Crown Resorts Ltd

CWN Details
· Stable outlook from S&P: Crown Resorts Ltd (ASX: CWN) crashed over 8.1% on March 01, 2017 as the group traded ex-dividend. On the other hand, S&P Global Ratings reiterated a ‘BBB’ rating with a ‘stable’ outlook for CWN. S&P Global Ratings also reported that the group’s performance was as expected and the weak VIP turnover was also forecasted. The group also built a strong balance sheet and got $800 million from MCE sell down to cut the debt. Meanwhile, the group’s CEO, Rowen Craigie has quit the group while the Executive Chairman, John Alexander is taking over the role.

· Recommendation: We give a “Hold” recommendation on the stock at the current price of – $ 11.64

Harvey Norman Holdings Ltd

HVN Details
· Softness in market sentiments: Harvey Norman Holdings Ltd (ASX: HVN) stock fell over 5.8% on March 01, 2017 at the back of softening in market sentiments despite decent first half results. The group reported a net profit after tax of $257.29 million during the period against $185.51 million in the prior corresponding period (pcp). Profit before tax surged 39.8% year on year (yoy) to $366.23 million. Profit before income tax (excluding net property revaluation adjustments) surged 20.6% yoy to $290.49 million which is a record performance. On the other hand, the group’s Franchisee sales rose 5.2% to $2.86 billion during the period. Despite decent performance in NSW, outside the eastern states there has been moderation from the levels witnessed one year-ago. Further, margins are considered at cyclical high levels.

· Recommendation: We give an “Expensive” recommendation at the current price of - $ 4.85

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