WorleyParsons Ltd (WOR) Mining slowdown detracts from strong oil and gas outlook 18/05/2013 07:17
WorleyParsons surprised with a fiscal 2013 earnings downgrade driven by a slowdown in resources activity in Western Australia and slower...
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BHP Billiton Limited (BHP) Still the Resources Benchmark Despite the Lower Fair Value 23/05/2013 18:45
We reduce our BHP fair value estimate by 20%, from AUD 50 per share to AUD 40 per share. The...
James Hardie Industries (JHX) Fiscal 2013 benefits from US housing recovery - margins will recover 23/05/2013 18:08
Supported by the gradual recovery in US housing activity James Hardies reported top-line growth of 6% in fourth quarter 2013,...
Rio Tinto (RIO) Still Best in Class in Iron Ore 23/05/2013 21:10
We reduce our Rio Tinto fair value estimate by 22% from AUD 90 per share to AUD 70 per share....
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Boart Longyear (BLY) Earnings fall as market conditions deteriorate 22/05/2013 06:10
Boart announced forecast fiscal 2013 revenue of around USD 1.5 billion and EBITDA of USD 199 million, after previously forecasting...
Monadelphous (MND) Tender pipeline evaporates making further growth in earnings challenging 22/05/2013 19:16
The mining service sector has been beset by earnings downgrades, with UGL, WorleyParsons and Transfield Services providing details in recent...
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Fleetwood Corp (FWD) Fiscal 2013 deteriorates - Long-term looking less accomodating 22/05/2013 16:45
Last month we lowered our earnings expectations and valuation following news of mining and energy project deferments, falling coal and...
Myer Holdings Limited (MYR) Myer’s Sales Momentum Weakens in the Third Quarter 22/05/2013 18:10
Myer announced third quarter fiscal 2013 sales of AUD 652.5 million, up 0.5% on the same period last year. Comparable...
Thorn Group (TGA) Sowing seeds for future growth - Radio Rentals performs well despite flat customer growth 23/05/2013 09:05
Our previous note flagged concerns that Thorn’s future growth would unlikely be as robust as the previous five years. While...
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Wesfarmers Ltd (WES) Target Targeted for Restructuring and Inventory Clearance 18/05/2013 07:19
Weak second half sales for Target, exacerbated by a late start to the winter season will result in higher clearance...
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Australian Equity Strategy
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Fisher & Paykel Healthcare (FPH) Initial Impressions: Strong full year results 23/05/2013 13:28
FPH reported very strong full year results which were slightly ahead of our forecast. Underlying NPAT grew 20% to NZD...
ResMed (RMD) Valuation increase, but still expensive 23/05/2013 21:06
We reduce our cost of equity for ResMed from 11% to 10%. This is in line with the cost of...
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ASX Limited (ASX) Improved outlook for equity markets drives earnings upgrade 22/05/2013 19:12
An improved market outlook, a less than expected negative impact from competition and ASX’s monopoly in public company listings support...
QBE Insurance Group (QBE) External factors boosting earnings recovery 22/05/2013 14:14
The internal business recovery process has begun. Importantly, we consider a range of positive recent external developments as very supportive...
Stockland (SGP) Balance sheet bolstered in preparation of escalating investment in retail 22/05/2013 12:58
Stockland raised AUD 400 million of additional equity via an institutional placement at AUD 3.88 per security, a 2.5% discount...
The Trust Company (TRU) Update on takeover machinations 23/05/2013 15:10
We provide an update on the takeover battle for Trust between Perpetual (PPT) and Equity Trustees (EQT). Following EQT’s improved...
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Singtel (SGT) Digital strategy to deliver long term growth 18/05/2013 07:14
Narrow moat Singapore Telecommunication's (SingTel) fiscal 2013 result was in line with expectations. In line with guidance and our forecasts,...
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