Praemium Ltd (PPS) – NEUTRAL
PPS reported a strong FY18 result which again highlighted the ongoing momentum in the business which is benefiting from the strong growth in SMAs.
iSelect Limited (ISU) – SELL
Since our sell recommendation, the stock is down ~-63.5% and has played out consistently with our investment thesis. iSelect (ISU) announced ugly albeit as expected FY18 results.
REA Group Ltd (REA) – NEUTRAL
REA reported another solid set of results, delivering double-digit growth across key trading metrics. Relative to the previous corresponding period (pcp), group revenue increased +20.3% to $807.7m, EBITDA increased +21.7% to $463.7m.
Suncorp Group Ltd (SUN) – NEUTRAL
SUN’s FY18 cash profit for the full year came in ahead of consensus estimates, with management announcing a special dividend of 8cps along with the final dividend of 40cps.
Innovation Rebate Caps Are Restricting Australia’s Prosperity
Australia is at an economic crossroads. The perceived end of the mining boom and the disappearance of the last bastions of the traditional manufacturing sector have created uncertainty about Australia’s future and its place in the global economy.
Transurban Group (TCL) – BUY
Transurban (TCL) again delivered a solid result with toll revenue and operating earnings (EBITDA) up +8.7% and +10.2%, respectively, on previous corresponding period (pcp).
ResMed Inc
RMD’s fourth quarter FY18 (4Q18) results came in line with market expectations, with revenue of US$623.6m +12% above pcp and adjusted EPS of US95cps +23% above pcp.
Afterpay Touch Group
Afterpay Touch Group (APT) has provided a very strong sales update for the fourth quarter FY18 (4Q18) and full year (FY18), which saw its share price re-rate more than +37% in a few days.