The S&P/ASX 200 closed 6 points higher, up 0.09%.
The S&P/ASX 200 Tech sector rallied more than 5% on better-than-expected earnings from Altium and a narrower-than-expected loss from Megaport, Coles shares spiral 7% lower on a profit miss, uranium stocks post a broad-based rally and UBS' take on some of today's results.
Let's dive in.
Tue 22 Aug 23, 4:37pm (AEST)
Enjoying the Evening Wrap? Sign up to get it sent directly to your inbox after every trading day.
The ASX 200 finished slightly higher, off session lows of -0.36%. Index and sector movements were again dictated by high-profile results. We'll list some of the main ones below:
Tech led to the upside thanks to better-than-expected results from Altium (+25.9%) and Megaport (+16.9%)
Telcos bounced after Telstra (+3.3%) snapped a three-day post-earnings selloff
Staples underperformed after Coles (-7.1%) missed FY23 net profit expectations
No major economic announcements.
Trading higher
+25.9% Altium (ALU) – Earnings
+16.9% Megaport (MP1) – Earnings
+11.3% Hub24 (HUB) – Earnings
+10.5% ImpediMed (IPD) – Reaffirms growth plan
+9.3% Audinte (AD8) – Post earnings rally
+6.4% Shaver Shop (SSG) – Earnings
+5.95% Sandfire Resources (SFR) – Secures mining license extension
+5.9% A2 Milk (A2M) – Earnings
+3.9% Helia Group (HLI) – Earnings
+3.8% Scentre Group (SCG) – Earnings
+3.6% Alpha HPA (A4N) – Project update
+3.2% MacMahon (MAH) – Earnings
+1.7% Allkem (AKE) – Earnings
Uranium sector move: 92Energy (+10.0%), Paladin Energy (+8.2%), Bannerman Energy (+8.2%), Alligator Energy (+7.9%), Deep Yellow (+6.8%)
Trading lower
-30.1% Queensland Pacific (QPM) – Capital raise
-18.8% Data#3 (DTL) – Earnings
-12.4% Perenti (PRN) – Earnings
-12.1% Australian Clinical Labs (ACL) – Earnings
-11.2% Kogan (KGN) – Earnings
-8.0% Alumina (AWC) – Earnings
-7.1% Coles (COL) – Earnings
-5.3% G8 Education (GEM) – Earnings
-4.9% Nanosonics (NAN) – Earnings
-4.1% ARB Corp (ARB) – Earnings
-3.9% IRESS (IRE) – Downgraded by multiple brokers
-2.9% Breville Group (BRG) – Downgraded by multiple brokers
UBS’ take on some of today’s results:
G8 Education (GEM) – Neutral with $1.28 target ($1.14 at 21 Aug close)
“Positive improvement throughout half in dealing with labour shortage impacted centres (46 down to 7), together with good cost control and inc. $2m (FY) benefit from exited centres - which should help seasonally stronger 2H23.”
Hub24 (HUB) – Buy with $30.00 target ($28.03 at 21 Aug close)
“Looks like a positive update overall. Revenues and earnings are below UBSe but ahead of consensus. Cost growth slightly better than our forecast. DPS is ahead of our forecast and $50m buyback announcement.”
“FUA guidance has been pushed out and lifted to $92-100bn by FY25 (UBSe $91.7bn). Previous FY24 FUA guidance ($80-89bn) looked stretched to us, but FY25 likely benefits from EQT transitions of $4bn over the next 18 months.”
Monadelphous (MND) – Neutral with $13.40 target ($13.26 at 21 Aug close)
“FY23 earnings in line with UBSe/Cons, with outlook commentary and order book momentum suggesting a return to revenue growth in FY24.”
“Solid FY23 result, in line with market expectations. Construction revenue growth and margin delivery are key swing factors into FY24, with Monadelphous noting a progressive ramp-up in activity across the year.”
Scentre Group (SCG) – Neutral with $2.80 target ($2.64 at 21 Aug close)
“Health of the portfolio is robust with improving occupancy (+0.2% to 99%) and specialty occupancy costs of ~16% (18% in 2019).”
“FFO beat of 6.5% with no change to guidance suggest one-offs in 1H Net operating income and debt costs to be a headwind in 2H.”
Get the latest news and insights direct to your inbox
Create an account to receive our concise, data-driven post-market recap, sent directly to your inbox, every day.
Along with the Evening Wrap, you'll join 100k+ investors who receive our Morning Wrap and Weekend Newsletter.
Subscribe Now Sign Up FreeAlready have an account? Log in