Tuesday, 25 September 2001

Ord Minnett Research Tuesday, 11 June 2019 Today’s Index Movements The Trading Day 12 mth % The Australian share market has closed at a Australian Markets Close +/- % move fresh 11-and-a-half year high as a broad rally S&P/ASX 200 6,546 102 1.6 7.2 boosted most sectors by more than one per All Ordinaries 6,624 99 1.5 6.6 cent. S&P/ASX 100 5,414 84 1.6 8.2 S&P/ASX Small Ords 2,834 44 1.6 -1.6 It was the ASX200's fifth day of gains in a row and its third-best 12 mth % day of the year. All sectors had strong gains except the Regional Markets Close +/- % move defensive sector of utilities and the subsector of gold mining. Japan 21,204 70 0.3 -6.5 Singapore 3,206 18 0.6 -3.5 Surprisingly, health care, typically also considered a defensive Hong Kong 27,791 213 0.8 -8.3 sector, was up the most, by 3.5%. Pharma giant CSL was up Malaysia 1,654 -2 -0.1 -5.1 4.3% to a nine-month high of $212.50, while Cochlear was up Korea 2,112 12 0.6 -11.1 3.0%. Indonesia 6,307 18 0.3 5.2 Energy stocks were collectively up 1.8%, with Caltex Australia 12 mth % Industry Sectors Close +/- % move and WorleyParsons both gaining 3.7%, to rise to $27.15 and Energy 10,804 192 1.8 -6.5 $13.89, respectively. Materials 13,357 187 1.4 9.7 Miners were up 1.4% as a whole, with BHP gaining 2.3% to Industrials 6,709 165 2.5 11.5 $38.70, Rio Tinto up 2.6% and Fortescue Metals up 3.2% to Consumer Discretionary 2,536 46 1.9 3.6 $8.10. Consumer Staples 11,277 190 1.7 1.6 Health Care 33,277 1,136 3.5 11.7 The financial sector was up 1.3%, with the four big banks all up Financials 6,306 78 1.2 5.1 between 1.2 and one per cent. Information Technology 1,338 20 1.5 19.5 Telecom Services 1,317 20 1.6 23.3 Star Entertainment Group was the biggest loser, sliding Utilities 8,134 -204 -2.5 0.4 15.7% to a three-and-a-half-year low of $3.80 after the casino Source: IRESS operator flagged a full-year earnings dip amid continued weakness in international VIP spending. AGL Energy dragged the utility sector down after it made a S&P/ASX 200 Index new non-binding $3.02 billion offer for internet provider Vocus, 6 Month Rolling Close less than a week after a Swedish private equity firm walked away from a takeover of the iPrimus and Dodo brand owner. AGL shares were down 7.2% to $19.40, while Vocus shares rose 8.9% to $4.17. Small business lender Prospa Group made its debut on the ASX, closing at $4.46, up 18% on the price of its initial public offering. Tuesday, June 11, 2019 Page 1 Today’s Largest Advances & Declines S&P/ASX 100 Stocks Advances Close +/- % Declines Close +/- % Nine Entertainment 2.06 0.10 4.83 The Star Ent Grp 3.80 -0.71 -15.74 CSL Limited 212.50 8.70 4.27 AGL Energy Limited 19.40 -1.51 -7.22 Iluka Resources 10.08 0.38 3.92 Northern Star 9.54 -0.42 -4.22 Janus Henderson 31.43 1.15 3.80 Evolution Mining Ltd 3.85 -0.08 -2.04 Worleyparsons Ltd 13.89 0.50 3.73 Crown Resorts Ltd 12.14 -0.21 -1.70 Reliance Worldwide 3.64 0.13 3.70 Als Ltd 6.69 -0.07 -1.04 Caltex Australia 27.15 0.96 3.67 Newcrest Mining 28.39 -0.18 -0.63 Adelaide Brighton 4.22 0.14 3.43 South32 Limited 3.22 -0.02 -0.62 Aristocrat Leisure 30.52 1.01 3.42 Link Admin Hldg 5.54 -0.03 -0.54 Magellan Fin Grp Ltd 47.38 1.55 3.38 Challenger Limited 7.94 -0.04 -0.50 Source: IRESS Tuesday, June 11, 2019 Page 2 S&P/ASX 50 – Daily Price Movements Company Name Close +/- % Yr High Yr Low AGL Energy Limited 19.40 -1.51 -7.22 23.30 17.44 Aristocrat Leisure 30.52 1.01 3.42 33.06 20.66 Amcor Plc 15.89 0.17 1.08 16.67 12.67 AMP Limited 2.19 0.06 2.82 3.70 2.07 ANZ Bank 28.65 0.28 0.99 30.39 22.98 APA Group 10.94 0.14 1.30 10.80 8.18 ASX Limited 80.85 1.56 1.97 79.29 57.37 Aurizon Holdings Ltd 5.37 0.16 3.07 5.25 3.90 BHP Group Limited 38.70 0.86 2.27 40.13 30.31 Brambles Limited 13.09 0.36 2.83 12.79 8.58 Commonwealth Bank 80.95 0.95 1.19 80.00 65.23 Cochlear Limited 206.39 6.00 2.99 221.80 155.22 Coles Group 12.99 0.05 0.39 13.37 11.12 Computershare Ltd 16.77 0.08 0.48 20.80 16.24 CSL Limited 212.50 8.70 4.27 232.69 173.00 Caltex Australia 27.15 0.96 3.67 33.65 24.50 Dexus 13.53 0.08 0.59 13.45 9.47 Fortescue Metals Grp 8.10 0.25 3.18 8.72 3.28 Goodman Group 14.43 0.14 0.98 14.29 9.36 GPT Group 6.14 0.09 1.49 6.32 4.83 Insurance Australia 7.67 0.08 1.05 8.65 6.53 James Hardie Indust 18.66 0.36 1.97 23.90 14.38 Lendlease Group 13.22 0.19 1.46 21.73 11.03 Mirvac Group 3.17 0.04 1.28 3.18 2.09 Medibank Private Ltd 3.39 0.04 1.19 3.36 2.29 Macquarie Group Ltd 121.15 1.94 1.63 136.84 103.30 National Aust. Bank 27.22 0.32 1.19 29.00 22.52 Newcrest Mining 28.39 -0.18 -0.63 28.76 18.57 Origin Energy 7.19 0.11 1.55 10.27 6.03 Orica Limited 20.98 0.27 1.30 20.86 16.02 Oil Search Ltd 7.08 0.15 2.16 9.27 6.70 Qantas Airways 5.68 0.15 2.71 6.92 5.18 QBE Insurance Group 11.83 0.16 1.37 13.16 9.28 Ramsay Health Care 71.46 0.93 1.32 70.81 51.89 RIO Tinto Limited 100.55 2.55 2.60 107.99 69.41 South32 Limited 3.22 -0.02 -0.62 4.28 3.00 Scentre Grp 3.84 0.00 0.00 4.54 3.63 Stockland 4.51 0.02 0.45 4.52 3.42 Sonic Healthcare 27.08 0.60 2.27 27.00 21.26 Santos Ltd 6.87 0.08 1.18 7.49 5.14 Suncorp Group Ltd 13.32 0.12 0.91 15.96 12.12 SYD Airport 7.76 0.16 2.11 7.90 6.24 Transurban Group 14.68 0.42 2.95 14.59 10.62 Telstra Corporation 3.75 0.03 0.81 3.73 2.60 Treasury Wine Estate 15.34 0.40 2.68 19.90 13.38 Vicinity Centres 2.63 0.02 0.77 2.84 2.42 Westpac Banking Corp 28.30 0.32 1.14 30.44 23.30 Wesfarmers Limited 38.56 0.91 2.42 38.25 30.40 Woolworths Group Ltd 32.05 0.54 1.71 34.84 27.03 Woodside Petroleum 35.15 0.51 1.47 39.38 29.33 Source: IRESS Tuesday, June 11, 2019 Page 3 Ord Minnett Private Client Research Please contact your Ord Minnett adviser for further information on our document. Guide to Ord Minnett recommendations Our recommendations are based on the total return of a stock – nominal dividend yield plus capital appreciation – and have a 12- month time horizon. SPECULATIVE BUY We expect the stock’s total return (nominal yield plus capital appreciation) to exceed 20% over 12 months. The investment may have a strong capital appreciation but also has high degree of risk and there is a significant risk of capital loss. BUY The stock’s total return (nominal dividend yield plus capital appreciation) is expected to exceed 15% over the next 12 months. ACCUMULATE We expect a total return of between 5% and 15%. Investors should consider adding to holdings or taking a position in the stock on share price weakness. HOLD We expect the stock to return between 0% and 5%, and believe the stock is fairly priced. LIGHTEN We expect the stock’s return to be between 0% and negative 15%. Investors should consider decreasing their holdings. SELL We expect the total return to lose 15% or more. RISK ASSESSMENT Classified as Lower, Medium or Higher, the risk assessment denotes the relative assessment of an individual stock’s risk based on an appraisal of its disclosed financial information, historical volatility of its share price, nature of its operations and other relevant quantitative and qualitative criteria. Risk is assessed by comparison with other Australian stocks, not across other asset classes such as Cash or Fixed Interest.

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