Best calls to action – Wednesday, 15 February
About the author:
- Author name:
- By Andrew Tang
- Job title:
- Analyst - Equity Strategy
- Date posted:
- 15 February 2023, 6:30 AM
- Sectors Covered:
- Equity Strategy and Quant
CSL (ASX:CSL) - 1H mixed - positive momentum, broadening portfolio
1H results were mixed, with underlying constant currency (cc) profit a little light (+9%), but on strong, in-line revenue growth (+25%). Record plasma collections (+36%) propelled plasma products (Ig, +19%) and Behring sales (+11%), while Seqirus posted high-single digit growth despite reduced immunisation rates, and newly acquired Vifor was solid (+15%).
Soft Behring GPM (-0bp; .1%) continues to reflect inflationary pressures, a long inventory cycle and higher plasma collection costs during COVID.
FY23 guidance (NPATA +13-18%) was reaffirmed, implying a solid 2H (+20%+ at mid-point), despite Seqirus unfavourable seasonality, as plasma costs continue to improve, Vifor contributes fully and Hemgenix US launch is imminent. Modest FY23-25 adjustments and multiple roll forward sees PT at (login to view). Add.
Read our full reports and latest price targets on ASX:CSL here.
Nanosonics (ASX:NAN) - Upgrade ahead of results
We are using the recent share price volatility to move our recommendation up to Add (from Hold). The recent trading update in January demonstrated to us that the direct sales model is working successfully. The upgraded guidance provided has been reflected in our and consensus forecasts.
We have made no changes to forecasts and expect no surprises at the 1H23 results on 23 February. The current share price provides investors with ~15% upside to our unchanged target price of (login to view).
Read our full reports and latest price targets on ASX:NAN here.
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Disclaimer: Analyst may own shares. The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.