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James Hardie FY23 Outlook
JHX reported FY22, with NPAT increasing by 36% to US$620m. While volumes generally slowed in recent months, FY23 NPAT guidance is maintained at US$750-800m.
Based FY23 earnings we have JHX trading on a forward yield of 3.8%.
XJO – Chart Review
The XJO is now trading at the upper band of the consolidation channel that’s been in place since mid-last year.
23/4/2022 Update:
Update 14/5
30/5 update:
Bluescope Steel – Algo Buy
ASX:BL is under Algo Engine buy conditions. BSL provided a trading update and now expects EBIT for 2H FY22 to be $1.375-1.475bn.
The more robust outlook is driven by improved earnings expectations for North America with better-than-expected realised steel prices and spreads in the United States.
Based on FY23 earnings we have Bluescope on a 2.3% forward dividend yield.
Pexa – Accumulate
Pexa Group has helped transform conveyancing from a clunky paper-based process into a digital one.
FY21 underlying earnings doubled to $110 million and analysts are forecasting a further 20% increase in FY22.
CBA & Link are major shareholders.
Nvidia – Q1 Earnings
Nvidia will slow down its hiring pace and control expenses as the company deals with a challenging macroeconomic environment. Revenue for the March quarter came in at $8.29bn on EPS of $1.36.
Forecast revenue for the June quarter is expected to be $8.1 billion.
The company’s operating expenses increased 35% year-over-year. On the positive side, demand for its graphics processors used for gaming and artificial intelligence helped support sales growth of 46% year-over-year. Nvidia’s data center business, which sells chips for cloud computing companies and enterprises, grew 83% annually to $3.75 billion.
Nvidia said its board has authorized an additional $15 billion in share buybacks through the end of next year.
BHP
Rebasing investor expectations for BHP without the contribution from its petroleum business places the stock on a forward yield of 6% with flat to lower adjusted EPS into FY23.
Iron ore now represents around 50%, Copper 25%, with Coal and Nickel remaining other key exposures. We expect the eventual divestment of its remaining thermal coal assets.
Fisher & Paykel
Fisher & Paykel Healthcare Corporation is under Algo Engine buy conditions and we expect FY22 to be the low point in earnings, with FY23 and FY24 returning to double-digit EPS growth.
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