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FN Arena Broker Call Headlines - 27 Feb 2012

Reported by FN Arena
Monday, February 27, 2012
World's kookiest billionairesBillionaires and their eccentric and outlandish publicity stunts.

- NRW HOLDINGS LIMITED

UBS rates as Buy (1) - NRW Holdings has posted a big profit jump which beat the broker. All metrics were solid but margin improvement was the standout, the broker suggests. The broker has lifted forecast earnings -- again -- by 6-12% in FY12-14. The broker's FY12 estimate has now risen 59% in 12 months.   NRW's price has had a good run and has outperformed the Small Ords but the broker is retaining Buy on the current multiple and yield support. Target rises to $4.50 from $4.10.

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- AMPELLA MINING LIMITED

BA-Merrill Lynch rates as Buy, High Risk (1) - Ampella has raised $47m via a placement and share purchase plan and BA-ML expects the money will go in part towards exploration and feasibility studies.

Drilling continues at Konkera and given the potential for new discoveries there is no change to the broker's Buy rating.

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- HASTINGS DIVERSIFIED UTILITIES FUND

JP Morgan rates as Overweight (1) - FY11 numbers came in a little above the broker on the back of a better than expected operating performance and lower than expected depreciation. The broker notes that Epic Energy earnings beat by 3%, while new contracts on MAPS and additional flows on SWQP also helped.

Net profit forecasts are lifted by 18% on average over the next three years on the result and given the recent debt refinancing. The Overweight call is maintained.

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- QUBE LOGISTICS

UBS rates as Neutral (3) - e's result was slightly ahead of the broker on a solid performance from logistics. The acquisition of WA bulk logistics company Giacci came at a high price but will be earnings accretive in FY13, the broker calculates.   FY13 forecast earnings rise by 15%. Target rises to $1.70 from $1.50 but Neutral retained.

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- PEET & COMPANY LIMITED

RBS Australia rates as Buy (1) - Target $1.46 (was $1.45). While the broker admits 1H net profit beat expectations, it was still down 63% on last year's 1H. Yet with this difficult half behind the company, the broker is now looking forward to the further sale of non-core assets to reduce balance sheet pressure.

Given the current sales to date, the broker expects gearing will be looking good over the next 18 months. And with the stock trading at a 45% discount to net tangible asset value, the broker thinks investors are getting the funds management business for free. Buy call maintained.

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- TELECOM CORPORATION OF NEW ZEALAND LIMITED

BA-Merrill Lynch rates as Buy, Low Risk (1) - Target NZ2.70 (was NZ$2.60). A buyback of around NZ$300m has been proposed and given excess free cash flow is likely in coming years BA-ML expects further similar announcements through FY14.

The cost out theme is becoming evident and there is more to come in the broker's view. BA-ML retains a Buy rating post the interim result.

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- CHALLENGER INFRASTRUCTURE FUND

JP Morgan rates as Neutral (3) - The 1H result was pretty much in line with the broker, who notes the slight beat on the adjusted earnings line was due to a strong performance from LBC, which it points out benefited from an improved commercial performance in France.

The broker makes some minor adjustments to forecasts following result, with the Neutral call and target maintained.

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- REX MINERALS LIMITED

Citi rates as Neutral (3) - The PFS has slipped a little, with the analysts suggesting this is not necessarily a negative given the positive drilling results. They explain their current estimates are based upon first production in 2H 2015. For now, $56m of cash available should be sufficient until the conclusion of the PFS, predicts Citi.

The stockbroker believes Rex Minerals will ultimately sell off part of the project to fund an estimated $1bn in capex for the Hillside project.

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01/10/2014 14:00Sydney, Australia. 1 October,2014
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