What these 5 bellwether ASX company results taught us this reporting season

LiveWire02-29

Before the ASX half-yearly reporting season began, we suggested a handful of companies investors might watch for broader indications about key Australian economic sectors. Most of the five companies ...

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We also take a look at their current Market Index Broker Consensus guide and how brokers rate them on the back of the latest earnings results.The a2 Milk Company’s share price hit a 10-month high last week, in the wake of a half-yearly result that beat almost all expectations. With China a key market for the maker of dairy products and infant formula, this reflects signs of stability returning to the Middle Kingdom’s economy.A2M management lifted its annual sales guidance after posting solid first-half revenue and earnings growth, as reporte","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"XKO.AU":"标普/澳交所 300指数","WES.AU":"WESFARMERS LTD","BK4588":"碎股","BK7095":"多种金属与采矿","LU0971096721.USD":"富达环球金融服务 A","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","JHX.AU":"JAMES HARDIE INDUSTRIES-CDI","A2M.AU":"A2 MILK CO LTD","BK4581":"高盛持仓","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","BK4504":"桥水持仓","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","MS":"摩根士丹利","BK7044":"建筑材料","XJO.AU":"标普/澳交所 200指数","BK7507":"资源股","BK4127":"投资银行业与经纪业","BK7505":"食品股","WDS.AU":"WOODSIDE ENERGY GROUP LTD","BK7041":"综合货品商店","PLS.AU":"PILBARA MINERALS LTD","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","BK7511":"ESG概念","BK4585":"ETF&股票定投概念","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","BK7153":"综合零售","BK4534":"瑞士信贷持仓","BK7046":"综合性资本市场","MQG.AU":"Macquarie","BK7141":"包装食品与肉类","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","XAO.AU":"标普/澳交所 普通股指数","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0106831901.USD":"贝莱德世界金融基金A2","BK7142":"石油与天然气的勘探与生产","BK7504":"锂钴概念"},"translate_title":"这5家领先的ASX公司业绩在本报告季给了我们什么启示","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"JHX.AU":1,"A2M.AU":1,"WES.AU":1,"WDS.AU":1,"PLS.AU":1,"MS":0.9,"XKO.AU":0.74,"MQG.AU":0.74,"XAO.AU":0.74,"XJO.AU":0.74},"content_text":"Before the ASX half-yearly reporting season began, we suggested a handful of companies investors might watch for broader indications about key Australian economic sectors.\nMost of the five companies have now delivered their half-year FY2024 results - except the out-of-cycle James Hardie Industries (ASX: JHX), which reported its activity for the third quarter ended 31 December.\nIn the following, we wrap up February management announcements made by each of them. We also take a look at their current Market Index Broker Consensus guide and how brokers rate them on the back of the latest earnings results.\nThe a2 Milk Company (ASX: A2M) – 19 February\nThe a2 Milk Company’s share price hit a 10-month high last week, in the wake of a half-yearly result that beat almost all expectations. With China a key market for the maker of dairy products and infant formula, this reflects signs of stability returning to the Middle Kingdom’s economy.\nA2M management lifted its annual sales guidance after posting solid first-half revenue and earnings growth, as reported by Market Index.\n\"The combination of a better-than-expected result, FY24 guidance upgrade, and new product development is likely to trigger investors who have been underweight the stock to revisit it, which should mean the recent strong share price performance is likely sustainable,\" Citi analysts said in a note released on Monday 19 February.\n\n\n\n\n\n\n\n\n\nA2M 12-month price chart (Source: Market Index)\nWhat the brokers think\nMarket Index Broker Consensus: STRONG BUY (7 buy, 3 hold, 0 sell)\nNotable views from sell-side analysts include a maintaining of positive ratings at UBS and Barrenjoey.\n\nUBS analyst Marcus Curley left his rating of BUY unchanged but lowered his price target to NZ$7.05 from NZ$7.30. \n Barrenjoey analyst Tom Kierath left his rating at OVERWEIGHT and lifted his price target to $6.80 from $6.\nMacquarie maintained its NEUTRAL rating but raised their price target to $5.50 from $4.40. \n\nA2 Milk’s share price closed at $5.81 on Wednesday 28 February.\nJames Hardie Industries (ASX: JHX) – 14 February\nWe singled out James Hardie as a company to watch because of the important read-through it tends to provide on the housing market, particularly in the US. The building materials manufacturer has successfully lifted prices across its all-important home interior renovations and remodelling business. This was reflected in the earnings result for the third quarter ended 31 December 2023, with net profit up 45% to $US145.1 million ($222.3 million).\n\n\n\n\n\n\n\n\n\nJames Hardie 12-month share price (Source: Market Index)\nWhat the brokers think\nMarket Index Broker Consensus: BUY (12 buy, 4 hold, 1 sell)\n\nViews among brokers remain overwhelmingly positive but Jarden was among the few rating upgrades, lifting to OVERWEIGHT from Neutral on the back of the result.\nMacquarie maintained its OUTPERFORM rating and lifted its price target to $65.80 from $65.60.\nUBS maintained its BUY rating but analyst Lee Power dropped his price target to $66.50 from $68.70.\n\nJames Hardie Industries shares closed at $59.74 on Wednesday 28 February. Having dropped 5% in early trading on the day of the quarterly result, the share price is up 9.8% since 13 February.\nWesfarmers (ASX: WES) – 15 February\nOne of Australia’s 10 largest firms by market cap and the biggest within the consumer discretionary sector, Wesfarmers delivered a predictably positive half-yearly result on 15 February.\nThe firm’s exposure to lithium via its Mt Holland mine provided the only drag on earnings, as MPC Markets’ Kai Chen told Livewire on the day of the result.\n\n\n\n\n\n\n\n\n\nWesfarmers 12-month share price (Source: Market Index)\nWhat the brokers think\nMarket Index Broker Consensus: HOLD (8 buy, 7 hold, 3 sell)\nThere were few ratings changes among sell-side analysts. Some see the housing slowdown impacting Bunnings from here, while others are looking for an FY25 rebound on the back of an improved housing cycle.\n\nMorgans downgraded its rating to HOLD from Add but analyst Alexander Lu lifted his price target to $62.30 from $55.15. \nBarrenjoey maintained its UNDERWEIGHT rating while lifting its price target to $50 from $45. \nMacquarie maintained its NEUTRAL rating but lifted its price target to $61.20 from $56.30.\n\nWesfarmers' share price closed at $65.76 on Wednesday 28 February.\nWoodside Energy Group (ASX: WDS) – 27 February\nAustralia’s largest integrated oil and gas company booked a 74% net profit for the half-year 2024 but still beat its 80% dividend payout ratio. That’s one of several reasons Martin Currie’s Michael Slack still regards the company as a HOLD, as he explained to Livewire’s Sara Allen on the day of the result. \n\n\n\n\n\n\n\n\n\nWoodside's 12-month share price (Source: Market Index)\nWhat the analysts think\nMarket Index Broker Consensus: BUY (9 buy, 3 hold, 2 sell)\n\nMorgan Stanley added Woodside to its coverage list again on 27 February, resuming the same OVERWEIGHT rating it held previously. Analyst Rob Koh has set a price target of $34.\nGoldman Sachs also again picked up coverage of the company, but prior to the result on 19 February. Analyst Henry Meyer resumed Goldmans’ prior BUY rating set a price target of $32.40.\nAlso prior to the result, on 28 January, Morgans analyst Adrian Prendergast upgraded Woodside to ADD from Hold and lifted his price target to $34.30 from $33.50.\n\nWoodside shares closed at $30.15 on Wednesday 28 February.\nPilbara Minerals (ASX: PLS) – 22 February\nOne of the Australian mining companies most leveraged to the battery metals boom, which appears to have imploded in the last 18-plus months, Pilbara’s half-yearly result was closely watched this year. Management delivered a positive cash flow (after adjustments) despite the near 80% drop in lithium prices during the period. \nKatana Asset Management’s Hendrik Bothma still described PLS as “fantastic” when he spoke with Livewire’s Kerry Sun last week. Livewire's Carl Capolingua quizzed CEO Dale Henderson soon after the results announcement.\nThe share prices of PLS and several other local lithium producers also rallied in recent days in response to moves in the lithium carbonate futures market, as discussed earlier this week.\n\n\n\n\n\n\n\n\n\nPilbara Minerals 12-month share price (Source: Market Index)\nWhat the brokers think\n\nOn the back of the recent price rally, Citi on 26 February downgraded Pilbara Minerals to SELL from Neutral – which reverses the broker’s upgrade of the stock on 22 January. Analsyts Kate McCutcheon and Alexander Papaioanou left their price target at $3.60.\nMacquarie, on 22 February, maintained its OUTPERFORM rating on the back of the half-yearly result but trimmed it price target to $4.40.\nMorgan Stanley analyst Rahul Anand, CFA, maintained his UNDERWEIGHT rating and left his price target at $3.\n\nPLS shares closed at $4.18 on Wednesday 28 February.\nWhat do you think?\nWhether you currently own any of the above companies or not, we'd love to get your take on the latest results. Please let us know in the comments section below.\n\n\n\nNever miss an update\n\n    Enjoy this wire? Hit the ‘like’ button to let us know. \n    Stay up to date with my current content by \n    following me below and you’ll be notified every time I post a wire","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2415189587"}