Crown Resorts (CWN) – NEUTRAL
CWN’s FY18 results at the revenue and profit line both came in ahead of market expectations, with adjusted
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Mirvac Group Ltd (MGR) – BUY
MGR’s FY18 operating profit (after tax) of $580m was up +8% on prior year and came in ahead
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Orora Limited (ORA) – NEUTRAL
ORA’s FY18 underlying NPAT of A$208.6m was up +12% on previous corresponding period (pcp), slightly ahead of consensus
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ALE Property Group (LEP) – NEUTRAL
ALE Property Group (LEP) reported solid but as expected FY18 results. Key highlights to FY18 results included: 1.
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SCP Property Group (SCP) – NEUTRAL
SCP Property Group’s FY18 results were solid with Funds From Operations (FFO) of $114.3 m, up by +5.4%
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Commonwealth Bank (CBA) – NEUTRAL
Commonwealth Bank’s (CBA) FY18 result came largely in line with consensus estimates and, frankly speaking, weren’t as bad
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Folkestone Education Trust (FET) – BUY
Folkestone Education Trust (FET) has been the best performing A-REIT on the S&PASX300 Index over a 10 year
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TabCorp Holdings (TAH) – NEUTRAL
Tabcorp’s FY18 results were largely in line with our estimates. In our view, its core Wagering business continues
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AMP Limited (AMP) – BUY
Since we downgraded the stock to Sell on corporate governance issues, the share price has declined -19.4%. We
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Navitas Ltd (NVT) – NEUTRAL
Navitas (NVT) reported disappointing FY18 results in our view given the write-downs (but the results were largely in-line