- SILEX SYSTEMS LIMITED
RBS Australia rates as Buy (1) - The broker notes the Nuclear Regulatory Commission has recommended the issuance of the license Silex needs get going on its laser enrichment work for GLE. RBS sees this as a crucial milestone, although the next one is bigger, as GLE is still to decide whether it will commercialize the technology provided by Silex. The broker has no idea as to the timing of the latter. The Buy call is maintained, although the broker says it wouldn't blame anyone for taking some profit at current levels. More
- ECHO ENTERTAINMENT GROUP LIMITED
BA-Merrill Lynch rates as Buy, Medium Risk (1) - In BA-ML's view the announcement by Genting Singapore it intends to sell its stake in Echo creates some uncertainty, especially given Genting Singapore was the more obvious buyer of Echo in the Genting group given a stronger balance sheet. On the news BA-ML retains a Buy rating and $4.45 price target on Echo. More
- HARVEY NORMAN HOLDINGS LIMITED
Deutsche Bank rates as Buy (1) - The price paid by BWP Trust ((BWP)) for a bulky goods centre in Gladstone leads Deutsche Bank to suggest there is no sign Harvey Norman is charging franchisees too much in rent. With no changes to its model the broker retains a Buy rating on Harvey Norman. More
- KAROON GAS AUSTRALIA LIMITED
BA-Merrill Lynch rates as Buy, High Risk (1) - Target $6.83 (was $6.65). Pacific Rubiales has agreed to farm-in a 35% interest in oon's Santos Basin blocks in Brazil and BA-ML is positive on the deal as it carries oon through the first three wells. This eases any funding pressure for oon and sees the broker lift its price target. BA-ML retains a Buy rating. More
- KATHMANDU HOLDINGS LIMITED
Deutsche Bank rates as Hold (3) - Full year earnings were better than Deutsche had expected on an opex basis, as the broker notes cost discipline during the period was good. Looking forward, earnings risk for FY13 has increased given a stronger than usual reliance on 2H earnings. Changes to forecasts post the result see the price target increased to NZ$1.90 from NZ$1.85. The earnings risk in place means no change to Deutsche's Hold rating. More
- DOWNER EDI LIMITED
RBS Australia rates as Buy (1) - RBS has just about finished sifting through the results from August and ner emerges as the broker's top pick in engineering and construction. The broker notes that while there is sector wide risk of project delays, deferrals and cancelations, the company's order book is in good shape, with most of its revenues coming from safer internal improvement projects. An attractive valuation and a positive outlook see the Buy call maintained. More
- FORTESCUE METALS GROUP LTD
BA-Merrill Lynch rates as Buy (1) - Fortescue is to repay the Leucadia notes facility for US$715m and BA-ML sees the move as a significant positive given the high cost of the debt facility. Repayment would boost earnings estimates for the stock in the broker's view. Project development continues and Fortescue's post facility is now 115Mtpa. BA-ML retains a Buy rating on the stock. More
- CROWN LIMITED
Deutsche Bank rates as Buy (1) - To account for a higher contribution from Melco Crown than previously forecast Deutsche has lifted earnings estimates for Crown Through FY14. The changes mean price target increases to $11.70 from $11.30. On Deutsche's numbers Crown is trading at a discount of more than 20% to its revised valuation, so a Buy rating is retained. More
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