Dear Reader: As part of FNArena's coverage of the February reporting season in Australia, Editions of the Australian Broker Call *Extra* Report will be focusing on responses to released financial results during the month.<\/p>\n
****<\/p>\n
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. 5GN<\/a> ALC<\/a> AMA<\/a> AND<\/a> APX<\/a> AVN<\/a> BUB<\/a> CAJ<\/a> CBR<\/a> CRW<\/a> CSX<\/a> DOC<\/a> DTC (2)<\/a> FLT<\/a> FWD<\/a> GOZ<\/a> IFM<\/a> IMM<\/a> IMR<\/a> IVC<\/a> MAQ<\/a> MGH<\/a> MMI<\/a> MTO (2)<\/a> OPY<\/a> PFP (2)<\/a> QIP<\/a> REG<\/a> RMY<\/a> SLK<\/a> SRG<\/a> SXE<\/a> TLX<\/a> TSI<\/a> <\/p>\n Telecommunication – Overnight Price: $1.24 <\/strong><\/p>\n Wilsons rates ((5GN)) as Overweight (1) –<\/p>\n Wilsons has updated forecasts for 5G Networks to reflect the consolidation of the company's acquisition of WebCentral.<\/p>\n While the first half was challenging for 5G Network with a difficult to capture top-line organic growth, the company implemented strong cost controls that led to the operating income to more than double to $6.9m, assesses the broker.<\/p>\n With the lion’s share of the heavy-lifting of the WebCentral acquisition now complete, 5G Network is expected to regain momentum amid a more favourable operating environment for the industry.<\/p>\n Looking at the result and consolidation, the broker moderates its organic growth assumptions with the target price falling to $1.90 from $2.23. The overweight recommendation is retained.<\/p>\n This report was published on March 2, 2021.<\/p>\n Target price is $1.90<\/strong> Current Price is $1.24 <\/strong> Difference: $0.66<\/strong> Forecast for FY21:<\/strong><\/p>\n Wilsons forecasts a full year FY21<\/strong> dividend of 1.00<\/strong> cents and EPS of 1.60<\/strong> cents. Forecast for FY22:<\/strong><\/p>\n Wilsons forecasts a full year FY22<\/strong> dividend of 1.00<\/strong> cents and EPS of 2.40<\/strong> cents. All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n Healthcare services – Overnight Price: $0.25 <\/strong><\/p>\n Bell Potter rates ((ALC)) as Buy (1) –<\/p>\n Bell Potter maintains its Buy rating with the price target rising to 30c from 28c.<\/p>\n Alcidion's first-half result was in-line with Bell Potter's forecasts with revenues growing 36% over last year and a gross margin of 88% beating the broker's forecast.<\/p>\n The FY21 operating income forecast has been reduced by -$0.6m to show the impact of investment into sales, product development. Bell Potter assesses the company is on its way to achieving breakeven with the majority of the fixed cost base investment now realized.<\/p>\n This report was published on February 26, 2021.<\/p>\n Target price is $0.30<\/strong> Current Price is $0.25 <\/strong> Difference: $0.05<\/strong> Forecast for FY21:<\/strong><\/p>\n Bell Potter forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 0.30<\/strong> cents. Forecast for FY22:<\/strong><\/p>\n Bell Potter forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of 0.10<\/strong> cents. All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n Automobiles & Components – Overnight Price: $0.65 <\/strong><\/p>\n Moelis rates ((AMA)) as Hold (3) –<\/p>\n AMA Group reported operating income of $46m which included $7m in earnings contribution from the ACAD business divested in December. Excluding this contribution, the operating income is $39m, 19% higher than Moelis's forecast. <\/p>\n No specific guidance was provided for FY21 with Moelis noting the recovery of volumes remains critical to delivering synergies and margins. The group has stated AMA remains on track to deliver $17mpa in synergies in FY21 but refrained from providing any specifics.<\/p>\n Moelis retains its Hold rating with the target rising to $0.75 from $0.72.<\/p>\n This report was published on February 26, 2021.<\/p>\n Target price is $0.75<\/strong> Current Price is $0.65 <\/strong> Difference: $0.1<\/strong> Forecast for FY21:<\/strong><\/p>\n Moelis forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of 1.20<\/strong> cents. Forecast for FY22:<\/strong><\/p>\n Moelis forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of 3.70<\/strong> cents. Market Sentiment: 1.0<\/strong> Software & Services – Overnight Price: $1.23 <\/strong><\/p>\n Moelis rates ((AND)) as Buy (1) –<\/p>\n After first half results, Moelis expects strong growth over 2021 as M&A markets rebound and revenue quality improves via the subscription model. Results showed cost control and gross margin expansion and the broker now estimates free cash flow positive by 1H FY22.<\/p>\n Highlights for the analyst were the over 10% net new customer growth since June 2020, gross margin increasing to 92% and an enterprise-wide contract signed with PwC UK for a three year-term. Buy maintained and target increased to $1.90 from $1.868.<\/p>\n This report was published on February 26, 2021.<\/p>\n Target price is $1.90<\/strong> Current Price is $1.23 <\/strong> Difference: $0.67<\/strong> Forecast for FY21:<\/strong><\/p>\n Moelis forecasts a full year FY21<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 6.80<\/strong> cents. Forecast for FY22:<\/strong><\/p>\n Moelis forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 3.30<\/strong> cents. Market Sentiment: 1.0<\/strong> IT & Support – Overnight Price: $17.85 <\/strong><\/p>\n Wilsons rates ((APX)) as Overweight (1) –<\/p>\n Appen met its downgraded guidance at the group level with the core business (90% of FY20 revenue) seeing operating income margins fall to 20.9% while speech and image saw operating income fall -42% primarily due to pandemic hit business activity.<\/p>\n The company has guided on year to date revenue and orders-in-hand which is in-line with historical averages, although the operating income guidance is below current expectations. The company has indicated a skew towards the second half in terms of project delivery.<\/p>\n While retaining the Overweight rating, Wilson lowers the FY21-FY23 earnings (EBITDA) forecasts by -15% to -23% and the P\/E-based valuation falls to $22.83 from $32.11.<\/p>\n This report was published on February 25, 2021.<\/p>\n Target price is $22.83<\/strong> Current Price is $17.85 <\/strong> Difference: $4.98<\/strong> Forecast for FY21:<\/strong><\/p>\n Wilsons forecasts a full year FY21<\/strong> dividend of 11.50<\/strong> cents and EPS of 79.20<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 53.3<\/strong>, implying annual growth of 28.3%<\/strong>. Forecast for FY22:<\/strong><\/p>\n Wilsons forecasts a full year FY22<\/strong> dividend of 13.50<\/strong> cents and EPS of 100.20<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 67.1<\/strong>, implying annual growth of 25.9%<\/strong>. Market Sentiment: 0.2<\/strong> REITs – Overnight Price: $2.79 <\/strong><\/p>\n Moelis rates ((AVN)) as Buy (1) –<\/p>\n Aventus Group reported funds from operations (FFO) of 10c and paid a first half distribution of 8.2c, which reflects an 87% payout ratio based on adjusted FFO, explains Moelis.<\/p>\n FY21 guidance was upgraded to greater than 19c FFO. Occupancy was considered robust at 98.5%.<\/p>\n The broker notes the REIT's tenants continue to benefit from several factors including strong government stimulus, and increased consumer spending in the household and lifestyle segments.<\/p>\n The Hold rating is maintained and the target price increased to $2.77 from $2.43, driven by cap rate compression and the confidence derived by Moelis from the balance sheet and the asset resilience shown during covid.<\/p>\n This report was published on February 26, 2021. <\/p>\n Target price is $2.77<\/strong> Current Price is $2.79 <\/strong> Difference: minus $0.02<\/strong> (current price is over target). Forecast for FY21:<\/strong><\/p>\n Moelis forecasts a full year FY21<\/strong> dividend of 16.60<\/strong> cents and EPS of 19.00<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 18.9<\/strong>, implying annual growth of 83.5%<\/strong>. Forecast for FY22:<\/strong><\/p>\n Moelis forecasts a full year FY22<\/strong> dividend of 17.00<\/strong> cents and EPS of 19.20<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 19.7<\/strong>, implying annual growth of 4.2%<\/strong>.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)<\/p>\n5GN<\/a> 5G NETWORKS LIMITED<\/h2>\n
If 5GN<\/strong> meets the Wilsons target it will return approximately 53%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n\n
At the last closing share price the estimated dividend yield is 0.81%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 77.50<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 0.81%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.67<\/strong>.<\/p>\n<\/blockquote>\nALC<\/a> ALCIDION GROUP LIMITED<\/h2>\n
If ALC<\/strong> meets the Bell Potter target it will return approximately 20%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 83.33<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 250.00<\/strong>.<\/p>\n<\/blockquote>\nAMA<\/a> AMA GROUP LIMITED<\/h2>\n
If AMA<\/strong> meets the Moelis target it will return approximately 15%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 54.17<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.57<\/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>\nAND<\/a> ANSARADA GROUP LIMITED<\/h2>\n
If AND<\/strong> meets the Moelis target it will return approximately 54%<\/strong> (excluding dividends, fees and charges).
The company's fiscal year ends in June.<\/p>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.09<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 37.27<\/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>\nAPX<\/a> APPEN LIMITED<\/h2>\n
If APX<\/strong> meets the Wilsons target it will return approximately 28%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $22.23<\/strong>, suggesting upside of 24.5%<\/strong>(ex-dividends)
The company's fiscal year ends in December.<\/p>\n\n
At the last closing share price the estimated dividend yield is 0.64%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.54<\/strong>.<\/p>\n
Current consensus DPS estimate is 10.9<\/strong>, implying a prospective dividend yield of 0.6%<\/strong>.
Current consensus EPS estimate suggests the PER is 33.5<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 0.76%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.81<\/strong>.<\/p>\n
Current consensus DPS estimate is 14.8<\/strong>, implying a prospective dividend yield of 0.8%<\/strong>.
Current consensus EPS estimate suggests the PER is 26.6<\/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>\nAVN<\/a> AVENTUS GROUP<\/h2>\n
If AVN<\/strong> meets the Moelis target it will return approximately minus 1%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $2.87<\/strong>, suggesting upside of 2.9%<\/strong>(ex-dividends)
The company's fiscal year ends in June.<\/p>\n\n
At the last closing share price the estimated dividend yield is 5.95%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.68<\/strong>.<\/p>\n
Current consensus DPS estimate is 16.9<\/strong>, implying a prospective dividend yield of 6.1%<\/strong>.
Current consensus EPS estimate suggests the PER is 14.8<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 6.09%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.53<\/strong>.<\/p>\n
Current consensus DPS estimate is 17.8<\/strong>, implying a prospective dividend yield of 6.4%<\/strong>.
Current consensus EPS estimate suggests the PER is 14.2<\/strong>.<\/p>\n<\/blockquote>\n