from $9.80.<\/p>\n
The broker's net asset value decreases -43% to the $5.71 target due to the removal of the discounted cash flow of Deterra. <\/p>\n
Separately, the analyst sees compelling mineral sands and rare earth growth potential, and is positive on the project pipeline. Zircon is one of the best supply side stories in commodities, in the broker's view.<\/p>\n
This report was published on November 10, 2020.<\/p>\n
Target price is $5.71<\/strong> Current Price is $5.23 <\/strong> Difference: $0.48<\/strong>
If ILU<\/strong> meets the Goldman Sachs target it will return approximately 9%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $5.59<\/strong>, suggesting upside of 6.9%<\/strong>(ex-dividends)
The company's fiscal year ends in December.<\/p>\n
Forecast for FY20:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY20<\/strong> dividend of 5.00<\/strong> cents and EPS of 47.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 0.96%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.13<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 37.6<\/strong>, implying annual growth of N\/A<\/strong>.
Current consensus DPS estimate is 3.8<\/strong>, implying a prospective dividend yield of 0.7%<\/strong>.
Current consensus EPS estimate suggests the PER is 13.9<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY21<\/strong> dividend of 13.00<\/strong> cents and EPS of 23.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 2.49%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.74<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 53.6<\/strong>, implying annual growth of 42.6%<\/strong>.
Current consensus DPS estimate is 23.0<\/strong>, implying a prospective dividend yield of 4.4%<\/strong>.
Current consensus EPS estimate suggests the PER is 9.8<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.4<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
INA<\/a>    INGENIA COMMUNITIES GROUP<\/h2>\n
Aged Care & Seniors – Overnight Price: $4.56 <\/strong><\/p>\n
Goldman Sachs rates ((INA)) as Buy (1) –<\/p>\n
Ingenia Communities Group stated the group is on track to meet Goldman Sachs's forecasts for new home settlements. The group managed new home settlements of 100.<\/p>\n
The broker believes the current outlook is positive for Ingenia which is leveraged to an aging population with limited or no retirement savings. Post-covid, the broker thinks demand for land-lease should rise to include self-funded retirees.<\/p>\n
Also, the group's holiday exposure will help it benefit from a rebound in domestic tourism, asserts Goldman Sachs. FY21 earnings forecast is lifted by 2%.<\/p>\n
Buy rating. Target price is $5.45.<\/p>\n
This report was published on November 10, 2020.<\/p>\n
Target price is $5.45<\/strong> Current Price is $4.56 <\/strong> Difference: $0.89<\/strong>
If INA<\/strong> meets the Goldman Sachs target it will return approximately 20%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY21<\/strong> dividend of 10.00<\/strong> cents and EPS of 22.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 2.19%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.73<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY22<\/strong> dividend of 13.00<\/strong> cents and EPS of 25.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 2.85%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.24<\/strong>.<\/p>\n<\/blockquote>\n
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
IPL<\/a>    INCITEC PIVOT LIMITED<\/h2>\n
Agriculture – Overnight Price: $2.32 <\/strong><\/p>\n
Goldman Sachs rates ((IPL)) as Buy (1) –<\/p>\n
Incitec Pivot's FY20 result was mostly in line with Goldman Sachs's expectations with no final dividend.<\/p>\n
The broker believes investors remain concerned about the coal market outlook and upcoming turnarounds at major assets. The broker views these concerns as over-done and considers the current price levels as an attractive point to buy.<\/p>\n
Furthermore, turnaround execution will be key to validating management’s focus on tightening its core operations, asserts the broker. Overall, Goldman Sachs views the current valuation levels as over-capitalising near-term market conditions.<\/p>\n
Buy rating is retained with a target price of $2.56.<\/p>\n
This report was published on November 10, 2020.<\/p>\n
Target price is $2.56<\/strong> Current Price is $2.32 <\/strong> Difference: $0.24<\/strong>
If IPL<\/strong> meets the Goldman Sachs target it will return approximately 10%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $2.49<\/strong>, suggesting upside of 7.5%<\/strong>(ex-dividends)
The company's fiscal year ends in September.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY21<\/strong> dividend of 6.00<\/strong> cents and EPS of 12.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 2.59%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.33<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 11.9<\/strong>, implying annual growth of N\/A<\/strong>.
Current consensus DPS estimate is 5.3<\/strong>, implying a prospective dividend yield of 2.3%<\/strong>.
Current consensus EPS estimate suggests the PER is 19.5<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY22<\/strong> dividend of 8.00<\/strong> cents and EPS of 15.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 3.45%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.47<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 16.2<\/strong>, implying annual growth of 36.1%<\/strong>.
Current consensus DPS estimate is 8.5<\/strong>, implying a prospective dividend yield of 3.7%<\/strong>.
Current consensus EPS estimate suggests the PER is 14.3<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.7<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
JHX<\/a>    JAMES HARDIE INDUSTRIES N.V.<\/h2>\n
Building Products & Services – Overnight Price: $40.25 <\/strong><\/p>\n
Goldman Sachs rates ((JHX)) as Buy (1) –<\/p>\n
James Hardie reported second quarter profit (NPAT) slightly below Goldman Sachs's estimate.<\/p>\n
North America slightly outperformed the broker’s expectations and group earnings were offset by higher corporate costs. <\/p>\n
FY21 profit guidance is unchanged from the October trading update. Dividends are expected to be reinstated in the fourth quarter, with a full year FY21 ordinary dividend to be announced in May 2021.<\/p>\n
Both the European Building products and the Asia Pacific Fibre Cement divisions performed in-line with the analyst’s expectations.<\/p>\n
The Buy rating is unchanged and the target is $41.05.<\/p>\n
This report was published on November 10, 2020.<\/p>\n
Target price is $41.05<\/strong> Current Price is $40.25 <\/strong> Difference: $0.8<\/strong>
If JHX<\/strong> meets the Goldman Sachs target it will return approximately 2%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $40.26<\/strong>, suggesting upside of 0.0%<\/strong>(ex-dividends)
The company's fiscal year ends in March.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of 136.01<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.59<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 131.0<\/strong>, implying annual growth of N\/A<\/strong>.
Current consensus DPS estimate is 61.6<\/strong>, implying a prospective dividend yield of 1.5%<\/strong>.
Current consensus EPS estimate suggests the PER is 30.7<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of 159.40<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.25<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 153.5<\/strong>, implying annual growth of 17.2%<\/strong>.
Current consensus DPS estimate is 78.4<\/strong>, implying a prospective dividend yield of 1.9%<\/strong>.
Current consensus EPS estimate suggests the PER is 26.2<\/strong>.<\/p>\n<\/blockquote>\n
This company reports in USD<\/strong>. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
MAQ<\/a>    MACQUARIE TELECOM GROUP LIMITED<\/h2>\n
Telecommunication – Overnight Price: $54.00 <\/strong><\/p>\n
Bell Potter rates ((MAQ)) as Downgrade to Hold from Buy (3) –<\/p>\n
Post positive news on vaccines, portfolio rotation in favour of cyclicals has become the new theme in share markets and Bell Potter is concerned the Macquarie Telecom share price might come under near-term selling pressure.<\/p>\n
Bell Potter downgrades its rating to Hold from Buy with a target of $52.40.<\/p>\n
This report was published on November 11, 2020.<\/p>\n
Target price is $52.40<\/strong> Current Price is $54.00 <\/strong> Difference: minus $1.6<\/strong> (current price is over target).
If MAQ<\/strong> meets the Bell Potter target it will return approximately minus 3%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company's fiscal year ends in June.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Bell Potter forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of 45.60<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 118.42<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Bell Potter forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of 41.80<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 129.19<\/strong>.<\/p>\n<\/blockquote>\n
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
NEC<\/a>    NINE ENTERTAINMENT CO. HOLDINGS LIMITED<\/h2>\n
Print, Radio & TV – Overnight Price: $2.37 <\/strong><\/p>\n
Goldman Sachs rates ((NEC)) as Buy (1) –<\/p>\n
Nine Entertainment has announced the launch of Stan Sport, and agreements with Rugby Australia for the rights for all international Australian games (including Super Rugby) and the domestic competitions in Australia, New Zealand and South Africa.<\/p>\n
The company is paying around $100m (predominantly cash) across the three-year deal (and has a two-year extension option).<\/p>\n
In Goldman Sachs's view, the deal is a way to drive Stan active subscribers above the company's three to four million target. The broker leaves earnings estimates unchanged.<\/p>\n
The Buy rating is unchanged and the target price is $2.25.<\/p>\n
This report was published on November 9, 2020.<\/p>\n
Target price is $2.25<\/strong> Current Price is $2.37 <\/strong> Difference: minus $0.12<\/strong> (current price is over target).
If NEC<\/strong> meets the Goldman Sachs target it will return approximately minus 5%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.56<\/strong>, suggesting upside of 8.0%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY21<\/strong> EPS of 10.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.70<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 9.8<\/strong>, implying annual growth of N\/A<\/strong>.
Current consensus DPS estimate is 7.1<\/strong>, implying a prospective dividend yield of 3.0%<\/strong>.
Current consensus EPS estimate suggests the PER is 24.2<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY22<\/strong> EPS of 10.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.70<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 11.9<\/strong>, implying annual growth of 21.4%<\/strong>.
Current consensus DPS estimate is 8.7<\/strong>, implying a prospective dividend yield of 3.7%<\/strong>.
Current consensus EPS estimate suggests the PER is 19.9<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 1.0<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
PBP<\/a>    PROBIOTEC LIMITED<\/h2>\n
Pharmaceuticals & Biotech\/Lifesciences – Overnight Price: $2.15 <\/strong><\/p>\n
Shaw and Partners rates ((PBP)) as Buy (1) –<\/p>\n
Probiotec has acquired the Multipack-LJM fully funded via debt and shares. Shaw and Partners estimates the acquisition is circa 40% earnings accretive and considers Probiotec undervalued by the market.<\/p>\n
Post-acquisition, the broker expects the company to deliver $33.7m in operating income in FY22 and be one of the largest packing and OTC pharma manufacturers in Australia. The broker expects more M&A activity over the next 12 months, likely to be in the OTC pharma space.<\/p>\n
Earnings growth forecasts have been increased for FY21-23 by 25-37%. Buy rating is reaffirmed with the target rising to $2.86 from $2.54.<\/p>\n
The report was published on November 11, 2020.<\/p>\n
Target price is $2.86<\/strong> Current Price is $2.15 <\/strong> Difference: $0.71<\/strong>
If PBP<\/strong> meets the Shaw and Partners target it will return approximately 33%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Shaw and Partners forecasts a full year FY21<\/strong> dividend of 4.40<\/strong> cents and EPS of 14.80<\/strong> cents.
At the last closing share price the estimated dividend yield is 2.05%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.53<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Shaw and Partners forecasts a full year FY22<\/strong> dividend of 7.10<\/strong> cents and EPS of 23.80<\/strong> cents.
At the last closing share price the estimated dividend yield is 3.30%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.03<\/strong>.<\/p>\n<\/blockquote>\n
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
SGM<\/a>    SIMS LIMITED<\/h2>\n
Steel & Scrap – Overnight Price: $10.69 <\/strong><\/p>\n
Goldman Sachs rates ((SGM)) as Neutral (3) –<\/p>\n
At its AGM, Sims indicated all the metal divisions achieved positive operating income for the September quarter, aided by the continued roll-out of the fixed cost reduction program. Going ahead, the company feels it is better positioned to manage the risks.<\/p>\n
Intake volumes for the quarter remained at 85% of the pre-pandemic levels and, despite fixed cost reductions, the broker considers Sims retains the capacity to return to and exceed pre-covid levels.<\/p>\n
While the outlook remains uncertain, Sims has indicated it remains in a strong position to benefit from the global government infrastructure stimulus.<\/p>\n
The broker retains its Neutral rating on Sims with the target rising to $9.72 from $9.44.<\/p>\n
This report was published on November 10, 2020.<\/p>\n
Target price is $9.72<\/strong> Current Price is $10.69 <\/strong> Difference: minus $0.97<\/strong> (current price is over target).
If SGM<\/strong> meets the Goldman Sachs target it will return approximately minus 9%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $10.54<\/strong>, suggesting downside of -1.4%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY21<\/strong> dividend of 12.00<\/strong> cents and EPS of 28.00<\/strong> cents.
At the last closing share price the estimated dividend yield is 1.12%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.18<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 25.1<\/strong>, implying annual growth of N\/A<\/strong>.
Current consensus DPS estimate is 5.7<\/strong>, implying a prospective dividend yield of 0.5%<\/strong>.
Current consensus EPS estimate suggests the PER is 42.6<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Goldman Sachs forecasts a full year FY22<\/strong> EPS of 48.00<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.27<\/strong>.<\/p>\n
How do these forecasts compare to market consensus projections?<\/p>\n
Current consensus EPS estimate is 55.2<\/strong>, implying annual growth of 119.9%<\/strong>.
Current consensus DPS estimate is 21.0<\/strong>, implying a prospective dividend yield of 2.0%<\/strong>.
Current consensus EPS estimate suggests the PER is 19.4<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 0.3<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
UWL<\/a>    UNITI GROUP LIMITED<\/h2>\n
Telecommunication – Overnight Price: $1.59 <\/strong><\/p>\n
Bell Potter rates ((UWL)) as Buy (1) –<\/p>\n
The meeting to approve the Scheme of Arrangement for Uniti Group to acquire OptiComm ((OPC)) was successful. The next stage is Federal Court approval of the Scheme. If this occurs then the Scheme is scheduled to be implemented on Friday, 20th November.<\/p>\n
Bell Potter makes no changes to forecasts, which already assume the acquisition takes place.<\/p>\n
The Buy rating is unchanged and the target increased to $1.80 from $1.65.<\/p>\n
This report was published on November 9, 2020.<\/p>\n
Target price is $1.80<\/strong> Current Price is $1.59 <\/strong> Difference: $0.21<\/strong>
If UWL<\/strong> meets the Bell Potter target it will return approximately 13%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Bell Potter forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of 5.80<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.41<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY22:<\/strong><\/p>\n
\n
Bell Potter forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of 8.40<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.93<\/strong>.<\/p>\n<\/blockquote>\n
Market Sentiment: 1.0<\/strong>
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
ZBT<\/a>    ZEBIT INC<\/h2>\n
Business & Consumer Credit – Overnight Price: $1.11 <\/strong><\/p>\n
Shaw and Partners rates ((ZBT)) as Initiation of coverage with Buy (1) –<\/p>\n
Shaw and Partners initiates coverage on Zebit Inc with a Buy recommendation and a target price of $2.<\/p>\n
Zebit has a solid track record of generating more than US$183m in sales since 2015 when it was founded. This translates to historical growth rates of circa 100% per annum, achieved despite being capital-constrained.<\/p>\n
The company had a strong third-quarter, observes the broker, with an operating income of US$0.13m.<\/p>\n
The broker also highlights the huge total addressable market with Zebit providing credit to more than 120m financially underserved consumers in the US who either have no traditional credit score or are below the mainstream threshold to access cost-effective credit.<\/p>\n
Shaw and Partners considers Zebit to be doing everything right and expects its growth trajectory to continue with a clear runway ahead. Also, the company is ideally positioned for long-term growth, with a very attractive and large, if fragmented, market, adds the broker. <\/p>\n
This report was published on November 6, 2020.<\/p>\n
Target price is $2.00<\/strong> Current Price is $1.11 <\/strong> Difference: $0.89<\/strong>
If ZBT<\/strong> meets the Shaw and Partners target it will return approximately 80%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in December.<\/p>\n
Forecast for FY20:<\/strong><\/p>\n
\n
Shaw and Partners forecasts a full year FY20<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 9.10<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 12.20<\/strong>.<\/p>\n<\/blockquote>\n
Forecast for FY21:<\/strong><\/p>\n
\n
Shaw and Partners forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 13.90<\/strong> cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.99<\/strong>.<\/p>\n<\/blockquote>\n
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n
\n
Disclaimer:<\/strong>
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.<\/p>\n
As part of emerging new trends overseas, The Australian Broker Call Extra Edition also includes providers of sponsored research. Readers should bear in mind, sponsored research, while not necessarily of lower quality, has the embedded complication that the company that is the subject of the research has paid for this research. Providers of sponsored research that can potentially be included in this Report are Breakaway Research, Edison Investment Research, Independent Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.<\/span><\/span><\/span><\/p>\n
Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.<\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
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