Reporting Season

August 2024 coverage

Reporting season always presents tactical opportunities for investors to take advantage of the stock-specific imbalances in risk and return that emerge with the release of earnings. Our Reporting Season Playbook previews the upcoming results of 155 stocks, calling out positive and negative surprise candidates, alongside an overview of the macroeconomic backdrop.

Reporting Season Wrap

We break down the standout performances, highlighting which stocks outperformed and which ones fell short of expectations. We also discuss our "Best Ideas"—stocks that we believe offer the most attractive risk-adjusted returns over the next 12 months, backed by a strong level of conviction. This summary provides key insights into the winners and laggards from this reporting season.

Reporting Season Calendar

Reporting season starts on 31 July 2024 and runs through to the end of August, with almost every company expected to release by 30 August 2024. Our Reporting Season Calendar provides the expected results dates of 155 companies under coverage. As always, the busiest weeks will be the last two weeks of the month. Three-quarters of stocks under our coverage will squeeze their results into the weeks of 19 and 26 August 2024. Note that all results dates are subject to change.

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Reporting Season Playbook

Our Reporting Season Playbook previews the upcoming results for the period to June 2024 of 155 stocks under coverage. In the report, we call out positive and negative surprise candidates and present an overview of the macroeconomic backdrop. The market has weathered the effects of higher interest rates better than expected and while we still expect below-trend growth in FY24, earnings expectations have found a solid base and are forecast to resume positive growth in FY25.

Our key tactical trades in August include GQG Partners, Guzman y Gomez, Lovisa, NextDC, Regal Partners and Qualitas.

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August 2024 sector wraps

Consumer Discretionary: Key Stock Picks

In a challenging environment, we believe strong retailers and franchises can outperform by gaining market share, maintaining cost discipline, and implementing effective pricing, setting them up for better operating leverage when conditions improve.

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Tech, Media, Telco, and Gaming: Key Stock Picks

Get a deeper look at some of the key picks emerging from the reporting season. Gain valuable insights into market trends and investment prospects that could shape their strategies and decisions moving forward.

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Financial Services: Key Stock Picks

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Male and female building inspectors talking with excavators preparing to lay building foundation.

Industrials: Key Stock Picks

Within the context of recent trading performance, implied multiples, and estimated TSR, we call out RPL, QAL and MGH our key picks post results.

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Mining: Key Stock Picks

Most results were thereabouts against expectations which saw the sector perform broadly in line with the index. Top picks are ALQ and CVL.

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Oil & Gas: Key Stock Picks

Oil demand is tracking modestly ahead of expectations, while robust supply is failing to keep pace. We expect the oil market to enter a deficit supply balance during 2H 2024. Forced ranking of our oil-exposed coverage at current share prices: #1 WDS, #2 KAR, #3 BPT, and #4 STO.

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August 2024 sector previews

Consumer Discretionary

Emily Porter Analyst at Morgans, highlights challenges in the discretionary retail sector amid the ongoing cost of living crisis. Despite the weak consumer sentiment and inflation pressures, spending hasn’t plummeted entirely. Our top picks include: Lovisa (LOV), Step One (STP) and Universal Store (UNI).

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Insurance

Morgans Senior Analyst, Richard Coles gives a brief summary on the insurance sector, highlighting QBE Insurance Group Ltd (QBE) as a key stock to keep an eye on. With a positive outlook, QBE is expected to benefit from several tailwinds, potentially boosting its performance in the coming years.

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Infrastructure

Insights from Nathan Lead, Senior Analyst at Morgans. Nathan Lead highlights four key stocks in the infrastructure sector that are worth watching this August reporting season: Transurban Group (TCL), APA Group (APA), Aurizon Holdings Ltd (AZJ) and Cleanaway Waste Management (CWY).

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Healthcare

Senior Analyst, Derek Jellinek's top healthcare picks for this reporting season are in. ResMed (RMD) share price has recovered more than 30% from Sept-23 lows, volatility is likely to remain as the market is fixated on the potential impact of obesity drugs. CSL Limited (CSL) is on track to potentially meet their targets for the year with solid growth predictions for FY25.

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Technology

Senior Analyst, Nick Harris, shares his latest insights on the tech sector, highlighting the buzz around AI and its significant impact. Despite the hype, valuations remain reasonable, and AI is being rapidly integrated to boost efficiency with economically sound decisions. The initial noise around AI is now aligning with fundamental support. Key stocks to watch: NEXTDC (NXT) and Megaport (MP1).

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Telecommunications

Nick Harris, Senior Analyst at Morgans shares his latest insights on the teleco sector, which continues to attract an underweight view, largely dominated by Telstra, the sector's largest operator.

Nick notes these key stocks to watch this reporting season: Superloop (SLC) and Telstra Group (TLS).

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Reporting Season

Reporting Season Wrap

Reporting Season Calendar

Reporting Season Playbook

August 2024 sector wraps

August 2024 sector previews

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