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FN Arena Broker Call Headlines - 24 Feb 2012

Reported by FN Arena
Friday, February 24, 2012
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- CLOUGH LIMITED

Macquarie rates as Outperform (1) - Target $1.01 (was $0.86). While interim earnings were a little below the broker's forecast a record order book sees the broker lift its estimates through FY13.

The changes to estimates mean an increase in price target. A positive outlook for the oil and gas sector support the broker's Outperform rating.

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- SKILLED GROUP LIMITED

RBS Australia rates as Buy (1) - Target $2.70 (was $2.30). The broker notes the 1H result beat expectations on every single measure, a rare outcome in the current environment. FY12-13 EPS forecasts are lifted by 12% and 8% in response, with the broker expecting further earnings upside from an improving macro environment and even higher margins.

The broker sees the stock as a strong, alternative play on the mining, oil and gas boom, but notes it stands out even more given a compelling valuation. With the stock trading on an FY12 PER of 10x, the Buy call is maintained.

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- CABCHARGE AUSTRALIA LIMITED

Deutsche Bank rates as Hold (3) - charge still managed to grow revenues in the period, the broker notes, with buses offsetting weaker consumer demand. If investors can get past the loss of market share issue the broker sees a solid defensive.   The inclusion of Yellow Taxis increases forecast earnings by 5% in FY12-13. Target rises to $5.30 from $5.05 but Hold retained.

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- MICLYN EXPRESS OFFSHORE LIMITED

Deutsche Bank rates as Hold (3) - Miclyn's result was solid and clean, the broker suggests, with a doubling in profit from tugs and barges the highlight. The pipeline of work on offer at 's global locations is attractive.

Forecast earnings rise by 4-6% in FY12-13 but on valuation the broker sees the good news already in the share price. Target rises to $2.05 from $1.95 but Hold retained.

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- APN NEWS & MEDIA LIMITED

Deutsche Bank rates as Hold (3) - 's result was roughly in line and at the lower end of guidance, the broker notes. The company's attempts to grow outdoor ads and radio to offset weak publishing is sensible, the broker suggests, but still facing significant headwinds.   Nothing to get excited about just yet. Target rises to 83c from 80c but Hold retained.

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- CHARTER HALL GROUP

UBS rates as Buy (1) - Interim earnings fell short of the broker's forecast but UBS notes this largely reflects the timing of revenues.

While there are likely delays in capital being returned UBS retains a Buy rating on valuation grounds.

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- INSURANCE AUSTRALIA GROUP LIMITED

UBS rates as Neutral (3) - Target $3.25 (was $3.10). Interim earnings showed a strong top-line and solid quality and UBS sees this as a sign the group's earnings are recovering slowly.

Post the result UBS has lifted earnings estimates for the full year and the changes mean an increase in price target. There is no change in Neutral rating.

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- PANAUST LIMITED

UBS rates as Buy (1) - Target $5.00 (was $5.20). Full year earnings met UBS's forecasts and post result the broker makes only minor changes to its numbers and price target.

There remain a number of potential positive catalysts to drive investor interest and given this the broker retains a Buy rating.

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20/12/2014 11:07Sydney, Australia. 20 December,2014
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