FNArena will be updating Special Editions of this Report in September dedicated to the August Reporting Season.<\/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. AMA<\/a> ECF<\/a> EHE<\/a> GNG<\/a> HUB<\/a> IPD<\/a> JAN<\/a> JLG<\/a> LOV<\/a> MAD<\/a> MAH<\/a> MAQ<\/a> MND<\/a> MNF<\/a> MVP<\/a> NAN<\/a> NTO (2)<\/a> PSI<\/a> RDY<\/a> SLK<\/a> TRJ<\/a> UWL<\/a> WSA (2)<\/a> XRF<\/a> <\/p>\n Automobiles & Components – Overnight Price: $0.48 <\/strong><\/p>\n Bell Potter rates ((AMA)) as Downgrade to Hold from Buy (3) –<\/p>\n AMA Group's underlying FY21 earnings were slightly above Bell Potter's forecast on better revenues and margins. An impairment charge was not expected, hence a greater loss than forecast, while no dividend was delivered nor expected.<\/p>\n No FY22 guidance was offered either, as expected given the current covid impact which the company describes as "situational" and not "structural". AMA may nevertheless may raise capital to provide balance sheet flexibility.<\/p>\n Due to ongoing lockdowns, the broker has downgraded earnings forecasts and its target price to 50c from 65c, and downgraded to Hold from Buy.<\/p>\n This report was published on August 25, 2021.<\/p>\n Target price is $0.50<\/strong> Current Price is $0.48 <\/strong> Difference: $0.02<\/strong> Forecast for FY22:<\/strong><\/p>\n Bell Potter forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 1.30<\/strong> cents. Forecast for FY23:<\/strong><\/p>\n Bell Potter forecasts a full year FY23<\/strong> dividend of 0.00<\/strong> cents and EPS of 0.20<\/strong> cents. Market Sentiment: 0.0<\/strong> REITs – Overnight Price: $1.13 <\/strong><\/p>\n Moelis rates ((ECF)) as Reinstate Coverage with Buy (1) –<\/p>\n FY21 distributions of 10.03c and earnings of 12.55c per unit imply a highly conservative pay-out ratio of 86.5% and yield of 9.0%, Moelis asserts. Occupancy is unchanged at 94.6%.<\/p>\n The main leasing highlights, Moelis notes, include a lease with Hub Australia to take the remaining vacant space at 200 Adelaide Street and renewal of several tenants at the Nexus Centre. The broker reinstates coverage with a Buy rating and $1.20 target.<\/p>\n This report was published on August 24, 2021.<\/p>\n Target price is $1.20<\/strong> Current Price is $1.13 <\/strong> Difference: $0.07<\/strong> Forecast for FY22:<\/strong><\/p>\n Moelis forecasts a full year FY22<\/strong> dividend of 9.40<\/strong> cents and EPS of 10.90<\/strong> cents. Forecast for FY23:<\/strong><\/p>\n Moelis forecasts a full year FY23<\/strong> dividend of 9.50<\/strong> cents and EPS of 11.40<\/strong> cents. Market Sentiment: 0.5<\/strong> Aged Care & Seniors – Overnight Price: $2.27 <\/strong><\/p>\n Moelis rates ((EHE)) as Buy (1) –<\/p>\n FY21 revealed another strong performance despite a challenging operating environment and, while occupancy could be under pressure over the first half of FY22, Moelis expects Estia Health will cope better than most industry participants.<\/p>\n The business has a strong management track record and well-established model of care. The balance sheet is also strong with around $244m in liquidity available.<\/p>\n Moelis estimates FY22 EBITDA of $81m and assumes average occupancy increases to 92.5% from 91.2%. The broker retains a Buy rating with a $2.94 target.<\/p>\n This report was published on August 24, 2021.<\/p>\n Target price is $2.94<\/strong> Current Price is $2.27 <\/strong> Difference: $0.67<\/strong> Forecast for FY22:<\/strong><\/p>\n Moelis forecasts a full year FY22<\/strong> dividend of 6.70<\/strong> cents and EPS of 7.80<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 8.5<\/strong>, implying annual growth of 269.6%<\/strong>. Forecast for FY23:<\/strong><\/p>\n Moelis forecasts a full year FY23<\/strong> dividend of 8.90<\/strong> cents and EPS of 10.40<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 10.9<\/strong>, implying annual growth of 28.2%<\/strong>. Market Sentiment: 0.2<\/strong> Mining Sector Contracting – Overnight Price: $1.81 <\/strong><\/p>\n Bell Potter rates ((GNG)) as Buy (1) –<\/p>\n Materially stronger second half margins led GR Engineering to a substantial beat in FY21 on record earnings. The company continued to deliver very impressive cash flow, Bell Potter notes.<\/p>\n On strong contracted revenue and a solid track record, the broker forecasts another earnings record in FY22. Ongoing commodity price Buy retained, target rises to $1.85 from $1.60.<\/p>\n Target price is $1.85<\/strong> Current Price is $1.81 <\/strong> Difference: $0.04<\/strong> Forecast for FY22:<\/strong><\/p>\n Bell Potter forecasts a full year FY22<\/strong> dividend of 14.00<\/strong> cents and EPS of 16.50<\/strong> cents. Forecast for FY23:<\/strong><\/p>\n Bell Potter forecasts a full year FY23<\/strong> dividend of 10.00<\/strong> cents and EPS of 13.30<\/strong> cents. All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n Wealth Management & Investments – Overnight Price: $30.21 <\/strong><\/p>\n Shaw and Partners rates ((HUB)) as Buy (1) –<\/p>\n FY21 results included underlying EBITDA of $36.2m, ahead of expectations. Management is investing in growth with operating leverage expected to accelerate in FY22.<\/p>\n Shaw and Partners anticipates underlying EBITDA of $57m in FY22 and $72m in FY23 before a full $10m in annual synergies occurs from FY24 onwards.<\/p>\n The company has provided a platform funds under administration target of $63-70m for FY23. The broker continues to laud the market leading platform and growth prospects and reiterates a Buy rating. Target is raised to $31.11 from $30.00.<\/p>\n This report was published on August 25, 2021.<\/p>\n Target price is $31.11<\/strong> Current Price is $30.21 <\/strong> Difference: $0.9<\/strong> Forecast for FY22:<\/strong><\/p>\n Shaw and Partners forecasts a full year FY22<\/strong> dividend of 12.40<\/strong> cents and EPS of 42.70<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 38.8<\/strong>, implying annual growth of 205.0%<\/strong>. Forecast for FY23:<\/strong><\/p>\n Shaw and Partners forecasts a full year FY23<\/strong> dividend of 16.90<\/strong> cents and EPS of 58.20<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 49.2<\/strong>, implying annual growth of 26.8%<\/strong>. Market Sentiment: 0.7<\/strong> Medical Equipment & Devices – Overnight Price: $0.11 <\/strong><\/p>\n Canaccord Genuity rates ((IPD)) as Buy (1) –<\/p>\n FY21 results were better than Canaccord Genuity expected. Despite the restrictions caused by the pandemic, sales growth was at a record and total revenue was boosted by the contribution from the leases to AstraZeneca.<\/p>\n The broker notes a number of catalysts that could provide material upside risk in FY22 including lymphoedema and further progress on heart and renal failure applications.<\/p>\n The Buy rating and target price of $0.23 are retained.<\/p>\n The report was published on August 26, 2021.<\/p>\n Target price is $0.23<\/strong> Current Price is $0.11 <\/strong> Difference: $0.12<\/strong> Forecast for FY22:<\/strong><\/p>\n Canaccord Genuity forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 1.00<\/strong> cents. Forecast for FY23:<\/strong><\/p>\n Canaccord Genuity forecasts a full year FY23<\/strong> dividend of 0.00<\/strong> cents and EPS of minus 0.70<\/strong> cents. Market Sentiment: 1.0<\/strong> Education & Tuition – Overnight Price: $0.96 <\/strong><\/p>\n Bell Potter rates ((JAN)) as Hold (3) –<\/p>\n A strong result from Janison Education was in line with previously announced expectations. No FY22 guidance was provided as expected.<\/p>\n Management does nevertheless expect continued sales momentum and revenue growth, and margin expansion as new higher-margin clients are brought on board to join lower margin legacy clients. The balance sheet offers M&A capacity, Bell Potter notes.<\/p>\n A 90c target is unchanged and a Hold rating maintained on valuation grounds.<\/p>\n This report was published on August 25, 2021.<\/p>\n Target price is $0.90<\/strong> Current Price is $0.96 <\/strong> Difference: minus $0.06<\/strong> (current price is over target). Forecast for FY22:<\/strong><\/p>\n Bell Potter forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of 0.40<\/strong> cents. Forecast for FY23:<\/strong><\/p>\n Bell Potter forecasts a full year FY23<\/strong> dividend of 0.00<\/strong> cents and EPS of 1.40<\/strong> cents. All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n Building Products & Services – Overnight Price: $6.25 <\/strong><\/p>\n Moelis rates ((JLG)) as Buy (1) –<\/p>\n FY21 results revealed strong growth with underlying EBITDA of $52.6m, up 28.3%. This was broadly in line with Moelis' estimates and guidance. The company has guided to $635.4m in revenue in FY22<\/p>\n Johns Lyng is demonstrating an ability to maximise the opportunities which will drive multi-year earnings growth, the broker asserts. There is a focus on strata, facilities management and broker markets over FY22-23.<\/p>\n Acquisitions have performed strongly at the commencement of the new financial year and there is increased penetration of the US market. Moelis retains a Buy rating with a $7.17 target.<\/p>\n This report was published on August 25, 2021.<\/p>\n Target price is $7.17<\/strong> Current Price is $6.25 <\/strong> Difference: $0.92<\/strong> Forecast for FY22:<\/strong><\/p>\n Moelis forecasts a full year FY22<\/strong> dividend of 7.40<\/strong> cents and EPS of 13.50<\/strong> cents.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)<\/p>\nAMA<\/a> AMA GROUP LIMITED<\/h2>\n
If AMA<\/strong> meets the Bell Potter target it will return approximately 4%<\/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 36.92<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 240.00<\/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>\nECF<\/a> ELANOR COMMERCIAL PROPERTY FUND<\/h2>\n
If ECF<\/strong> meets the Moelis target it will return approximately 6%<\/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 8.32%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.37<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 8.41%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.91<\/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>\nEHE<\/a> ESTIA HEALTH LIMITED<\/h2>\n
If EHE<\/strong> meets the Moelis target it will return approximately 30%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $2.33<\/strong>, suggesting upside of 2.8%<\/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 2.95%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.10<\/strong>.<\/p>\n
Current consensus DPS estimate is 7.3<\/strong>, implying a prospective dividend yield of 3.2%<\/strong>.
Current consensus EPS estimate suggests the PER is 26.7<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 3.92%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.83<\/strong>.<\/p>\n
Current consensus DPS estimate is 9.6<\/strong>, implying a prospective dividend yield of 4.2%<\/strong>.
Current consensus EPS estimate suggests the PER is 20.8<\/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>\nGNG<\/a> GR ENGINEERING SERVICES LIMITED<\/h2>\n
strength and new contract wins in oil & gas have the potential to lift longer-term estimates.<\/p>\n
If GNG<\/strong> meets the Bell Potter target it will return approximately 2%<\/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 7.73%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.97<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 5.52%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.61<\/strong>.<\/p>\n<\/blockquote>\nHUB<\/a> HUB24 LIMITED<\/h2>\n
If HUB<\/strong> meets the Shaw and Partners target it will return approximately 3%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $29.79<\/strong>, suggesting downside of -1.4%<\/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 0.41%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 70.75<\/strong>.<\/p>\n
Current consensus DPS estimate is 16.8<\/strong>, implying a prospective dividend yield of 0.6%<\/strong>.
Current consensus EPS estimate suggests the PER is 77.9<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 0.56%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.91<\/strong>.<\/p>\n
Current consensus DPS estimate is 21.0<\/strong>, implying a prospective dividend yield of 0.7%<\/strong>.
Current consensus EPS estimate suggests the PER is 61.4<\/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>\nIPD<\/a> IMPEDIMED LIMITED<\/h2>\n
If IPD<\/strong> meets the Canaccord Genuity target it will return approximately 109%<\/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 11.00<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.71<\/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>\nJAN<\/a> JANISON EDUCATION GROUP LIMITED<\/h2>\n
If JAN<\/strong> meets the Bell Potter target it will return approximately minus 6%<\/strong> (excluding dividends, fees and charges – negative figures indicate an expected loss).
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 240.00<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 68.57<\/strong>.<\/p>\n<\/blockquote>\nJLG<\/a> JOHNS LYNG GROUP LIMITED<\/h2>\n
If JLG<\/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 estimated dividend yield is 1.18%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.30<\/strong>.<\/p>\n<\/blockquote>\n