DOCSLIB.ORG

Weekly Ratings, Targets, Forecast Changes

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Weekly Ratings, Targets, Forecast Changes Weekly Ratings, Targets, Forecast Changes Nov 06, 2017 By Rudi Filapek-Vandyck, Editor FNArena Guide: The FNArena database tabulates the views of eight major Australian and international stock brokers: Citi, Credit Suisse, Deutsche Bank, Macquarie, Morgan Stanley, Morgans, Ord Minnett and UBS. For the purpose of broker rating correlation, Outperform and Overweight ratings are grouped as Buy, Neutral is grouped with Hold and Underperform and Underweight are grouped as Sell to provide a Buy/Hold/Sell (B/H/S) ratio. Ratings, consensus target price and forecast earnings tables are published at the bottom of this report. Summary Period: Monday October 30 to Friday November 3, 2017 Total Upgrades: 10 Total Downgrades: 9 Net Ratings Breakdown: Buy 41.36%; Hold 43.11%; Sell 15.53% Finally! The week ending Friday, 3rd November 2017, provided more rating upgrades for individual ASX-listed stocks than downgrades from the eight stockbrokers monitored daily by FNArena, albeit the difference was one move only; ten versus nine. A mining sector update by Credit Suisse on Friday made the difference. Otherwise, Orocobre was the sole recipient of two upgrades during the week. Beach Energy was the sole receiver of two downgrades. Mining and energy stocks were prominently in the action during the week, but there was plenty of action elsewhere with upgrades for Macquarie, Link Administration and Woolworths, while iSentia, Fairfax Media and Blue Sky Alternative Investments were downgraded.FNArena Blackmores enjoyed the largest gain in price target, beating Orocobre, Downer EDI and Incitec Pivot, whereas perennial disappointer iSentia grabbed the wooden spoon for a -44% fall in consensus price target in an otherwise sparsely populated flip side of the coin. Beach Energy and Link Administration both sit on top of the table for positive revisions to earnings estimates, beating Orocobre, Origin Energy and Oz Minerals. Reductions to earnings estimates, beating Orocobre, Origin Energy and Oz Minerals. Reductions proved significantly larger in size, with iSentia's forecasts suffering most (-34.5%), followed by Alacer Gold, OceanaGold and Forescue Metals; they all suffered in double digit percentages. National Australia Bank also sits on the negative side for earnings estimates for the week; characterising what has been a dominant theme this banking reporting season. Banks' results are solid, but far from spectacular. Most importantly; they seem to have lost the ability to wow and surprise to the upside. The big question for investors is: how is this inability among the banks impacting on the share market's prospect in general? Upgrade CSR LIMITED ((CSR)) Upgrade to Outperform from Neutral by Macquarie .B/H/S: 1/4/1 First half results were above Macquarie's expectations. The most positive aspect was building products, and the broker suggests it could have been even better if it weren't for the expensing of capital investment and the impact of sharply rising electricity costs. Macquarie upgrades to Outperform from Neutral as the sell-off following the solid result was a surprise and presents an opportunity. Target is raised to $5.15 from $4.40. ESTIA HEALTH LIMITED ((EHE)) Upgrade to Equal-weight from Underweight by Morgan Stanley .B/H/S: 1/2/0 The operating performance has improved, the balance sheet strengthened and there is a focus on growth. Along with this, Morgan Stanley notes a more favourable regulatory environment. Whilst more positive, valuation and low growth holds the broker back. Rating is upgraded to Equal-weight from Underweight. Target is raised to $3.45 from $2.30. In-Line industry view. LINK ADMINISTRATION HOLDINGS LIMITED ((LNK)) Upgrade to Neutral from Underperform by Credit Suisse .B/H/S: 5/1/0 The company remains confident of cost synergies from the Capita Asset Services acquisition and Credit Suisse envisages potential upgrades to synergy targets over the coming year. Maiden guidance for fund administration revenues to be flat in FY18 is ahead of the broker's expectations for a -3% decline. Rating is upgraded to Neutral from Underperform. Target is raised to $8.50 from $7.90. MACQUARIE GROUP LIMITED ((MQG)) Upgrade to Outperform from Neutral by Credit Suisse .B/H/S: 2/4/1 Credit SuisseFNArena upgrades FY18 earnings estimates by 1% following the first half result. Despite the fact earnings growth was narrowly based, the broker observes profitability continues to improve and the balance sheet is being replenished. Rating is upgraded to Outperform from Neutral and the target raised to $105 from $100. OROCOBRE LIMITED ((ORE)) Upgrade to Buy from Neutral by Citi and Upgrade to Neutral from Underperform by Macquarie .B/H/S: 4/1/1 September quarter production was soft, as expected, although still below Citi's estimates. The cash margin profile is considered to be better and the balance sheet has been de-leveraged. Along with improving fundamentals in the lithium market, Citi no longer views the stock as high risk and upgrades to Buy from Neutral. Target is raised to $5.50 from $3.90. Orocobre's Sep Q production and sales missed forecasts, driving higher costs. The company has maintained first half production guidance but this would require a record second quarter, Macquarie notes. A strong October supports guidance, and management is confident costs will fall in FY19 when the CO2 circuit is installed. Before then, better volumes are needed. The share price fall has taken the stock down to where Macquarie sees fair value, hence an upgrade to Neutral. Target rises to $4.97 from $4.90. OZ MINERALS LIMITED ((OZL)) Upgrade to Neutral from Underperform by Credit Suisse .B/H/S: 4/3/1 A general sector update has triggered an upgrade to Neutral from Underperform while the price target lifts to $7.90 from $7.30. Earnings estimates have received a boost. SANDFIRE RESOURCES NL ((SFR)) Upgrade to Neutral from Underperform by Credit Suisse .B/H/S: 1/7/0 A general sector review and update has led to the upgrade to Neutral from Underperform, while the price target lifts to $5.60 from $4.90. A lift in copper price forecasts translates into significantly higher forecasts for Sandfire Resources. VICINITY CENTRES ((VCX)) Upgrade to Neutral from Underperform by Credit Suisse .B/H/S: 4/1/1 Credit Suisse analysis shows that, on average, net tangible asset backing per security is up by 28% over the past three years across the large-cap A-REITs. Some 68% of this upside has been driven by cap rate compression. At some point the cycle will turn and reversion to June 2014 cap rates wold mean an average NTA decline of -15%. Credit Suisse suggests there is limited downside from the cyclical cap rate reversion for Vicinity Centres. Rating is upgraded to Neutral from Underperform. Target is $2.65. WOOLWORTHS LIMITED ((WOW)) Upgrade to Neutral from Underperform by Credit Suisse .B/H/S: 3/2/3 The September quarter update suggests to Credit Suisse that food deflation remains a risk to the outlook. The main issue for the broker is whether the competitive environment is stabilising enough to allowFNArena for meaningful margin expansion over the medium term. Following a period of underperformance in the share price, the broker upgrades to Neutral from Underperform. Target is raised to $25.31 from $25.17. Downgrade AWE LIMITED ((AWE)) Downgrade to Sell from Neutral by UBS .B/H/S: 1/3/2 September quarter production was ahead of expectations, up 16% and driven by strong east coast gas. However, UBS observes, this is not sufficient to change full year guidance of 2.5-2.7mmboe. The broker attributes the 16% rally in the share price over the past two weeks to recent good news at Waitsia. However, this appears overdone and UBS downgrades to Sell from Neutral. Target is lowered to $0.47 from $0.45. BEADELL RESOURCES LIMITED ((BDR)) Downgrade to Neutral from Outperform by Macquarie .B/H/S: 0/3/0 While Beadell's Sep Q production and costs showed big improvement on the June Q, they still both fell well short of Macquarie's expectations. The company is now guiding to the lower end of the production range but this will require a big improvement in the Dec Q, the broker notes. It is not beyond the realms, but falling short could put mill upgrade funding at risk, and this is critical, Macquarie suggests, to improving the long term outlook for Tucano. Downgrade to Neutral. Target falls to 20c from 25c. BLUE SKY ALTERNATIVE INVESTMENTS LIMITED ((BLA)) Downgrade to Hold from Add by Morgans .B/H/S: 1/1/0 Blue Sky has guided to 37% FY18 profit growth and has noted a quarterly gain in assets under management, supporting the fund's FY18 and FY19 AUM targets. Confidence is underpinned by several institutional mandates won in the quarter. Morgans believes Blue Sky is well positioned for AUM growth supported by its deal pipeline, institutional interest and a strong macro backdrop. Target rises to $14.34 from $11.18 but with the share price already close to this level, Morgans pulls back to Hold. BEACH ENERGY LIMITED ((BPT)) Downgrade to Neutral from Buy by Citi and Downgrade to Lighten from Hold by Ord Minnett .B/H/S: 2/2/0 Beach Energy's Sep Q numbers beat Citi on more oil in the mix and higher realised oil prices. Cooper wells have been tied in earlier than expected. The broker has upgraded FY18 forecast earnings by 15.6%. The market was nevertheless concerned over Origin Energy's ((ORG)) realised gas price for its Lattice business Beach is set to acquire, but the broker sees year one prices as less relevant than later years once Beach normalises for Otway interests.
Load more

Recommended publications
  • June 2019 42
    y 4 6 Equit 2019 June High Conviction High Quarterly NewsletterQuarterly No. Selector Fund In this quarterly edition, we review performance and attribution for the quarter. We highlight the importance of innovation and culture within organisations and profile ResMed and Cochlear, two leading healthcare businesses. We visit Fisher & Paykel Healthcare in New Zealand and look at one of the biggest growth industries in the world today, cyber security. Photo. Selector analyst trekking through the Atlas Mountains and local Berber kids. Selector Funds Management Limited ACN 102756347 AFSL 225316 Level 8, 10 Bridge Street Sydney NSW 2000 Australia Tel 612 8090 3612 www.selectorfund.com.au P Selector is a boutique fund manager. Our team, combined, have over 150 years of experience in financial markets. We believe in long-term wealth creation and building lasting relationships with our investors. We focus on stock selection, the funds are high conviction, concentrated and index unaware. As a result, the portfolios have low turnover and produce tax effective returns. Selector has a 15-year track record of outperformance and we continue to seek businesses with leadership qualities, run by competent management teams, underpinned by strong balance sheets and with a focus on capital management. Selector High Conviction Equity Fund Quarterly Newsletter #64 CONTENTS IN BRIEF – JUNE QUARTER 3 PORTFOLIO OVERVIEW 5 PORTFOLIO CONTRIBUTORS 7 MARKET INSIGHTS AND OBSERVATIONS 13 INNOVATION + CULTURE = SUCCESS 17 RESMED INC. 20 WAKE-UP CALL 31 FISHER & PAYKEL HEALTHCARE – JUNE 2019 42 RISK OUT…UPFRONT 45 COMPANY VISIT DIARY – JUNE 2019 QUARTER 57 2 Selector Funds Management IN BRIEF – JUNE QUARTER Dear Investor, Looking back on 2019, it would be fair to say that few identify the businesses we want to own on a case by case foresaw how the events of the financial year would basis, understand them to the best of our abilities and unfold.
    [Show full text]
  • Asx Clear – Acceptable Collateral List 28
    et6 ASX CLEAR – ACCEPTABLE COLLATERAL LIST Effective from 20 September 2021 APPROVED SECURITIES AND COVER Subject to approval and on such conditions as ASX Clear may determine from time to time, the following may be provided in respect of margin: Cover provided in Instrument Approved Cover Valuation Haircut respect of Initial Margin Cash Cover AUD Cash N/A Additional Initial Margin Specific Cover N/A Cash S&P/ASX 200 Securities Tiered Initial Margin Equities ETFs Tiered Notes to the table . All securities in the table are classified as Unrestricted (accepted as general Collateral and specific cover); . Specific cover only securities are not included in the table. Any securities is acceptable as specific cover, with the exception of ASX securities as well as Participant issued or Parent/associated entity issued securities lodged against a House Account; . Haircut refers to the percentage discount applied to the market value of securities during collateral valuation. ASX Code Security Name Haircut A2M The A2 Milk Company Limited 30% AAA Betashares Australian High Interest Cash ETF 15% ABC Adelaide Brighton Ltd 30% ABP Abacus Property Group 30% AGL AGL Energy Limited 20% AIA Auckland International Airport Limited 30% ALD Ampol Limited 30% ALL Aristocrat Leisure Ltd 30% ALQ ALS Limited 30% ALU Altium Limited 30% ALX Atlas Arteria Limited 30% AMC Amcor Ltd 15% AMP AMP Ltd 20% ANN Ansell Ltd 30% ANZ Australia & New Zealand Banking Group Ltd 20% © 2021 ASX Limited ABN 98 008 624 691 1/7 ASX Code Security Name Haircut APA APA Group 15% APE AP
    [Show full text]
  • Annual Report 2017
    17ANNUAL REPORT 2017 p p p p p p 02 04 07 08 32 50 About Us Highlights Chairman’s CEO’s Year Sustainability, Directors’ Introduction In Review Community + + Remuneration People Reports Operating + Financial Review 20 Consolidated Financial Statements 78 Annual General Meeting Group Strategy 22 Executive Team 44 The 54th Annual General Meeting of the Company will be held at 11am on 26 October Group and Divisional Results 24 Directors’ Profiles 48 2017 at the Blackmores Campus, 20 Jubilee Avenue, Warriewood NSW 2102. Financial Review 26 Auditor’s Independence Declaration 72 Cover image: Fiona Yeo, Assistant Marketing Operating Review 28 Independent Auditor’s Report 73 Manger, Export Sales. Fiona is profiled in this Group Risks 30 Directors’ Declaration 77 report on page 42. Additional Information 118 Company Information 119 OUR ANNUAL REPORT 2017 BLACKMORES ANNUAL REPORT 2017 REPORT ANNUAL BLACKMORES OUR OUR #4 STRATEGIC VALUES PURPOSE PRIORITIES Blackmores’ values are at Blackmores improves Blackmores is committed the heart of our business. people’s lives by delivering to superior business These values, known as the world’s best natural performance. Our strategic PIRLS, are both behavioural health solutions. We direction is focused on and aspirational. They achieve this by translating delivering growth and underpin our work practices our unrivalled heritage and continuous improvement to and are supported by legal knowledge into innovative, maintain Blackmores’ leading policies and procedures. quality branded healthcare position in the industry and solutions that work. to achieve ongoing success Passion for Natural Health for our company, our people Integrity and our shareholders. Respect Leadership #1 Consumer Centricity Social Responsibility #2 Asia Growth #3 Product Leadership #4 Operational Effectiveness THE 2017 ANNUAL REPORT OF BLACKMORES LIMITED PROVIDES INFORMATION ON THE ORGANISATION AND COMPANY PERFORMANCE FOR THE YEAR 1 JULY 2016 TO 30 JUNE 2017.
    [Show full text]
  • Stoxx® Pacific Total Market Index
    STOXX® PACIFIC TOTAL MARKET INDEX Components1 Company Supersector Country Weight (%) CSL Ltd. Health Care AU 7.79 Commonwealth Bank of Australia Banks AU 7.24 BHP GROUP LTD. Basic Resources AU 6.14 Westpac Banking Corp. Banks AU 3.91 National Australia Bank Ltd. Banks AU 3.28 Australia & New Zealand Bankin Banks AU 3.17 Wesfarmers Ltd. Retail AU 2.91 WOOLWORTHS GROUP Retail AU 2.75 Macquarie Group Ltd. Financial Services AU 2.57 Transurban Group Industrial Goods & Services AU 2.47 Telstra Corp. Ltd. Telecommunications AU 2.26 Rio Tinto Ltd. Basic Resources AU 2.13 Goodman Group Real Estate AU 1.51 Fortescue Metals Group Ltd. Basic Resources AU 1.39 Newcrest Mining Ltd. Basic Resources AU 1.37 Woodside Petroleum Ltd. Oil & Gas AU 1.23 Coles Group Retail AU 1.19 Aristocrat Leisure Ltd. Travel & Leisure AU 1.02 Brambles Ltd. Industrial Goods & Services AU 1.01 ASX Ltd. Financial Services AU 0.99 FISHER & PAYKEL HLTHCR. Health Care NZ 0.92 AMCOR Industrial Goods & Services AU 0.91 A2 MILK Food & Beverage NZ 0.84 Insurance Australia Group Ltd. Insurance AU 0.82 Sonic Healthcare Ltd. Health Care AU 0.82 SYDNEY AIRPORT Industrial Goods & Services AU 0.81 AFTERPAY Financial Services AU 0.78 SUNCORP GROUP LTD. Insurance AU 0.71 QBE Insurance Group Ltd. Insurance AU 0.70 SCENTRE GROUP Real Estate AU 0.69 AUSTRALIAN PIPELINE Oil & Gas AU 0.68 Cochlear Ltd. Health Care AU 0.67 AGL Energy Ltd. Utilities AU 0.66 DEXUS Real Estate AU 0.66 Origin Energy Ltd.
    [Show full text]
  • ESG Reporting by the ASX200
    Australian Council of Superannuation Investors ESG Reporting by the ASX200 August 2019 ABOUT ACSI Established in 2001, the Australian Council of Superannuation Investors (ACSI) provides a strong, collective voice on environmental, social and governance (ESG) issues on behalf of our members. Our members include 38 Australian and international We undertake a year-round program of research, asset owners and institutional investors. Collectively, they engagement, advocacy and voting advice. These activities manage over $2.2 trillion in assets and own on average 10 provide a solid basis for our members to exercise their per cent of every ASX200 company. ownership rights. Our members believe that ESG risks and opportunities have We also offer additional consulting services a material impact on investment outcomes. As fiduciary including: ESG and related policy development; analysis investors, they have a responsibility to act to enhance the of service providers, fund managers and ESG data; and long-term value of the savings entrusted to them. disclosure advice. Through ACSI, our members collaborate to achieve genuine, measurable and permanent improvements in the ESG practices and performance of the companies they invest in. 6 INTERNATIONAL MEMBERS 32 AUSTRALIAN MEMBERS MANAGING $2.2 TRILLION IN ASSETS 2 ESG REPORTING BY THE ASX200: AUGUST 2019 FOREWORD We are currently operating in a low-trust environment Yet, safety data is material to our members. In 2018, 22 – for organisations generally but especially businesses. people from 13 ASX200 companies died in their workplaces. Transparency and accountability are crucial to rebuilding A majority of these involved contractors, suggesting that this trust deficit. workplace health and safety standards are not uniformly applied.
    [Show full text]
  • For Personal Use Only Use Personal For
    The Leading Edge In this edition of the Leading Edge we consider opportunities to invest in healthcare, one of the few growth sectors in the Australian share market QUARTERLY REPORT | December 2013 For personal use only Watermark Funds Management Level 5, 139 Macquarie Street NSW Sydney 2000 TEL (02) 9252 0225 FAX (02) 9252 1220 [email protected] www.wfunds.com.au This report has been prepared by Watermark Funds Management Pty Limited. This report is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained For personal use only herein nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the report. The report should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed in this report are subject to change without notice. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. Watermark Funds Management Pty Limited is under no obligation to update or keep current the information contained herein. Past performance is not necessarily a guide to future performance.
    [Show full text]
  • Reported Daily Short Positions for 17/04/20
    Reported Daily Short Positions for 17/04/20 Disclaimer: No responsibility is accepted for any inaccuracies contained in the matter published. Product Product Code Reported Short Positions Total Product in Issue % of Total Product in Issue Reported as Short Positions A2B AUSTRALIA LTD ORDINARY A2B 709,220 120,430,683 0.59 ABACUS PROPERTY GRP. FPO/UNITS STAPLED ABP 1,239,427 653,501,824 0.19 ACCENT GROUP LTD ORDINARY AX1 1,299,841 542,166,715 0.24 ACROW FORMWORK ORDINARY ACF 468,315 216,223,784 0.22 ADAIRS LIMITED ORDINARY ADH 421,335 169,077,075 0.25 ADELAIDE BRIGHTON ORDINARY ABC 19,264,523 652,266,367 2.95 ADRIATIC METALS CDI 1:1 ADT 79,881 129,531,049 0.06 ADVANCE NANOTEK LTD ORDINARY ANO 35,349 59,602,696 0.06 AEROMETREX LIMITED ORDINARY AMX 2,900 94,400,000 0.00 AFTERPAY LIMITED ORDINARY APT 12,239,952 266,973,803 4.58 AGL ENERGY LIMITED. ORDINARY AGL 7,215,074 629,118,228 1.15 ALCIDION GROUP LTD ORDINARY ALC 116,457 990,694,052 0.01 ALE PROPERTY GROUP FPO/UNITS STAPLED LEP 146,741 195,769,080 0.07 ALITARES ORDINARY A40 5,061,212 1,476,422,411 0.34 ALKANE RESOURCES LTD ORDINARY ALK 662,580 580,033,307 0.11 ALLIANCE AVIATION ORDINARY AQZ 2,251,222 127,470,102 1.77 ALS LTD ORDINARY ALQ 229,220 482,425,769 0.05 ALTHEA GROUP ORDINARY AGH 478,695 161,719,639 0.30 ALTIUM LIMITED ORDINARY ALU 1,612,834 130,965,775 1.23 ALTURA MINING LTD ORDINARY AJM 10,597,079 2,602,048,116 0.41 ALUMINA LIMITED ORDINARY AWC 131,922,266 2,879,843,498 4.58 23/04/2020 1:44:47 PM 1 Reported Daily Short Positions for 17/04/20 Disclaimer: No responsibility is accepted for any inaccuracies contained in the matter published.
    [Show full text]
  • Single Sector Funds Portfolio Holdings
    ! Mercer Funds Single Sector Funds Portfolio Holdings December 2020 welcome to brighter Mercer Australian Shares Fund Asset Name 4D MEDICAL LTD ECLIPX GROUP LIMITED OOH MEDIA LIMITED A2 MILK COMPANY ELDERS LTD OPTHEA LIMITED ABACUS PROPERTY GROUP ELECTRO OPTIC SYSTEMS HOLDINGS LTD ORICA LTD ACCENT GROUP LTD ELMO SOFTWARE LIMITED ORIGIN ENERGY LTD ADBRI LTD EMECO HOLDINGS LTD OROCOBRE LTD ADORE BEAUTY GROUP LTD EML PAYMENTS LTD ORORA LTD AFTERPAY LTD ESTIA HEALTH LIMITED OZ MINERALS LTD AGL ENERGY LTD EVENT HOSPITALITY AND ENTERTAINMENT PACT GROUP HOLDINGS LTD ALKANE RESOURCES LTD EVOLUTION MINING LTD PARADIGM BIOPHARMACEUTICALS LTD ALS LIMITED FISHER & PAYKEL HEALTHCARE CORP LTD PENDAL GROUP LTD ALTIUM LTD FLETCHER BUILDING LTD PERENTI GLOBAL LTD ALUMINA LTD FLIGHT CENTRE TRAVEL GROUP LTD PERPETUAL LTD AMA GROUP LTD FORTESCUE METALS GROUP LTD PERSEUS MINING LTD AMCOR PLC FREEDOM FOODS GROUP LIMITED PHOSLOCK ENVIRONMENTAL TECHNOLOGIES AMP LTD G8 EDUCATION LTD PILBARA MINERALS LTD AMPOL LTD GALAXY RESOURCES LTD PINNACLE INVESTMENT MANAGEMENT GRP LTD ANSELL LTD GDI PROPERTY GROUP PLATINUM INVESTMENT MANAGEMENT LTD APA GROUP GENWORTH MORTGAGE INSRNC AUSTRALIA LTD POINTSBET HOLDINGS LTD APPEN LIMITED GOLD ROAD RESOURCES LTD POLYNOVO LIMITED ARB CORPORATION GOODMAN GROUP PTY LTD PREMIER INVESTMENTS LTD ARDENT LEISURE GROUP GPT GROUP PRO MEDICUS LTD ARENA REIT GRAINCORP LTD QANTAS AIRWAYS LTD ARISTOCRAT LEISURE LTD GROWTHPOINT PROPERTIES AUSTRALIA LTD QBE INSURANCE GROUP LTD ASALEO CARE LIMITED GUD HOLDINGS LTD QUBE HOLDINGS LIMITED ASX LTD
    [Show full text]
  • Ngs Super Portfolio Holdings Disclosure
    NGS SUPER PORTFOLIO HOLDINGS DISCLOSURE DEFENSIVE - ACCUMULATION Effective date: 31 DEC 2020 AUSTRALIAN SHARES A2 MILK CO LTD ABACUS PROPERTY GROUP REIT ACCENT GROUP LTD ADAIRS LTD ADBRI LTD AFTERPAY LTD AGL ENERGY LTD AINSWORTH GAME TECHNOLOGY LTD ALACER GOLD CORP ALE PROPERTY GROUP REIT ALS LTD ALTIUM LTD ALUMINA LTD AMA GROUP LTD AMCOR PLC AMP LTD ANSELL LTD APA GROUP STAPLED SECURITY APPEN LTD ARB CORP LTD ARISTOCRAT LEISURE LTD ASALEO CARE LTD ASX LTD ATLAS ARTERIA STAPLED SECURITY AUB GROUP LTD AUCKLAND INTL AIRPORT LTD AURELIA METALS LTD AUSNET SERVICES AUSSIE BROADBAND Issued by NGS Super Pty Limited ABN 46 003 491 487 AFSL No 233 154 the trustee of NGS Super ABN 73 549 180 515 ngssuper.com.au 1300 133 177 NGS SUPER – PORTFOLIO HOLDINGS DISCLOSURE 1 DEFENSIVE - ACCUMULATION Effective date: 31 DEC 2020 AUST AND NZ BANKING GROUP AUSTAL LTD AUSTRALIAN FINANCE GROUP LTD AUSTRALIAN PHARMA INDUS LTD AUSTRALIAN VINTAGE LTD AVENTUS GROUP REIT AVITA MEDICAL INC BABY BUNTING GROUP LTD BANK OF QUEENSLAND LTD BAPCOR LTD BEACH ENERGY LTD BEACON LIGHTING GROUP LTD BEGA CHEESE LTD BENDIGO AND ADELAIDE BANK BHP GROUP LTD BINGO INDUSTRIES LTD BLACKMORES LTD BLUESCOPE STEEL LTD BORAL LTD BRAMBLES LTD BRAVURA SOLUTIONS LTD BREVILLE GROUP LTD BRICKWORKS LTD BWP TRUST REIT CALTEX AUSTRALIA LTD CAPITOL HEALTH LTD CAPRAL LTD CAPRICORN METALS LTD CARDNO LTD CARNARVON PETROLEUM LTD CARSALES.COM LTD CASH CEDAR WOODS PROPERTIES LTD CENTURIA INDUSTRIAL REIT CENTURIA METROPOLITAN REIT CHALLENGER LTD CHAMPION IRON LTD CHARTER HALL GROUP REIT CHARTER HALL LONG
    [Show full text]
  • Portfolio Holdings Disclosure - Renewables Plus
    Portfolio Holdings Disclosure - Renewables Plus Alternatives Name Instrument Type GPT Wholesale Office Fund Property Trust Green Squares Energy Pty Ltd Debt Unit Trust Green Squares Energy Pty Ltd Equity Unit Trust IIG Solar Asset Fund Managed Fund IIG Solar Income Fund Loan Notes Capital Note IIG Solar Income Fund Ordinary Units Unit Trust Juice Capital Energy Pty Ltd Fixed Rate Bond Macquarie GIG Renewable Energy Fund Unit Trust Cash Cash at Bank Cash Domestic Fixed Interest Ausgrid Finance Bond Aust Capital Territory Fixed Rate Bond Australian Capital Territory Treasury Corp Fixed Rate Bond Australian, Capital Territory of Fixed Rate Bond Bank Australia Floating Rate Note Bank Of Queensland Ltd Exchange Traded Notes Bank Of Queensland Ltd Floating Rate Note Bendigo And Adelaide Bank Exchange Traded Notes Challenger Floating Rate Note Challenger Ltd Exchange Traded Notes European Investment Bank (Green Bond) Fixed Rate Bond Germany, Federal Republic of (Government) Fixed Rate Bond Infradebt Ethical Infrastructure Debt Fund Unit Trust Insurance Australia Group Floating Rate Note Insurance Australia Group Ltd Floating Rate Note Liberty Financial Pty Ltd Floating Rate Note Members Equity Bank Floating Rate Note NAB (Green Bond) Fixed Rate Bond NAB Low Carbon Note Floating Rate Note New South Wales Treasury Corp Bond New South Wales Treasury Corp Fixed Rate Bond New South Wales Treasury Corp (Green Bond) Fixed Rate Bond NextDC Floating Rate Note Queensland Treasury Corp Bond Queensland Treasury Corp Fixed Rate Bond Rate Setter Unit Trust South Australian Government Financing Authority Fixed Rate Bond Suncorp Exchange Traded Notes Suncorp-Metway Ltd Covered Bond Tasmanian Public Finance Fixed Rate Bond Tasmanian Public Finance Corp Fixed Rate Bond Telstra Medium Term Note Treasury Corp Victoria Bond This information is accurate as at 29 May 2020 and is subject to change.
    [Show full text]
  • Morningstar Equity Research Coverage
    December 2019 Equity Research Coverage Morningstar covers more than 200 companies in We use the following guidelines to Contact Details Australia and New Zealand as part of our global determine our Australian equity coverage: Australia stock coverage of about 1,500 companies. We are × Nearly all companies in the S&P/ASX 100 Index. Helpdesk: +61 2 9276 4446 Email: [email protected] one of the largest research teams globally with × Companies in the S&P/ASX 200 Index which more than 100 analysts, associates, and have an economic moat and/or have cash flow New Zealand strategists, including 17 in Australia. Local analysts which is at least mildly predictable. Helpdesk: +64 9 915 6770 regularly glean insights from our global sector teams × In total, Morningstar will cover about 80% of Email: [email protected] in China, Europe, and the United States, enriching S&P/ASX 200 companies (which typically the process and enhancing outcomes for investors. equates to about 95% of S&P/ASX 200 by Our research philosophy focuses on bottom-up market capitalisation). Companies we choose analysis, developing differentiated and deep not to cover in this index are usually unattractive opinions on competitive forces, growth prospects, for most portfolios, in our opinion. and valuations for every company we cover. We × About 30 ex-S&P/ASX 200 stocks are selected publish on each company under coverage at least on Morningstar’s judgement of each security's quarterly, and as events demand, to ensure investment merit − which includes a very investment ideas are always relevant. strong lean towards high-quality companies We are an independent research house, and with sustainable competitive advantages, or therefore determine our coverage universe based economic moats.
    [Show full text]
  • Notice of Meeting Management Information Circular Annual
    Notice of Meeting and Management Information Circular dated 28 May 2021 in respect of the Annual General and Special Meeting of Shareholders to be held on Tuesday, 29 June 2021 at 5pm (Canada Eastern Daylight Time) Important information - This is an important document that should be read in its entirety. If you do not understand it, you should consult your professional advisers without delay. AGM Notice of Meeting and Management Information Circular Table of Contents Notice of 2021 Annual General and Special Meeting of Shareholders i Letter to Shareholders iii Management Information Circular vi Voting Information vii Business of Meeting 1 Financial Statements 1 Resolution 1 – Election and Re-election of Directors 1 Resolution 2 – Appointment of Auditor 3 Resolution 3 – Advance Notice Policy 4 Resolution 4 – Performance Share Rights Plan 5 Resolution 5 – Advisory Vote on Executive Compensation 7 Director Profiles and Compensation Analysis 10 Directors Profiles 10 Non-Executive Directors’ Compensation Elements 17 2020 Non-Executive Directors’ Compensation 18 Non-Equity (Cash Based) Schemes for Non-Executive Directors 19 Outstanding share-based awards and option-based awards 20 Share Ownership 20 Securities Held by Directors and Executive Officers 21 Executive Management Profiles and Compensation Analysis 22 Executive Management Profiles 22 General Compensation Discussion and Analysis 23 Executive Compensation Elements 25 Incentive Plan Awards Summary 35 Compensation of Named Executive Officers 41 Outstanding share-based awards and option-based
    [Show full text]