PRE-MARKET AUSTRALIAN STOCKS NEWS: Myer (MYR AT) H1 (AUD) net rose 33% Y/Y to 40.3mln, rev. rose 28% Y/Y to 1.88bln
Domain Holdings Australia (DHG AT) - Co. will attempt to undercut REA Group’s annual price increases as its new US owner seeks to gain market share. (AFR)
Downer EDI (DOW AT) - Co. was awarded a AUD 500mln Stockland partnering agreement with a five-year term plus a five-year extension to deliver integrated facilities management services across operational assets in four states. (Dow Jones Newsplus)
Myer (MYR AT) - Co. H1 (AUD) net rose 33% Y/Y to 40.3mln, rev. rose 28% Y/Y to 1.88bln, dividend 0.015, sales rose 1.7% Y/Y at start of fiscal H2. (Dow Jones Newsplus)
Reece (REH AT) - Co. is increasing the price of plastic pipes by more than a third from next month, citing a sharp rise in costs due to the Iran conflict. (AFR)
Broker Ratings/Price Target
- Collins Foods (CKF AT) downgraded to Neutral from Buy, price target cut 19% to AUD 10.45/shr by Citi.
- Goodman Group (GMG AT) price target cut 11% to AUD 36.73/shr by Morgan Stanley.
- Guzman Y Gomez (GYG AT) price target cut 9% to AUD 11.20/shr by Morgan Stanley.
- Harvey Norman (HVN AT) price target cut 10% to AUD 5.40/shr by Morgan Stanley.
- Insurance Australia Group (IAG AT) cut to Underperform from Equalweight, price target cut 12% to AUD 6.60/shr by Morgan Stanley.
- JB Hi-Fi (JBH AT) price target cut 6% to AUD 70.70/shr by Morgan Stanley.
- Super Retail Group (SUL AT) price target cut 8% to AUD 12.50/shr by Morgan Stanley.
- Wesfarmers (WES AT) price target cut 8% to AUD 79.30/shr by Morgan Stanley.
Myer's strong H1 results, with a 33% increase in net profit and a 28% rise in revenue, suggest solid operational performance and potentially positive momentum heading into H2. The dividend declaration also reflects confidence in sustaining returns, which could position Myer favorably against sector peers dealing with analyst downgrades and price target cuts.