澳洲股票讨论帖(持续更新)

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DJS基本见底, HOLD 的不错。
thanks a lot, study
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NXS今天走势不错。。。
0000000000
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Fortescue Awaiting The Re-Rating
FNArena News - October 18 2011

The September quarter production report from Fortescue Metals ((FMG)) has been well received by the market, with both tonnes and costs coming in either in-line or better than most expectations. Total ore shipments for the period were 12.4 million tonnes at a unit cost of around US$50 per tonne. The only disappointment was a slightly lower than expected achieved price of US$160 per tonne.

Post the production report brokers have made minor changes to earnings estimates, UBS the most significant in lifting its net profit after tax estimate for FY12 by 6%. Consensus forecasts in earnings per share (EPS) terms stand at US72.3c in FY12 and US78.1c in FY13.

Along with the production report, management has expressed confidence in being able to maintain an annualised production rate of 55 million tonnes per annum. Citi estimates this equates to shipments for the December quarter of 13.5-14 million tonnes.

According to BA Merrill Lynch, Fortescue is likely to have surplus port capacity by the end of this year, this due to the installation of a second ship loader and third loading berth. This presents an opportunity to truck additional material from site or via third parties. This will allow Fortescue to bypass the current train unloader bottleneck, which suggests potential additional throughput of several million tonnes.

The September quarter also saw Fortescue's capital commitments for the planned expansion to output of 155 million tonnes per year increase by a little more than 50% to US$4.3 billion. Macquarie expects total capex for the rest of FY12 of around US$4.6 billion, offset by operating cash flow for the year of around US$3.6 billion.

For Macquarie this means Fortescue won't need to raise debt in the shorter-term for the next stage of the expansion process. An amount in the order of US$5.2 billion will be spent on capex in FY13 on the broker's estimates.

Goldman Sachs noting the project expansion budget of US$8.4 billion overall remains essentially unchanged, with financing for US$1.0-US$1.5 billion of this budget expected to be finalised by the end of the year.

As RBS Australia points out, the market at present is placing a large discount on Fortescue's expansion plans. This presents an opportunity, as the project moving from concept to reality over the next 12-18 months should see this discount unwind.

While a weak macro environment presents some headwinds there remains value in Fortescue at current levels, suggest stockbrokers. This view is backed up by a perfect 8-for-8 Buy ratings among brokers in the FNArena database. Goldman Sachs is not in the database but also rates Fortescue as a Buy.
UBS explains the value argument clearly, pointing out on its forecasts Fortescue is trading on an earnings multiple of 6.0 times in FY13 and at a 35% discount to net present value. The positive views of brokers also reflect Fortescue's very high leverage to iron ore demand, as well as improving bond market conditions that should assist in sourcing needed funds for expansion.

The consensus price target according to the FNArena database stands at $7.76, with targets ranging from $7.25 for BA-ML to $9.00 for JP Morgan.
Shares in Fortescue today are weaker in a generally weak market. As at 11.25am the stock was down 42c at $4.69. This compares to a trading range over the past 12 months of $3.95 to $7.34, the current share price implying upside of better than 60% to the consensus price target in the FNArena database.
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北京时间10月21日晚间消息,周五美国股市高开。欧盟峰会在即,投资者们对欧盟领袖弥合欧债危机解决方式方面的分歧持谨慎乐观态度。近来经济数据好于预期,使市场得到支持。

美东时间10月21日09:35(北京时间10月21日21:35),道琼斯工业平均指数上涨138.77点,报11,680.55点,涨幅1.20%;纳斯达克综合指数指数上涨26.15点,报2,624.77点,涨幅1.01%;标准普尔500指数指数上涨13.04点,报1,228.43点,涨幅1.07%。

哥本哈根丹麦银行股市策略师莫腾-孔绍格(Morten Kongshaug)表示,市场参与者情绪普遍乐观,希望欧洲各国领袖在未来几天内在支持欧元区债务危机解决方案应对措施方面取得一些进展。

受有关法德两国在如何扩大欧元区救援基金权力上存在分歧、欧盟峰会可能因此延期的传言影响,周四美国股市承压。但法国总统萨科齐与德国总理默克尔证实峰会将在周日如期举行,第二次会议将在周三之前举行,此后美股尾盘反弹。

但经济学家表示,事态波折仍然表明双方存在深刻的分歧,令市场担心欧盟领袖能否制定出安抚投资者焦虑情绪的计划,并且担心债务危机可能失控、进而威胁到全球经济。
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本帖最后由 MC.16 于 2011-10-22 10:57 编辑

美股昨晚是相当的给力啊。。。
希望澳洲周一不要高开低走。
thanks...........................
留名备查,thanks
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gns一代神股,坐等70把
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