FN Arena Broker Call Headlines - 28 Nov 2012

Reported by FN Arena
Wednesday, November 28, 2012

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- APN NEWS & MEDIA LIMITED

Credit Suisse rates as Underperform - Re-Initiation of Coverage (5) - Credit Suisse has re-initiated coverage on with an Underperform rating, seeing ongoing earnings pressure from a difficult market and structural changes to its operating sectors that will cause the company to continue to change its business mix.

The broker estimates $100m in cost savings need to be realised over the next five years to maintain earnings assuming publishing circulations decline 5% annually and advertising revenues decline 2.5% annually.

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- NEWS CORPORATION

Macquarie rates as Outperform (1) - News may be close to extending its LA Dodgers TV rights agreement and as this follows on from a recent deal with the YES Network Macquarie sees signs of News creating a new national sports network.

Minor changes to earnings estimates follow the news and the broker reiterates its Outperform rating.

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- REGIONAL EXPRESS HOLDINGS LIMITED

CIMB Securities rates as Outperform (1) - Target $1.27 (was $1.46). The broker notes guidance has been downgraded, with management citing the impact of the carbon tax, the end of the En-route Rebate Scheme, additional security costs and the general economic slowdown.

CIMB has trimmed its FY13 profit forecast by 22%, with the price target down on the lower earnings. The Outperform call is maintained, with the broker a big fan and noting while conditions may be tough, 's model remains strong.

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- REGIS RESOURCES LIMITED

BA-Merrill Lynch rates as Downgrade to Neutral from Buy (3) - Target $5.50 (was $6.30). The broker is a bit worried that December quarter wont provide enough to see the company hit its FY production guidance. The concern sees BA-ML downgrade its recommendation to Neutral from Buy.

While the broker remains a fan of Regis, it notes the market is assuming an event free ramp-up at Garden Well. Given this may well may not be the case, downgrades are possible. 

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- AUSTBROKERS HOLDINGS LIMITED

Credit Suisse rates as Neutral (3) - Austbrokers have announced some small bolt-on acquisitions and to reflect the update Credit Suisse makes minor changes to earnings forecasts. Price target is unchanged.

Medium-term there continues to be some upside for earnings in the broker's view but as this appears priced in at current levels a Neutral rating is retained.

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- CARSALES.COM LIMITED

Credit Suisse rates as Outperform - Re-Initiation of Coverage (1) - Credit Suisse has re-initiated coverage on Carsalez.com.au with an Outperform rating, attracted to the company's dominant position in the Australian online automotive classifieds market.

This offers a solid and reliable earnings growth outlook. Price target for the stock is $8.80.

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- CSL LIMITED

BA-Merrill Lynch rates as Upgrade to Buy from Neutral (1) - Target $54.75 (was $47.32). The broker notes the company has updated its FY profit guidance to 20% growth from 12% previously, with the upside coming from stronger plasma sales, a more profitable sales mix, better plasma margins and from better than expected Gardasil sales.

Citing the higher earnings and a multiple expansion across FY13 and FY14, the broker lifts its price target and upgrades it recommendation to Buy from Neutral

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- TEN NETWORK HOLDINGS LIMITED

Credit Suisse rates as Neutral - Re-Initiation of Coverage (3) - Credit Suisse has re-initiated coverage on with a Neutral rating, noting the company is highly leveraged to changes in ratings and advertising spending.

The broker sees debt refinancing and debt reduction as crucial to the business going forward. Price target is $0.33.

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31/07/2014 19:26Sydney, Australia. 31 July,2014
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