Aegis Equities Research

Energy

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... + more WorleyParsons surprised with a fiscal 2013 earnings downgrade driven by a slowdown in resources activity in Western Australia and slower than expected growth at its WorleyParsonsCord construction contracting business in Canada. Previous guidance was for earnings growth, but net profit after tax (NPAT) is now expected to be in the range of AUD 320-340 million, up to 7% below fiscal 2012 NPAT of AUD 345.6 million. - less

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Materials

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... + more We reduce our BHP fair value estimate by 20%, from AUD 50 per share to AUD 40 per share. The action follows a comprehensive review of operating and capital costs and a re-assessment of growth prospects for the group. Iron ore, petroleum and copper remain the three largest segment contributors accounting for an unchanged 82% of group fair value. There has however been considerable mix shift following our review. - less

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,... + more Supported by the gradual recovery in US housing activity James Hardies reported top-line growth of 6% in fourth quarter 2013, taking full year sales 7% higher to USD 1.32 billion. Like the third quarter, demand for lower priced products and costs associated with increasing capacity and improving plant efficiency are hurting margins. Despite some improvement in the fourth quarter, group EBIT margins were down from 15.3% to 13.7%. - less

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.... + more We reduce our Rio Tinto fair value estimate by 22% from AUD 90 per share to AUD 70 per share. The action was undertaken in conjunction with the comprehensive review of BHP Billiton. In a similar vein we have re-visited capital and operating cost forecasts and consequently re-assessed Rio’s growth prospects. - less

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Industrials

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... + more The mining service sector has been beset by earnings downgrades, with UGL, WorleyParsons and Transfield Services providing details in recent days of an industry facing strong headwinds. - less

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... + more Boart announced forecast fiscal 2013 revenue of around USD 1.5 billion and EBITDA of USD 199 million, after previously forecasting revenue of USD 1.7 billion and EBITDA of USD 260 million. - less

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Consumer Discretionary

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... + more Our previous note flagged concerns that Thorn’s future growth would unlikely be as robust as the previous five years. While we maintain this view, we are slightly more positive on the resilient qualities of the core Radio Rentals and Rentlo (RR&R) business following the result. Fiscal 2013 NPAT was in line with forecasts at AUD 29.8 million and the dividend increased 9%. The highlight of the result was the performance of RR&R, contributing the clear majority of earnings (89%) and posting 3% EBITDA growth. - less

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... + more Myer announced third quarter fiscal 2013 sales of AUD 652.5 million, up 0.5% on the same period last year. Comparable sales for the quarter increased 0.4%. - less

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Consumer Staple

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... + more Weak second half sales for Target, exacerbated by a late start to the winter season will result in higher clearance activity. Combined with the on-going cost increases associated with restructure initiatives, earnings for the division will be lower. Target is forecast to deliver fiscal 2013 EBIT of between AUD 140 million to AUD 160 million. - less

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Australian Equity Strategy

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