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Mid-Cap

Surge in Aristocrat Leisure, Myer Holdings and Fairfax

May 13, 2016 | Team Kalkine
Surge in Aristocrat Leisure, Myer Holdings and Fairfax

 
Aristocrat Leisure Limited

ALL Details
  • Expects a better than estimated first half performance: Aristocrat Leisure Limited (ASX: ALL) rallied over 10.49% on May 12, 2016 as the group reported a better than forecasted first half of 2016 performance. The group estimates to deliver NPATA of over $183 million for the first half of 2016, which is an increase of about 66% on the normalized NPATA. ALL expects its NPATA for second half of the 2016 to also be on a similar note. ALL forecasts a “moderate growth” for its major North American segments and more growth in Digital business. On the other hand, we believe that the solid surge in the stock placed them at higher levels.
  • Recommendation: We give an “Expensive” recommendation on the stock at the current price of $12.295
 
Myer Holdings Ltd


MYR Details
  • Efforts to enhance growth: Myer Holdings Ltd (ASX: MYR) stock reported a decent third quarter performance, offering some respite given the subdued performance by major retailers across the globe. Accordingly, the stock rallied over 6.7% on May 12, 2016. The group reported an overall third quarter of FY2016 sales rise by 2.1% to $675.5 million, and a rise by 3.4% on a comparable store basis. Year to date (YTD) overall sales surged by 1.9% on a yoy basis to $2,470.3 million, while the comparable store basis performance rose by 3.3%.  Management is focusing to improve its customer focus.
  • Recommendation: Despite the above performance, we believe that Myer will be impacted by the ongoing economic conditions and rising competition from online retailers. Moreover the group is trading at unreasonable valuations with a high P/E. We give an “Expensive” recommendation on this stock at the current price of $1.21
 
Fairfax Media Limited


FXJ Details
  • Potential merger: Fairfax Media Limited (ASX: FXJ) stock surged over 8.72% on May 12, 2016 as the group reported a possible merger with APN News & Media Limited’s New Zealand business. APN also announced a fully underwritten 1 for 3 accelerated renounceable entitlement offer to raise over $180 million.
  • Recommendation: We maintain a “Buy” recommendation on this dividend yield stock at the current price of $0.91

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