MTO's FY17 result slightly beat our forecasts with 12% revenue growth and 16% NPAT growth. MTO’s new bike sales materially outperformed the broader industry. The impact of likely future regulatory change in the provision of insurance products in dealerships is already flowing through and will curtail FY18 EBITDA by cA$2m... Show More

While currency headwinds and investments into resources (staff and equipment) weighed on earnings in FY17, we believe the company is well positioned for strong growth in future years. We have increased our share price target on the back of upgrades to earnings forecasts and retain our Add recommendation Show More

BAP’s FY17 result was above Morgans and consensus estimates at every line, with the group ultimately exceeding the top end of its guidance range. Management is comfortable with FY18 consensus estimates, guiding to c30% growth on FY17 proforma NPAT. We comfortably sit 2% above this. BAP often gets criticised for... Show More

FY17 underlying results were below expectations, weighed down by continued soft conditions, cost pressures and volatile case mix in the core Hospital division. 
Increased competition and ramping VIC greenfields further pressured Hospital earnings, pushing it below expectations and guidance, and offsetting strong above market gains from brownfields, which remain on... Show More

Investing in higher returning assets, moving to divest weak points, a newfound patience in its approach to capital deployment, the prospect of further capital management, and a recovering commodity cycle. BHP appears to be making smart moves. We retain our positive view, upgrade our share price target, and retain our... Show More

We have reduced our share price target on lower medium term earnings, but with what is hopefully the bear case now apparent, we think the risk swings to the upside. Over the next few years, the key operational risks relate to Telstra's ability to offset the negative impacts from the... Show More