Market Sentiment: 0.2 Citi rates QAN as Buy, High Risk 22/10/2009 11:40AM -- <p><a href="http://fidweek.econoday.com/">This text</a>to economic calendar.</p>

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Date Posted: 11:20:25 10/25/09 Sun
Author: Target price 3.55
Subject: Market Sentiment: 0.2 Citi rates QAN as Buy, High Risk 22/10/2009 11:40AM

JP Morgan rates REA as Overweight 23/10/2009 11:40AM
REA - Realestate.com.au
The broker has initiated with an Overweight rating a it sees value in the stock given the potential to generate sustained strong earnings growth and the fact it has strong free cash flow generation.

At the same time the stock trades at a discount to its peers on the broker's forecasts and even allowing for the entry of new competitors it takes a positive view on the company's prospects.

Target price is $9.05 Current Price is $8.17 Difference:$0.88 - (brackets indicate current price is over target). If REA meets the JP Morgan target it will return approximately 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June. JP Morgan forecasts a full year FY10 dividend of 21.00 cents and EPS of 35.60 cents. At the last closing share price the estimated dividend yield is 2.57%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.95.

Market Sentiment: 0.5
Credit Suisse rates TEN as Underperform 23/10/2009 11:40AM
TEN - Ten Network
Target $1.61 (was $1.52). Full year earnings were in line with previous guidance but with the outlook for TV revenues improving the broker has lifted its estimates in coming years, the changes pushing up its price target on the stock.

With the shares at a premium to both its sector and the broader market the broker sees little value and so retains its Underperform rating.

Target price is $1.61 Current Price is $1.54 Difference:$0.07 - (brackets indicate current price is over target). If TEN meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in August. Credit Suisse forecasts a full year FY10 dividend of 5.00 cents and EPS of 6.50 cents. At the last closing share price the estimated dividend yield is 3.25%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.69.

Market Sentiment: -0.1
Deutsche Bank rates AMP as Buy 23/10/2009 11:40AM
AMP - AMP Limited
The broker feels that "flows" aren't the thing to look at when considering AMP, but rather funds under management (FUM). And the 3Q FUM numbers have the broker thinking the company is on track to meet its estimates.

While the broker admits that flows are otherwise soft, and probably won't show much life until 2010, it remains nonetheless convinced that the cyclical recovery will drive price outperformance for AMP.

This confidence sees the Buy call maintained, while the price target lifts 60c to $7.80. FY10-11F earnings forecasts are also lifted 4%-5% on the improving market.

Target price is $7.80 Current Price is $6.28 Difference:$1.52 - (brackets indicate current price is over target). If AMP meets the Deutsche Bank target it will return approximately 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December. Deutsche Bank forecasts a full year FY09 dividend of 30.00 cents and EPS of 36.00 cents. At the last closing share price the estimated dividend yield is 4.78%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.44.

Market Sentiment: 0.2
Citi rates QAN as Buy, High Risk 22/10/2009 11:40AM
QAN - Qantas
The broker has lifted FY10-12 net profit forecasts by 83%, 26% and 12% on the back of an improving macro outlook, an improved opinion about the company's frequent flyer earnings prospects and the expectation for gradual yield improvement from 2H10 onwards.

The Buy call is maintained and the price target rises to $3.55 (from $3.25), but Citi notes its yield growth expectations for FY11 are still probably more conservative than the rest of the market.

Target price is $3.55 Current Price is $2.99 Difference:$0.56 - (brackets indicate current price is over target). If QAN meets the Citi target it will return approximately 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June. Citi forecasts a full year FY10 dividend of 5.00 cents and EPS of 11.00 cents. At the last closing share price the estimated dividend yield is 1.67%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.18.

Market Sentiment: 0.7
Deutsche Bank rates BLD as Sell 22/10/2009 11:37AM
BLD - Boral
Following a change to the broker's AUD forecasts, Deutsche upgrades its FY10 net profit forecasts by 8%.

The broker notes that this is the result of about 80% of Boral's debt being in USD, while the losses from its US brick and tile businesses also look a little better now in AUD terms.

All that said, the Sell recommendation is maintained, as Deutsche believes the stock is looking pretty expensive right now.

Target price is $5.17 Current Price is $6.26 Difference:($1.09) - (brackets indicate current price is over target). If BLD meets the Deutsche Bank target it will return approximately - 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June. Deutsche Bank forecasts a full year FY10 dividend of 12.00 cents and EPS of 22.00 cents. At the last closing share price the estimated dividend yield is 1.92%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.45.

Market Sentiment: -0.6
JP Morgan rates BHP as Underweight 22/10/2009 11:36AM
BHP - BHP Billiton
Target $27.71 (was $27.57). The company's September quarter production report broadly matched the broker's expectations, with petroleum the main positive highlight but metallurgical coal a little disappointing.

Post the result the broker has adjusted its earnings estimates and price target but it remains of the view the stock is expensive at current levels, meaning there is no change to its Underweight rating.

Target price is $27.71 Current Price is $39.83 Difference:($12.12) - (brackets indicate current price is over target). If BHP meets the JP Morgan target it will return approximately - 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June. JP Morgan forecasts a full year FY10 dividend of 137.19 cents and EPS of 210.36 cents. At the last closing share price the estimated dividend yield is 3.44%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.93.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values. Market Sentiment: 0.4
Credit Suisse rates PPX as Underperform 21/10/2009 12:29PM
PPX - Paperlinx
The broker has not adjusted its forecasts but it points out the company suffers from a stronger Australian dollar as earnings are translated back from overseas operations.

Given this the broker retains its Underperform rating, as without a turnaround in forex or additional asset sales or equity ratings it continues to see going concern issues surrounding the company.

Target price is $0.41 Current Price is $0.59 Difference:($0.18) - (brackets indicate current price is over target). If PPX meets the Credit Suisse target it will return approximately - 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June. Credit Suisse forecasts a full year FY10 dividend of 0.00 cents and EPS of -2.30 cents. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is -25.43.

Market Sentiment: 0.0
UBS rates OSH as Buy 21/10/2009 12:27PM
OSH - Oil Search
Following the recent share placement, UBS has lowered its target on the stock by 85c to $7.30.

However, the analysts maintain their Buy recommendation on the stock following the recent share price weakness.

Target price is $7.30 Current Price is $6.26 Difference:$1.04 - (brackets indicate current price is over target). If OSH meets the UBS target it will return approximately 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December. UBS forecasts a full year FY09 dividend of 5.00 cents and EPS of 10.00 cents. At the last closing share price the estimated dividend yield is 0.80%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.60.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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