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FN Arena Broker Call Headlines - 27 Mar 2012

Reported by FN Arena
Tuesday, March 27, 2012
Companies forced to change their nameConflict in Iraq and Syria is causing serious headaches for companies who happen to share the ISIS moniker

- QANTAS AIRWAYS LIMITED

Deutsche Bank rates as Buy (1) - tas has announced an alliance with China Eastern to form Jetstar Hong Kong and Deutsche sees the move as a positive as it will increase the exposure of tas to the growing Asian market.

With no near-term earnings impact from the move the broker retains a Buy rating. 

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- SILVER LAKE RESOURCES LIMITED

JP Morgan rates as Overweight (1) - The Phillips River Mining merger failed so now Silver Lake is buying Phillips' remaining assets for  shares instead, the broker notes. The assets are a medium term growth option but lower 's risk, the broker suggests.   No changes as shareholder approval awaited.      

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- AUSTRALIAN INFRASTRUCTURE FUND

UBS rates as Buy (1) - Internalisation appears to be getting closer for AIZ in the broker's view, an outcome UBS suggests would improve investor appeal and remove one of the final obstacles for an unlisted takeout.

Modest changes to the broker's model see price target increase to $2.50 from $2.35. There is no change to UBS's Buy rating.

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- CFS RETAIL PROPERTY TRUST

BA-Merrill Lynch rates as Neutral, Medium Risk (3) - CFS Retail is to sell its 50% interest in the Myer Centre in Brisbane and part of the proceeds will be used for a share buyback. The earnings impact of this will be minimal in the view of BA-ML.

The move increases the portfolio weighting to second tier assets and given this the broker retains a Neutral rating on the stock.

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- BT INVESTMENT MANAGEMENT LIMITED

UBS rates as Downgrade to Neutral from Buy (3) - UBS has lifted its interim funds under management assumptions to reflect recent market movements but earnings estimates are largely unchanged.

On the back of recent outperformance UBS downgrades to a Neutral rating on valuation grounds. Price target is unchanged.

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- RETAIL FOOD GROUP LIMITED

JP Morgan rates as Neutral (3) - The broker believes that Retail Food Group's move to increase debt facilities and break the business up into individual franchises allows for acquisitions that will reduce the company's exposure to shopping centres. The problem is this distances  from its core competencies.   There is thus execution risk and the broker would like to see the recently acquired Pizza Capers performing before it moves off Neutral.

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- BANK OF QUEENSLAND LIMITED

BA-Merrill Lynch rates as Buy, Medium Risk (1) - Bank of Queensland has announced a provisioning charge and a capital raising to repair its balance sheet, the result being BA-ML has adjusted its earnings estimates lower. Price target falls to $8.20 from $9.40.

The bank now looks well provisioned and value at current levels is attractive, so there is no change to the broker's Buy rating.

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- ATLAS IRON LIMITED

BA-Merrill Lynch rates as Buy, High Risk (1) - Atlas is to acquire the remaining 25% of tenements at Mt Webber it doesn't already own, BA-ML noting this will give the company 100% of the Daltons project and moving the company closer to achieving its 12Mtpa production target.

On the news there is no change to the broker's Buy rating on Atlas.

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27/11/2014 07:13Sydney, Australia. 27 November,2014
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