Macquarie Research has analysed the Jun H13/FY13 profit season to date. Although still early into the reporting season (10% by market cap have reported to date), the results are so far so good. Clearly investors have FY14 forecasts firmly in focus, with Macquarie's All Companies FY14 EPS growth forecast up 1.3ppts to +14.7%. This small upgrade reflects a surprising 5ppt uplift in FY14 EPS growth forecasts for the Resources sector to +35.5%. The most notable development so far is of the 11 that have reported to date, Macquarie has upgraded the FY14 EPS forecasts of 6: Iress (IRE) +11.1%,Transurban (TCL) +4.2%, Navitas (NVT) +3.8%, Telstra (TLS) +3.2%, Downer EDI (DOW) +3.0%, and Cochlear (COH) +2.8%. With respect to FY13 EPS growth forecasts, these remain largely unchanged across the key sectors, except for Industrials, which slipped 0.6ppts to +4.3%. (VIEW LINK)
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