Energy
Origin Energy (ORG) Forecast review: No change to view 06/01/2009 16:33
We have reduced our oil price assumptions and AUD/USD exchange-rate forecasts for the short to medium term and we have...
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We have reduced our oil price assumptions and AUD/USD exchange-rate forecasts for the short to medium term and we have also reviewed our LNG pricing methodology. The reduction in oil price forecasts has resulted in a downgrade of our FY09 and FY10 earnings forecasts by 13% and 12%, respectively, and our target price has fallen slightly to $17.30. At current levels we retain our short- and long-term HOLD recommendations.
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Gunns Limited (GNS) Pulp mill almost approved 05/01/2009 17:08
The Federal Government has refused to approve GNS's planned Bell Bay pulp mill. Three of the 12 modules of the...
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The Federal Government has refused to approve GNS's planned Bell Bay pulp mill. Three of the 12 modules of the environment impact study have been rejected and now need to be resubmitted by 3 March 2011. This is another stumbling step forward for the Bell Bay pulp mill. The next major issue is finance. There appears little positive progress. GNS needs the pulp mill to drive future profit growth and until such time as finance is probable, we maintain a negative view on GNS.
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Crane Group (CRG) Review of forecasts leads to more conservative view 05/01/2009 15:38
The macroeconomic picture has worsened sharply since our last note in October. We have cut short-term revenue forecasts, reflecting worsening...
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The macroeconomic picture has worsened sharply since our last note in October. We have cut short-term revenue forecasts, reflecting worsening cyclical conditions and the looming risk of an economic “hard landing” for Australia. In the long-term, we expect even the fastest-growing segments will eventually run into industry maturity. Our forecast FY09 and FY10 EPS fall by 3.9% and 16.0%, respectively. Our price target falls to $8.23. We retain our negative investment opinion at present levels.
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Financials
Suncorp-Metway (SUN) SUN gains from funding breathing space 05/01/2009 15:42
Operating conditions for the banking and insurance businesses are starting to show some early tentative signs of recovery, despite the...
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Operating conditions for the banking and insurance businesses are starting to show some early tentative signs of recovery, despite the overriding negative sentiment. In the banking division, funding costs remain elevated, but importantly, the government’s funding guarantee has enabled SUN to better access wholesale funding markets. SUN’s trading update released in late November provided a better than expected outlook, and we maintain our Hold recommendations on a short term and long tem basis.
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Westfield Group (WDC) WDC continues to weather the economic storm but there is some bruising to show for it 02/01/2009 17:47
Within the current uncertain environment embroiling the property market and the tight conditions being experienced on the financial front, WDC...
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Within the current uncertain environment embroiling the property market and the tight conditions being experienced on the financial front, WDC confirmed its FY08 earnings and distribution. As a result of modelling adjustments, we have lowered forecast earnings for FY08, FY09 and FY10. In view of the current market conditions and the uncertainty surrounding the duration of these conditions, we have maintained a HOLD for both our 12-month and long-term views.
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