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Computershare has been on our “high conviction” shortlist for the past few months and today’s 1H20 earnings result helps to support our bearish case.
EPS fell 17% on the same time last year. Lower margin income, weaker corporate actions and pressure in the UK mortgage business all weighed on earnings.
We’re skeptical of the company’s reassurance that 2H earnings will improve.
GPT has increased earnings by 2.6% growth, which is in line with the recently lowered guidance.
The FY20 outlook is for similar underlying growth of around 2%.
Office and logistics are clearly the stand-out performers, whilst retail exposure remains a potential drag.
With GPT trading on a 4.5% yield and low levels of growth over the next 1 to 3 years, we consider the stock full value.
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Newcrest Mining is under Algo Engine buy conditions and is a current holding in ASX 100 model portfolio.
We see upside potential to $32.00.
OZ Minerals is under Algo Engine buy conditions and is a current holding in ASX 100 model portfolio.
We see value at $9.90
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Aurizon Holdings reported 1H20 earnings which were mostly in-line with market forecasts.
1H20 EBIT of $456 million with underlying EPS of $0.136cps. The company continues to payout 100% of earnings in dividends.
Full-year 2020 EBIT guidance remains unchanged at $880m – $930m and the share buy-back program has increased to $400m in FY20.
JB Hi-Fi delivered 1H20 NPAT of $174m, which represents 9% growth vs the same time last year.
JB Hi-Fi issued FY20 NPAT guidance of $265 to $270 million, which implies 1.0% to 6% growth, slightly below market consensus.
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