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FN Arena Broker Call Headlines - 30 Mar 2012

Reported by FN Arena
Friday, March 30, 2012
Topics in this article:
Australia And New Zealand Banking,Bhp Billiton,Woolworths,Roberts Limited,Telstra Corporation.,Qbe Insurance,Brambles,Rea Group Ltd,Sonic Healthcare,Aurora Oil & Gas Limited
World's kookiest billionairesBillionaires and their eccentric and outlandish publicity stunts.

- BRAMBLES LIMITED

RBS Australia rates as Buy (1) - Target $8.16 (was $8.48). Post last week's investor briefing RBS has trimmed its earnings forecasts for the pallet operations, the changes to its numbers causing the broker to lower its price target.

The stock remains one of RBS's key picks in the transport sector and the broker retains a Buy rating.

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- QBE INSURANCE GROUP LIMITED

UBS rates as Buy (1) - 's Lenders Mortgage Insurance operation delivered a strong bottom line outcome but the broker sees scope for profitability in this division to ease from current levels.

This appears priced into the stock in the view of UBS, so there is no change to the broker's Buy rating or earnings estimates.

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- SEEK LIMITED

JP Morgan rates as Neutral (3) - Noting the strong start to 2012 indicated by ANZ's job ad series and Seek's correlation to online job ads the broker has lifted forecast earnings by 5% in FY12. The broker has also changed its valuation model and switched to a sum-of-the-parts, and this takes its target up to $7.16 from $5.86.

It's a big jump, but still only to market levels. The broker retains Neutral, preferring Realestate ((REA)) in the online space.

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- SONIC HEALTHCARE LIMITED

Deutsche Bank rates as Buy (1) - Target $13.10 (was $12.50). A review of the UK pathology market leads Deutsche to suggest there is scope for margin improvement in coming years.

Higher market multiples see the broker lift its price target. At current levels there is value in Deutsche's view, so a Buy rating is retained.

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- TELSTRA CORPORATION LIMITED

RBS Australia rates as Buy (1) - The Government has indicated in the latest NBN rollout schedule more than 3.5m premises should have fibre pass commenced or completed by the middle of 2015 and RBS sees this as suggesting a build-up in NBN payments to FY15.

The news doesn't impact on RBS's earnings estimates and there is no change to the broker's Buy rating.

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- AURORA OIL AND GAS LIMITED

UBS rates as Downgrade to Neutral from Buy (3) - Target $4.10 (was $3.84). Full year earnings were solid in the broker's view, confirming a rapid reserve, production and revenue growth outlook for the company.

Post the result UBS has adjusted earnings estimates, the changes meaning an increase in price target. Following recent share price gains the broker downgrades to a Neutral rating on valuation grounds.

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- WOOLWORTHS LIMITED

Deutsche Bank rates as Buy (1) - An analysis shows while Woolworths' New Zealand supermarket business is not covering its cost of capital it is boosting margins for the food and liquor business.

With no changes to forecasts Deutsche sees value and there is no change to its Buy rating.

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- BHP BILLITON LIMITED

Citi rates as Buy (1) - Citi analysts tackle the question that is on every investors' mind these days: should I stick with now that management is building for the future and come back when it's all done and dusted? The analysts end up with a variety of outcomes but also with a slightly positive bias. Citi believes management can add value in the shorter to medium term.

Assuming Citi's projections prove correct, investors should expect more asset sales. The key sentence in today's report is: "[we] believe can deliver alpha in an otherwise declining beta sector". Buy rating maintained in combination with a $45 price target. No changes to forecasts.

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23/10/2014 16:10Sydney, Australia. 23 October,2014
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