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. AIS<\/a> APE<\/a> ASG<\/a> AVH<\/a> BGA<\/a> BRI<\/a> BWX<\/a> CSS<\/a> CSX<\/a> DDH<\/a> FLT<\/a> FWD<\/a> LME<\/a> LNK<\/a> MTO<\/a> MYX<\/a> PPE<\/a> PWR<\/a> QIP<\/a> WES<\/a> WHC<\/a> <\/p>\n Copper – Overnight Price: $0.16 <\/strong><\/p>\n Bell Potter rates ((AIS)) as Buy (1) –<\/p>\n The FY21 result was below Bell Potter's forecasts on higher corporate and transaction costs, as well as depreciation and amortisation related to the Cracow acquisition. However, there was thought to be strong growth across key metrics, in-line with market expectations.<\/p>\n The broker notes a transformational year after the Cracow aquisition. Earnings (EBITDA) margins increased to 37% in FY21 from 15% in FY20. Also, in-line with the analyst's forecasts, no dividend was declared.<\/p>\n Management outlined plans for significant investment in organic growth, with -$50m to be spent in FY22 establishing production from three new mining areas at the Tritton Copper Operations. Exploration spending is also being increased at Tritton and Cracow.<\/p>\n The Buy rating is unchanged and the target price falls to $0.23 from $0.255.<\/p>\n This report was published on August 30, 2021. <\/p>\n Target price is $0.23<\/strong> Current Price is $0.16 <\/strong> Difference: $0.07<\/strong> Forecast for FY22:<\/strong><\/p>\n Bell Potter forecasts a full year FY22<\/strong> dividend of 0.00<\/strong> cents and EPS of 4.40<\/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 4.40<\/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: $14.74 <\/strong><\/p>\n Bell Potter rates ((APE)) as Buy (1) –<\/p>\n First half results were as expected by Bell Potter, and while the interim dividend of 20cps was below the forecast for 22.5cps, there was an unexpected special dividend of 8.4cps. This was due to the sale of the Daimler truck business.<\/p>\n Management said orders for new vehicles continued to exceed new deliveries in July and so far in August. This suggests to the analyst there has been little, if any, impact from lockdowns so far.<\/p>\n The broker upgrades its 2022 and 2023 forecasts by 2% and 4%, believing any lost profits will appear in the next year. The current tight supply means favourable operating conditions are expected to continue. The Buy rating and $18.75 target are unchanged.<\/p>\n This report was published on August 30, 2021.<\/p>\n Target price is $18.75<\/strong> Current Price is $14.74 <\/strong> Difference: $4.01<\/strong> Forecast for FY21:<\/strong><\/p>\n Bell Potter forecasts a full year FY21<\/strong> dividend of 53.40<\/strong> cents and EPS of 126.90<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 109.6<\/strong>, implying annual growth of 90.4%<\/strong>. Forecast for FY22:<\/strong><\/p>\n Bell Potter forecasts a full year FY22<\/strong> dividend of 47.50<\/strong> cents and EPS of 94.20<\/strong> cents. How do these forecasts compare to market consensus projections?<\/p>\n Current consensus EPS estimate is 90.5<\/strong>, implying annual growth of -17.4%<\/strong>. Market Sentiment: 0.8<\/strong> Automobiles & Components – Overnight Price: $2.60 <\/strong><\/p>\n Wilsons rates ((ASG)) as Overweight (1) –<\/p>\n Wilsons assesses a strong FY21 result, led by stronger new vehicle sales and significant margin expansion. Operating cash flow of $201m was above $134m (previous corresponding period) and the analyst's estimate of $156m. The final dividend was broadly in-line at 7cps.<\/p>\n Previous experience suggests to the analyst a strong retail bounce post lockdowns. Underlying demand is expected to remain strong throughout FY22 though new vehicle supply will continue to be constrained throughout FY22.<\/p>\n The Overweight rating and $3.09 target price are unchanged.<\/p>\n The report was published on August 30, 2021.<\/p>\n Target price is $3.09<\/strong> Current Price is $2.60 <\/strong> Difference: $0.49<\/strong> Market Sentiment: 1.0<\/strong> Pharmaceuticals & Biotech\/Lifesciences – Overnight Price: $4.89 <\/strong><\/p>\n Bell Potter rates ((AVH)) as Buy (1) –<\/p>\n Following FY21 results, Bell Potter notes the strong result from the June quarter appears to continue into the new financial year with even higher first quarter FY22 commercial revenue guidance.<\/p>\n The analyst highlights continued strong adoption of Recell in the US with label expansion in pediatric full-thickness burns and larger total body surface areas wounds. <\/p>\n Around 50% of the company's largest accounts are in the southern states of the US and potential covid restrictions may pose a threat to ongoing revenue growth, cautions the broker. The Buy rating and $9.80 target price are unchanged.<\/p>\n This report was published on August 30, 2021.<\/p>\n Target price is $9.80<\/strong> Current Price is $4.89 <\/strong> Difference: $4.91<\/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 121.70<\/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 minus 106.80<\/strong> cents. All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n Dairy – Overnight Price: $5.27 <\/strong><\/p>\n Bell Potter rates ((BGA)) as Buy (1) –<\/p>\n FY21 underlying profit was 12.5% ahead of Bell Potter's expectations. The core performance was considered to be stronger than appearances as it included around -$18-19m in redundancy and other one-off costs.<\/p>\n No guidance was offered though mention was made of farmgate competition continuing into FY22. The analyst makes no material changes to forecasts and the target price of $6.35 and Buy rating are unchanged.<\/p>\n The broker highlights the acquisition of Lion Dairy & Drinks and targeted synergies are expected to drive a material step-change in returns over the next two years. Additionally, it's thought there will be reduced influence of commodity price movements in the business.<\/p>\n This report was published August 30, 2021.<\/p>\n Target price is $6.35<\/strong> Current Price is $5.27 <\/strong> Difference: $1.08<\/strong> Forecast for FY22:<\/strong><\/p>\n Bell Potter forecasts a full year FY22<\/strong> dividend of 14.00<\/strong> cents and EPS of 25.20<\/strong> cents. Forecast for FY23:<\/strong><\/p>\n Bell Potter forecasts a full year FY23<\/strong> dividend of 16.00<\/strong> cents and EPS of 28.30<\/strong> cents. Market Sentiment: 0.8<\/strong> Building Products & Services – Overnight Price: $2.06 <\/strong><\/p>\n CCZ Equities rates ((BRI)) as No Rating (-1) –<\/p>\n While FY21 revenue was in-line, underlying earnings (EBITDA) were around 10% above the CCZ Equities forecast, which in turn resulted in outperformance for underlying profit. A strong margin uplift across both distribution and manufacturing was thought to drive the result.<\/p>\n The analyst points out the rise in margin was built on both operating leverage and a supportive product mix which management expects to sustain through FY22. It's felt management must have confidence in providing FY22 revenue guidance ($335-$350m) at this early juncture.<\/p>\n While the broker materially upgrades forecasts no target price or rating is alluded to in the latest research update.<\/p>\n This report was published on August 24, 2021.<\/p>\n Current Price is $2.06<\/strong>. Target price not assessed. Forecast for FY22:<\/strong><\/p>\n CCZ Equities forecasts a full year FY22<\/strong> dividend of 8.00<\/strong> cents and EPS of 13.20<\/strong> cents. Forecast for FY23:<\/strong><\/p>\n CCZ Equities forecasts a full year FY23<\/strong> dividend of 8.10<\/strong> cents and EPS of 13.50<\/strong> cents. All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n Household & Personal Products – Overnight Price: $4.90 <\/strong><\/p>\n Moelis rates ((BWX)) as Buy (1) –<\/p>\n BWX's FY21 revenue of $194m was up 3% on previous year results, underlying earnings of $34.5m were up 11.5% and profit after tax of $24.7m was up 21%.<\/p>\n The company announced the acquisition of a 50.1% stake in Go-To for $89m, which Moelis notes will add depth to the direct-to-consumer strategy. Moelis also highlights the launch of Sukin in Walmart USA is an early indicator of North American execution. <\/p>\n While the company has not provided FY22 guidance, Moelis notes results will benefit from a full-year contribution from the Woolworths launch, Chemist Warehouse partnership and Flora & Fauna acquisition, increased direct-to-consumer penetration, and distribution gains. <\/p>\n The Buy rating is retained and the target price increases to $6.05 from $5.61.<\/p>\n This report was published on August 30, 2021.<\/p>\n Target price is $6.05<\/strong> Current Price is $4.90 <\/strong> Difference: $1.15<\/strong> Forecast for FY22:<\/strong><\/p>\n Moelis forecasts a full year FY22<\/strong> dividend of 5.60<\/strong> cents and EPS of 19.40<\/strong> cents. Forecast for FY23:<\/strong><\/p>\n Moelis forecasts a full year FY23<\/strong> dividend of 7.70<\/strong> cents and EPS of 27.80<\/strong> cents. Market Sentiment: 0.5<\/strong> Overnight Price: $0.54 <\/strong><\/p>\n Bell Potter rates ((CSS)) as Buy (1) –<\/p>\n Following FY21 results, Bell Potter reduces pricing growth assumptions to reflect extended covid restrictions in Australia, though raises the FY23 earnings (EBITDAS) forecast to reflect lower operating costs. The $0.80 target and Buy rating are unchanged.<\/p>\n Revenue rose 20% year-on-year reflecting a 31% volume uplift and a -8% movement in prices, points out the analyst. Meanwhile, the operating earnings loss was larger than forecast, reflecting higher than anticipated production costs.<\/p>\n This report was published on August 30, 2021.<\/p>\n Target price is $0.80<\/strong> Current Price is $0.54 <\/strong> Difference: $0.26<\/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 7.10<\/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 1.00<\/strong> cents. All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n Medical Equipment & Devices – Overnight Price: $1.38 <\/strong><\/p>\n Bell Potter rates ((CSX)) as Hold (3) –<\/p>\n After FY21 results, Bell Potter makes minor changes to forecasts, in-line with updated expense guidance from the company. However, the target price falls to $1.50 from $1.70 as a fourth quarter fall in earnings creates an element of uncertainty for the timing of recovery.<\/p>\n Additionally, the lack of clarity on the ongoing consumables revenue per unit of installed base adds risk, explains the analyst. Should order patterns not normalise (or if the base re-sets at a lower number), there's considered downside risk to the $1.20 per share range.<\/p>\n Bell Potter retains its Hold rating.<\/p>\n This report was published on August 30, 2021.<\/p>\n Target price is $1.50<\/strong> Current Price is $1.38 <\/strong> Difference: $0.12<\/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 7.60<\/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 minus 7.90<\/strong> cents. All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\n Mining Sector Contracting – Overnight Price: $1.16 <\/strong><\/p>\n
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)<\/p>\nAIS<\/a> AERIS RESOURCES LIMITED<\/h2>\n
If AIS<\/strong> meets the Bell Potter target it will return approximately 44%<\/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 3.64<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.64<\/strong>.<\/p>\n<\/blockquote>\nAPE<\/a> EAGERS AUTOMOTIVE LIMITED<\/h2>\n
If APE<\/strong> meets the Bell Potter target it will return approximately 27%<\/strong> (excluding dividends, fees and charges).
Current consensus price target is $18.35<\/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 3.62%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.62<\/strong>.<\/p>\n
Current consensus DPS estimate is 59.0<\/strong>, implying a prospective dividend yield of 4.0%<\/strong>.
Current consensus EPS estimate suggests the PER is 13.4<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 3.22%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.65<\/strong>.<\/p>\n
Current consensus DPS estimate is 57.0<\/strong>, implying a prospective dividend yield of 3.9%<\/strong>.
Current consensus EPS estimate suggests the PER is 16.3<\/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>\nASG<\/a> AUTOSPORTS GROUP LIMITED<\/h2>\n
If ASG<\/strong> meets the Wilsons target it will return approximately 19%<\/strong> (excluding dividends, fees and charges).<\/p>\n
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources<\/p>\n<\/p>\nAVH<\/a> AVITA MEDICAL INC<\/h2>\n
If AVH<\/strong> meets the Bell Potter target it will return approximately 100%<\/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 4.02<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 4.58<\/strong>.<\/p>\n<\/blockquote>\nBGA<\/a> BEGA CHEESE LIMITED<\/h2>\n
If BGA<\/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 estimated dividend yield is 2.66%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.91<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 3.04%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.62<\/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>\nBRI<\/a> BIG RIVER INDUSTRIES LIMITED<\/h2>\n
The company's fiscal year ends in June.<\/p>\n\n
At the last closing share price the estimated dividend yield is 3.88%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.61<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 3.93%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.26<\/strong>.<\/p>\n<\/blockquote>\nBWX<\/a> BWX LIMITED<\/h2>\n
If BWX<\/strong> meets the Moelis target it will return approximately 23%<\/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 1.14%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.26<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the estimated dividend yield is 1.57%<\/strong>.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.63<\/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>\nCSS<\/a> CLEAN SEAS SEAFOOD LIMITED<\/h2>\n
If CSS<\/strong> meets the Bell Potter target it will return approximately 48%<\/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 7.61<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 54.00<\/strong>.<\/p>\n<\/blockquote>\nCSX<\/a> CLEANSPACE HOLDINGS LIMITED<\/h2>\n
If CSX<\/strong> meets the Bell Potter target it will return approximately 9%<\/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 18.16<\/strong>.<\/p>\n<\/blockquote>\n\n
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.47<\/strong>.<\/p>\n<\/blockquote>\nDDH<\/a> DDH1 LIMITED<\/h2>\n