Newcrest is under Algo Engine sell conditions. Our preference is for Northern Star and OceanaGold.
NCM 1H FY19 NPAT beat consensus, with profit coming in at US$237m. EBITDA of US$739m also beat consensus, supported by lower operational costs.
NCM declared a US 7.5cps fully franked dividend, which flat on the same time last year.
We consider NCM expensive relative to peers.