Equities

In the latest ETF Report we discuss the integration of Ethical, Social and Corporate Governance considerations through Exchange-Traded Funds (ETFs).

SM1 have downwardly revised FY23e NPAT expectations relative to market expectations ahead of its 1H23e result. We have downgraded our target price to A$3.20ps (prev. A$4.00ps).

We have transferred GNP analyst coverage and maintain our Buy recommendation with a Target Price of $1.18/sh (previously $1.72/sh).

NIC reported its CY22 full year financial result delivering record production and financial performance. We retain a Buy rating on the stock.

In the latest ETF Report we discuss value for alternatives to long Treasuries that can be derived by combining a number of stylised Exchange-Traded Funds (ETFs).

Overall SVR released a good set of figures showing a 13.1% increase in gross loans, and top line growth of 13.5% in revenue, with EBITDA up 16.2% to $56.7m and above expectations.