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Boe Campion, Ord Minnett
BUY RECOMMENDATIONS
Propertylink (PLG)
Chart: Share price over the year

We initiate coverage on this internally managed property trust and fund manager, with an accumulate recommendation and target price of 95 cents. Propertylink owns a $685 million portfolio of 33 industrial properties, mostly in Sydney and Melbourne. It also manages a suite of institutional funds and mandates, with external assets under management of around $1 billion. Propertylink offers a forecast pro forma fiscal year 2017 yield of 9.3 per cent, almost double the REIT sector average of 4.7 per cent. The shares were trading at 73 cents on October 6. Blackmores (BKL)
Chart: Share price over the year

We have downgraded our recommendation from buy to accumulate despite BKL delivering a solid fiscal year 2016 result. Clearly, any reduction in sales on a prior corresponding period, even if it’s just confined to one quarter, is a significant blow for a company that has enjoyed a premium market rating. However, investors need to be careful they don’t over react to what could be a relatively short term, albeit abrupt, destocking event. In our view, a first quarter earnings update may be the impetus to start accumulating BKL in anticipation of a resumption in solid growth. HOLD RECOMMENDATIONS
Telstra (TLS)
Chart: Share price over the year

Dividend support for the stock is strong. Telstra has pole position in the Australian mobile market, high visibility around cash flow, including the phased, de facto Australian sovereign NBN payments over the medium term, and a clean balance sheet. This affords management flexibility to engage in considerable investment and shareholder returns. Orora (ORA) 
Chart: Share price over the year
 We remain positive about earnings growth for this packaging company. Value should be delivered through a combination of acquisitions in North America, incremental capital project growth in the Australasian business and cost-out opportunities from the relatively new B9 Botany manufacturing facility in New South Wales.  SELL RECOMMENDATIONS
InvoCare (IVC)
Chart: Share price over the year
 IVC owns and operates funeral homes, cemeteries and crematoria in Australia, New Zealand and Singapore. The business delivered a solid half year result despite lower than anticipated deaths in the company’s core markets. Following a recent share price rally, we have moved from a hold recommendation to lighten. But we have raised our price target from $11 to $11.29. The shares were trading at $13.87 on October 6. QBE Insurance Group (QBE)
Chart: Share price over the year
 The first half result showed weak underlying margin trends, driven by softer global premium rate trends and a tough claims environment in Australian compulsory third party insurance and short tail business lines. Given the tough premium environment and the extent of margin weakness in the first half of calendar year 2016, Ord Minnett cuts its recommendation from hold to lighten and its target price from $11 to $8.83. The shares closed at $9.74 on October 5. 

Mathan Somasundaram, Baillieu Holst BUY RECOMMENDATIONS Mantra Group (MTR)
Chart: Share price over the year

Although the fiscal year 2016 result beat guidance, it may not be enough to justify an immediate re-rating for this accommodation services provider. But it should be enough to counter the negative impact on the share price flowing from the resignation of CFO Steven Becker. We continue to view MTR as one of the pure plays in the domestic tourism boom, which we believe is still in an early phase. The shares closed at $3.35 on October 5. Our analyst Nick Caley has a price target of $4.95. SpeedCast International (SDA)
Chart: Share price over the year

This satellite communications provider continues to win contracts and is driving synergies from integrating acquisitions. This, in turn, will generate strong earnings growth over time as revenues increase and margins improve. SDA offers good value at current levels. Earnings per share are forecast to grow above 20 per cent over the next few years. The shares finished at $3.73 on October 5. Our analyst Luke Macnab has a price target of $4.85. HOLD RECOMMENDATIONS Northern Star Resources (NST)
Chart: Share price over the year

Our production and cost forecasts for most operations are broadly in line with company guidance and unchanged. Our analyst Warren Edney has a price target of $4.33. Shares in the gold producer were trading at $4.01 on October 6.
Tox Free Solutions (TOX)
Chart: Share price over the year

We see solid medium term prospects from east coast operations, such as civil, household and e-waste. But we require greater comfort and visibility around medium term earnings in Western Australia before considering a more positive investment view. Our analyst Josh Kannourakis has a price target of $2.45. Shares in the waste management company were trading at $2.41 on October 6. SELL RECOMMENDATIONS Monadelphous Group (MND)
Chart: Share price over the year

We have revised our target price upwards from $6.25 to $6.85, driven by an expanded construction and engineering sector EBITDA multiple. MND was recently trading on a forecast fiscal year 2017 price/earnings multiple of 15.4 times, a premium to the sector at 12.9 times. For us, future construction earnings post 2017 remain unclear. Our analyst Josh Kannourakis has a price target of $6.85. The shares in this engineering group were trading at $8.98 on October 6. Saracen Mineral Holdings (SAR)
Chart: Share price over the year

Following consistent cost performance in the past two quarters at the Carouse Dam Gold Mine and a better than forecast start up at Thunderbox, we have brought our forecast costs down towards company guidance. Our recommendation remains a sell, as we’re still unable to generate a valuation equivalent to recent share trading levels. Our analyst Warren Edney has a price target of $1.25. The shares were trading at $1.247 on October 6.

Jeremy Hook, TMS Capital
BUY RECOMMENDATIONS
Blackmores (BKL) 
Chart: Share price over the year

BKL has been a volatile stock, but at current levels represents an opportunity. Its 50 per cent return on equity puts this vitamins and supplements company in the top class of ASX stocks. The long term growth story in Asia and specifically China appeals to us. National Storage (NSR) 
Chart: Share price over the year

An internally managed real estate investment trust that owns and operates self storage centres in Australia and New Zealand. Positive demographic trends and a strong acquisition and development strategy support business growth over time. A recent dividend yield of 5.7 per cent is attractive in this environment. HOLD RECOMMENDATIONS
Amcor (AMC) 
Chart: Share price over the year

Continuing to trade above $15 on October 6, we have reduced our recommendation from a buy to a hold. It’s been a strong performer in recent years. It offers a strong return on equity and this year shapes up as another one for growth. 
Wesfarmers (WES)
Chart: Share price over the year

Performing well in its key divisions of home improvement and supermarkets. A well managed company, it’s one of our preferred stocks due to it focusing on shareholder returns above all other considerations. Following a strong price rise, we think the stock is now fairly priced.
SELL RECOMMENDATIONS
AMP (AMP) 
Chart: Share price over the year

AMP is a chronic underperformer and continues to represent poorer value than other stocks in the diversified financial sector. Its return on equity is lower than other listed fund managers by some margin, and competitors outflank various other businesses. Mirvac Group (MGR) 
Chart: Share price over the year

This property group has performed well in the past few years. But the potential double headwind of a bond market sell off and a softer housing market could adversely impact forward earnings and the share price. While trading on a reasonable recent yield of 4.7 per cent, we believe there’s better value elsewhere.

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