Calls to action based on results from the week so far

Morgans Financial Limited

Morgans Financial Limited

HAPPY TO BUY today: Sydney Airport (SYD) and QBE Insurance Group. SYD - The 2015 interim result produced no surprises, with the business model producing 6% EBITDA growth and 9% cashflow growth. Although distribution guidance has been upgraded, we think there is room for a further upgrade. Strong distribution growth and potentially capital management awaits investors in FY16-17. QBE - QBE's 1H15 NPAT of US$488m was about 1% ahead of consensus (US$460m), with management delivering a clean result without any negative surprises. With the business now rebased, further cost out to come and the balance sheet strong, management appears to be moving QBE back towards a growth footing. HAPPY TO SELL today: Monadelphous Group - Difficult market conditions continue to put pressure on margins despite management’s effort to reduce costs in line with falling revenues. Macro headwinds are likely to persist for the foreseeable future. View further analysis and share price targets on Morgans blog: (VIEW LINK)


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Morgans Financial Limited

Morgans is Australia's largest national full-service retail stockbroking and wealth management network with over 240,000 client accounts, 500 authorised representatives and 950 employees operating from offices in all states and territories.

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