Equities

CGC reported a 1H21 underlying EBITDASL in line with expectations at $124.4m (BPe $124.0m). In the near term we note reasonable export citrus pricing and strong off season berry pricing trends as supportive of the 2H21e outlook.

BST delivered a strong debut FY21 result that was well ahead of Prospectus forecasts and slightly ahead of the company’s 26th July update. FY21 pro-forma EBITDA (preAASB16) was $71.6m, 18.0% ahead Prospectus & well up on pcp of $27.0m.

Accent Ground (AX1) announced a strong FY21 result, although COVID restrictions/lockdowns in July/August have had a material impact on 1H22. Our 12-month price target reduces to $2.90 (previously $3.30), and we retain our Buy rating on the stock.

After Money3 Corporation (MNY) posted an exceedingly strong FY21 result, we have increased our price target to $4.15ps (previously $3.70ps) and retained our Buy recommendation.

BRG announced underlying FY21 EBIT of $136.4m, up 24.1% YoY (on restated basis) and in line with company guidance. Given supply chain risks and a potential transitional demand outlook, we have decreased our Price Target to $30.50 (previously $32.25) and retained a Hold rating.

CBA has posted a solid result despite the expected pandemic impacts and ongoing lingering uncertainty in operating conditions. There were more positives, i.e. strong core volume growth, overall net interest income, other income, asset quality, capital, funding and liquidity – than negatives, i.e. NIM and operating expenses (perhaps for now) – in the result. The rating is now back to a Buy.