Reporting Season Calendar

Reporting season First Half 2021

Scroll through the table below for individual reporting dates, our stock recommendations and our company comments.

Our research team has also released the Morgans Reporting Season Playbook. This is a must-read report, with detailed analysis and expectations for the 184 stocks under coverage that report this February. The analysts also call out potential surprise and disappoint candidates.

For further detailed analysis on company results that have been released to date, visit:

Upcoming results

Date Company ASX Rating Comments
25/02/2021 Atlas Arteria ALX HOLD ALX will publish December quarter data on 27 January, providing clarity on FY20 revenue. We expect EBITDA on both the APRR (ALX 31%) and Dulles Greenway (ALX ~100% economic interest) to decline materially.
25/02/2021 TPG Telecom Ltd TPG ADD We forecast FY20 Pro-Forma EBITDA of $1.8bn which is down 6% yoy. Our Pro-Forma forecasts assume 12 months as a merged entity. 
25/02/2021 The A2 Milk Company A2M ADD Our forecast is in line with guidance. A2M has been impacted by pantry destocking, weak sales to the daigou channel in Australia, sales through the CBEC channel slowed post China’s Singles Day and adverse FX.
25/02/2021 Aerometrex AMX ADD Expect 18% revenue growth with half of this from the acquisition of the domestic Spookfish operations. We expect operating cost growth to lag revenue growth in 1H21, but may be underestimating the company’s desire to invest in product to drive the medium-longer term growth profile.  
25/02/2021 Aventus Group  AVN ADD We expect guidance to be reiterated. A 2QFY21 distribution of 4.2c has been declared and due to be paid on 24 February.
25/02/2021 Cardno CDD ADD We expect CDD to report a solid 1H21 result which will benefit from the continuation of a high margin project in the Americas division from FY20. We don’t forecast a dividend due to the preference for share buybacks.
25/02/2021 Cromwell Property Group CMW HOLD Focus will be on outlook comments; reiteration of FY21 distribution guidance given loss of MD/board changes; strategy given recent board changes (EGM on 12 February following a successful spill motion at the AGM); and update on potential CEO appointment (CFO Michael Wilde is currently Acting CEO).
25/02/2021 Flight Centre Travel FLT HOLD We forecast a large 1H loss (post AASB 16). The 1H is impacted by a full period of COVID travel restrictions vs none in the pcp.
25/02/2021 Generation Development Group GDG ADD We are forecasting 1H21 revenue of A$8.9m (+28% growth on pcp) and an underlying NPAT of A$1.1m.  We forecast a 1H21 dividend of 1cps.
25/02/2021 Japara Healthcare JHC HOLD Following the second COVID wave in Victoria (where JHC has 33 of its 50 homes) and subsequent lock downs, 1HFY21 is forecast to generate a net loss of A$3.0m.
 25/02/2021 Link Administration Holdings  LNK HOLD Given LNK’s investor day was in early December, we think it’s likely revenue and NPATA results will be in-line with guidance. A 1H21 NPATA of A$57m would be down ~30% on the pcp. We forecast a 1H21 DPS of A$ 4cps.
25/02/2021 Paradigm Biopharmaceuticals PAR REDUCE Pre-revenue. Financials (cash burn / balance) provided in 2Q21 cashflow report. HY reports typically provide no commentary.
25/02/2021 QUBE Holdings QUB REDUCE Some parts of QUB’s business was impacted by COVID19 during the period. Our 1H21 forecasts target underlying NPATA to decline by -8% on the pcp, a much improved result over the -33% decline on the pcp in 2H20.
25/02/2021 Regis Resources RRL ADD After production challenges in the first quarter, we expect the first half to be slightly below expectations compared to RRL’s annual production forecast. The gold price has remained strong, so we still expect strong earnings, with a forecast revenue of A$397m (+7%) and EBITDA of A$196m (+8%) in 1H21F.
25/02/2021 Universal Store UNI ADD Guidance only recently provided, so the key news for the market will be the early 2H21 trading update (LFL sales), general margin comments and outlook for resumption of the store rollout. UNI will cycle a weak pcp in 2H20.
25/02/2021 Wagners WGN ADD Following its positive AGM update in late October, we expect WGN to again deliver a sequential improvement in earnings (half-on-half) and forecast 1H21 underlying EBIT of A$9.0m. Key 1H earnings drivers include: a return to normalised cement volumes; acceleration of quarry volumes for the Carmichael Mine contract; and increased concrete volumes, with the non-repeat of start-up costs incurred in the pcp. We also expect an increased contribution from NGBM.  
25/02/2021 Youfoodz
YFZ ADD We expect a solid result, with the group expected to deliver 14% revenue growth reflecting active customer and average order growth yoy. Given the group listed in December, we do not expect the 1H21 result to be a specific catalyst, other than to show the group is on track to achieving FY21 forecasts. We note YFZ will provide its quarterly cashflow disclosure on 25 January. 
25/02/2021 Earlypay EPY ADD We expect: 1) NPATA down 26%; 2) EBITDA relatively flat on pcp; 3) gross margin of 1.62% (although we won’t be surprised if it’s lower than our forecast given EPY’s recent commentary on lower drawn funds). 
25/02/2021 MAAS Group MGH ADD MGH did not provide historical pro forma half-year results in its prospectus. Based on a 40% 1H21 skew, we forecast pro forma underlying EBITDA of A$30.0m, which should illustrate reasonable growth on the pcp. Key 1H drivers are a strong result from the Real Estate segment and solid performance from the Plant Hire & Civil business. Following the reporting of flat EBITDA in the first 2-months of FY21 in its prospectus, we think the delivery of 1H21 growth should be well received.   
25/02/2021 Ramsay Health Care RHC HOLD We expect surgical restrictions, regional outbreaks and lower demand for some services, combined with higher costs associated with operating in the current environment, will have a negative impact on results. 
25/02/2021 Zip Co Z1P ADD We forecast 1H21 revenue of A$162m and an 1H21 NPAT loss of A$25m. 
26/02/2021 Dalrymple Bay Infrastructure DBI ADD Our forecast is in-line with the prospectus proforma forecast.
26/02/2021 ImexHS IME SPEC BUY Expecting a beat to our sales forecasts. We are set at the lower end of the range although a number of late-year one-off sales may provide a beat to our numbers.  
26/02/2021 Waypoint REIT WPR ADD We expect CY21 guidance will be provided. A final 7.73c distribution has been declared and due to be paid on 26 February. 
26/02/2021 Australian Finance Group AFG HOLD We are forecasting 1H21 reported NPAT of A$23.2m and a fully franked final dividend of A5.8cps.
26/02/2021 Central Petroleum CTP HOLD Our 1H21F forecast is for gas sales volumes to continue lagging capacity given weak demand conditions. There is some potential for a positive surprise given the improvement in domgas market conditions that occurred as the half progressed. We still expect 1H21F to be the low point for earnings.
26/02/2021 Karoon Energy KAR ADD The maiden earnings result for KAR after settling the Bauna acquisition. A short quarter post settlement, and potential timing of cargos, could see a range of outcomes in this first half. Of greater importance will be the 2021 guidance set in the result, that will give greater look through on field economics.
26/02/2021 Motorcycle Holdings MTO HOLD We forecast 1H21 EBITDA of A$25m (includes cA$6m of JobKeeper), with risk to the upside. Comments around early 2H21 trading conditions, outlook for inventory and strong balance sheet position will be of key interest. 
26/02/2021 People Infrastructure PPE ADD We expect PPE to report a strong 1H21 result which will be driven by ongoing customer demand following states re-opening post COVID related shutdowns.
26/02/2021 Reece REH HOLD We forecast 1H21 underlying EBITDA to be up 1% to A$315.6m. This is on the back of positive sales growth in both ANZ and the US and an incremental 3-month contribution from the acquisition of Todd Pipe (plumbing supply wholesaler in Southern California) in October 2019, partially offset by lower margin due to ongoing investments in labour and digital in the US.
26/02/2021 ResApp Health RAP SPEC BUY No surprises given quarterly reporting. Focus will remain on commentary regarding commercialisation deals in Europe and Australia and building up revenue streams from its two products in the market.
26/02/2021 Control Bionics CBL SPEC BUY We are forecasting a net loss of A$1.5m for 1H21.
 TBA Kina Securities KSL ADD We expect a relatively solid KSL FY20 result, with the PNG economy remaining open in the face of COVID.   We forecast a FY20 normalised NPAT of PGK75m (~+25% on pcp) and a 2H20 DPS of A6cps (~24 toea). 
 TBA Palla Pharma PAL ADD We expect improving financial metrics from 2H20, but FY20 could disappoint. 
TBA Icar Asia ICQ HOLD We expect a result largely in line with 2H19 in 2H20, with some weakness in Thailand and the impact of currency on A$ reporting (all currencies have depreciated) offset by the full period contribution of the Carmudi Indonesia acquisition. 
TBA Afterpay Touch APT HOLD We forecast 1H21 revenue of A$473m (Bloomberg consensus A$373m) and 1H21 NPAT of A$5m (Bloomberg consensus of A$21m). 
TBA APN Convenience Retail REIT AQR ADD We don’t expect any surprises with the result given FY21 guidance was recently reiterated. 
TBA Genex Power GNX SPEC BUY We are forecasting KS1 production of 64.5GWh in the first half which we estimate will give rise to 1H21 EBIT of $2.7m depending on the timing of a $2.5m settlement from UGL.
TBA Isentia ISD HOLD We forecast an ~18% yoy revenue reduction and a material yoy decline in profitability. 1H21 will be impacted by competitive pricing (contract repricing from twelve months ago) and the Cybersecurity incident. Excluding the Cybersecurity incident, we are forecasting a small yoy increase in EBITDA. 
TBA Mitchell Services MSV SPEC BUY We expect MSV to meet our 1H expectations, particularly as financials are reported quarterly. Capital management is coming into focus as MSV approaches net cash by end CY22.
TBA Novonix NVX HOLD We forecast EBIT of -A$5.1m in 1H21. We expect to see significantly reduced share-based compensation compared to 2H20.
TBA Over The Wire OTW ADD Our prior forecasts were for $12m EBITDA in 1H21 but we reduced these to $10.5m in December 2020 following OTW’s trading update. We now forecast $4.5m NPATA and a 1.8cps interim dividend. 
TBA PTB Group  PTB ADD We expect a muted response to the first half result. The company announced in mid-December that it expected a strong earnings and cash boost in 1H21 from a property sale and we’re not expecting any other major surprises.
TBA Ramelius Resources  RMS ADD We expect a healthy result from RMS, with the company already reporting it has exceeded its production forecast and the gold price remaining strong compared to the first half of FY20. We forecast revenue of A$324m (+105%) and EBITDA of A$166m (+259%) for the half.
TBA Red 5 RED ADD With declining feed to the aging Darlot mill from King of the Hills as management prepare for project development, we expect a weaker quarter of revenue and profit from RED. We forecast revenue of A$90m (-15%) and EBITDA of A$12m (-54%) in 1H21.
TBA Sandfire Resources SFR HOLD We expect SFR to broadly meet market expectations for 1H21. Earnings are reasonably predictable given SFR is a single mine producer reporting production and costs via quarterly reports. We expect a modest dividend.
TBA Seek SEK HOLD Domestic listing volumes down ~19% in 1H21, despite marked improvement throughout the period. We assume less pronounced revenue impact (~15%) from pricing increases, mix and increased depth penetration. Flat Zhaopin (ZP) online revenues on pcp, but overall ZP rev down ~13% from reclassification of mainly pass-through rev. A continued investment focus sees minor dilution of margins.  
TBA Sonic Healthcare SHL ADD We expect a strong result, underpinned by COVID testing across all key geographies more than offsetting weakness in the base business (ie non-COVID testing). 

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Disclaimer: The information contained in this calendar 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.