Ideas

Following a strong FY21 result, we have updated our forecasts for the FY21 result and acquisition, and rolled forward our model. Our PT for City Chic Collective increases to $6.60 (previously $4.90), and we retain our Buy rating.

Ahead of an anticipated strong 3Q21, ANZ should expect these to be the same on 18 August 2021: 1) statutory NPAT ~$1.3bn; 2) cash profit (continuing) ~$1.3bn; and 3) cash profit (continuing and exlarge notable items) ~$1.3bn.

Senex Energy finished FY21 with total production within company guidelines, plateaued production, full year revenue in line with our estimate and a net cash position falling to $26m (from $36m).

The 4Q21 update reveals continued heightened demand for consumer electronics and home appliance/entertainment products. Based on valuation on a normalised base and increased near-term uncertainties (as a result of COVID), we retain our Hold rating for JB Hi-Fi.

We've retained our Hold recommendation for FMG, and have updated our commodity price and foreign exchange rate forecasts, including the mark-to-market for FY21 of our benchmark iron ore price.