morningstar equities research | march 2015 equity research … · 2019-10-14 · equity research...

Equity Research Coverage | March 2015

Morningstar’s focus on putting the interests of investors first drives the way we produce our timely, independent stock research, and how we select which companies to cover.

Largest independent stock research team in AustraliaA combination of a large local team with strongly-established global connections enriches the insightfulness of the analysis we provide. Our 20 local analysts – the largest independent stock research team serving investors in Australia – are members of a 100-strong global group of analysts and strategists covering over 1,500 companies around the world.

Focus on company attractiveness as investment Investors benefit from our focus on developing differentiated and deep opinions about a company’s valuations, growth prospects, and competitive forces. We determine our coverage of 230 Australian and New Zealand companies on the basis of our assessment of a company’s attractiveness as an investment, and its ability to generate sustainable excess returns on capital – whether or not it has an economic moat.

Timely updatesInvestors also benefit from our focus on timeliness. We publish updated research on every company we cover at least every quarter, and often more frequently as events demand, ensuring our clients always have access to relevant, up-to-date investment ideas.

Insightful, candid, actionable Morningstar does not take commissions on transactions and doesn’t try to “Sell” you stocks –

we focus on providing you with insightful analysis and unbiased assessments.

We use the following guidelines to determine our Australian equity coverage:33 All companies in the S&P/ASX 100 Index.33 Companies in the S&P/ASX 200 Index which

have an economic moat and/or have cash flow which is at least mildly predictable (not those with 'extreme' uncertainty under our framework). As a rough guide, Morningstar will cover at least 80% of S&P/ASX 200 companies (which typically equates to more than 95% of S&P/ASX 200 by market capitalisation). Companies we choose not to cover in this index are usually unattractive for most portfolios, in our opinion.33 About 50 ex-S&P/ASX 200 stocks are selected

on Morningstar’s judgement of each security's investment merit − which includes a very strong lean towards high-quality companies with sustainable competitive advantages, or economic moats.

New Zealand coverage guidelines:33 The majority of the NZX15 Index.33 10–15 ex-NZX15 Index stocks selected on

our judgement of each security's investment merit.

Morningstar’s other analyst teams also provide in-depth, actionable research and recommendations on 4,500 managed funds, 34 ASX-listed exchange-traded funds, 13 listed investment companies, and 48 income securities. All this and more is available on Morningstar.com.au. K

Joel BloomerHead of Asia-Pacific Equity & Credit Research

Research Coverage of Total ASX (Market Cap)

Morningstar All Ordinaries

Research Coverage of ASX 200 (Market Cap)

Morningstar ASX 200

Research Coverage of Total NZX (Market Cap)

Morningstar Total NZX

95% 99% 79%

Peter WarnesHead of Equities Research

David Ellis, CFA

Sector Head: Financials, Infrastructure, Insurance, Property

Mathew HodgeSector Head: Basic Materials, Energy

Ross MacMillan, CA

Sector Head: Industrials

Daniel Mueller, CA, CFA Sector Head: Consumer

Morningstar Equities Research | March 2015

Contact DetailsTel: 1800 03 44 55Email: [email protected]: Lvl 36, 264 George St Sydney NSW 2000www.morningstar.com.au

2 Equity Research Coverage Morningstar Equities Research | March 2015 3

Morningstar Sector ASX Code Company ameS&P/ASX

100S&P/ASX

200S&P/ASX

Small OrdsMarket Cap (A$m)

11 Mar 2015 Morningstar Analyst

Consumer Discretionary AGI Ainsworth Game Technology Limited G G 873.2 Brian Han

ARP ARB Corporation Limited G G 953.8 Farina Parsons

AAD Ardent Leisure Group G G 1,087.8 Brian Han

ALL Aristocrat Leisure Limited G G 4,614.2 Brian Han

AHE Automotive Holdings Group Limited G G 1,287.0 Farina Parsons

BRG Breville Group Limited G G 986.1 Farina Parsons

CWN Crown Resorts Limited G G 11,224.6 Brian Han

DMP Domino's Pizza Enterprises Limited G G 3,081.6 Farina Parsons

EGP Echo Entertainment Group Limited G G 3,624.7 Brian Han

FXJ Fairfax Media Limited G G 2,287.3 Brian Han

FLT Flight Centre Travel Group Limited G G 4,315.0 Farina Parsons

GEM G8 Education Limited G G 1,411.5 Farina Parsons

GUD GUD Holdings Limited G G 567.5 Daniel Mueller

HVN Harvey Norman Holdings Ltd G G 5,031.0 Farina Parsons

IVC InvoCare Limited G G 1,512.9 Chris Kallos

JBH JB Hi-Fi Limited G G 1,743.1 Farina Parsons

KMD Kathmandu Holdings Limited G G 294.2 Farina Parsons

MYR Myer Holdings Limited G G 995.7 Farina Parsons

NVT Navitas Limited G G 1,778.7 Farina Parsons

NWS News Corporation G G 884.8 Brian Han

NEC Nine Entertainment Co. Holdings Limited G G 1,955.8 Brian Han

PBG Pacific Brands Limited G G 408.2 Farina Parsons

PMV Premier Investments Limited G G 1,849.0 Farina Parsons

REA REA Group Ltd G G 6,247.2 Gareth James

SWM Seven West Media Limited G G 1,568.7 Brian Han

SKT Sky Network Television Limited G G 2,124.7 Nachiket Moghe, CFA

SKC SkyCity Entertainment Group Limited G G 2,332.3 Brian Han

SGH Slater & Gordon Limited G G 1,525.6 Farina Parsons

SXL Southern Cross Media Group Limited G G 794.6 Brian Han

SGN STW Communications Group Limited G G 278.6 Brian Han

SUL Super Retail Group Limited G G 1,858.0 Farina Parsons

TAH Tabcorp Holdings Limited G G 3,537.3 Brian Han

TTS Tatts Group Limited G G 5,768.6 Brian Han

TEN Ten Network Holdings Limited G G 631.4 Brian Han

VRL Village Roadshow Limited G G 863.0 Brian Han

Consumer Staples AHY Asaleo Care Limited G G 1,050.0 Farina Parsons

CCL Coca-Cola Amatil Limited G G 8,048.2 Farina Parsons

GNC Graincorp Limited G G 2,229.1 Gareth James

MTS Metcash Limited G G 1,369.3 Gareth James

TWE Treasury Wine Estates Limited G G 3,445.2 Farina Parsons

WES Wesfarmers Limited G G 49,366.4 Gareth James

WOW Woolworths Limited G G 37,983.1 Gareth James

Current Coverage – S&P/ASX 200



100S&P/ASX

200S&P/ASX



Energy AWE AWE Limited G G 641.6 Mark Taylor

BPT Beach Energy Limited G G 1,329.9 Mark Taylor

CTX Caltex Australia Limited G G 10,114.2 Mark Taylor

OSH Oil Search Limited G G 11,937.9 Mark Taylor

ORG Origin Energy Limited G G 13,530.2 Gareth James

STO Santos Limited G G 7,702.1 Mark Taylor

WHC Whitehaven Coal Limited G G 1,677.6 Mathew Hodge

WPL Woodside Petroleum Limited G G 28,968.7 Mark Taylor

WOR WorleyParsons Limited G G 2,480.5 Ross MacMillan

Financials ABP Abacus Property Group G G 1,591.4 Tony Sherlock

AMP AMP Limited G G 19,343.6 David Ellis

ASX ASX Limited G G 8,198.8 Nathan Zaia

ANZ Australia & New Zealand Banking Group Ltd G G 97,888.0 David Ellis

AOG Aveo Group G G 1,303.7 Tony Sherlock

BOQ Bank of Queensland Limited G G 5,108.4 Nathan Zaia

BEN Bendigo and Adelaide Bank Limited G G 5,709.1 Nathan Zaia

BWP BWP Trust G G 1,946.4 Adrian Atkins

CGF Challenger Limited G G 3,982.4 Nathan Zaia

CHC Charter Hall Group G G 1,796.7 Tony Sherlock

CQR Charter Hall Retail REIT G G 1,697.5 Tony Sherlock

CBA Commonwealth Bank of Australia G G 147,686.0 David Ellis

CMW Cromwell Property Group G G 2,007.1 Adrian Atkins

DXS Dexus Property Group G G 7,244.3 Adrian Atkins

FDC Federation Centres G G 4,311.5 Tony Sherlock

FXL FlexiGroup Limited G G 1,128.2 Nathan Zaia

GMA Genworth Mortgage Insurance Aust Limited G G 2,145.0 Nathan Zaia

GMG Goodman Group G G 11,237.0 Tony Sherlock

GPT GPT Group G G 8,469.4 Tony Sherlock

HGG Henderson Group PLC G G 3,842.1 Sebastien Pigeon

IAG Insurance Australia Group Limited G G 14,026.3 David Ellis

IOF Investa Office Fund G G 2,517.6 Adrian Atkins

IFL IOOF Holdings Limited G G 3,181.4 Nathan Zaia

LLC Lend Lease Group G G 9,882.1 Tony Sherlock

MQG Macquarie Group Limited G G 24,445.7 David Ellis

MFG Magellan Financial Group Limited G G 3,084.5 David Ellis

MPL Medibank Private Limited G 6,829.9 David Ellis

MGR Mirvac Group G G 7,653.2 Tony Sherlock

NAB National Australia Bank Limited G G 91,929.1 David Ellis

NVN Novion Property Group G G 7,939.2 Adrian Atkins

OFX OzForex Group Limited G G 592.8 Nathan Zaia

PPT Perpetual Limited G G 2,494.1 Nathan Zaia

PTM Platinum Asset Management Limited G G 4,721.7 Nathan Zaia




100S&P/ASX

200S&P/ASX



QBE QBE Insurance Group Limited G G 18,331.2 David Ellis

SCG Scentre Group G G 20,924.5 Tony Sherlock

SCP Shopping Centres Australasia Property Group G G 1,298.4 Tony Sherlock

SGP Stockland G G 11,123.7 Tony Sherlock

SUN Suncorp Group Limited G G 17,433.4 David Ellis

WFD Westfield Corporation G G 20,448.4 Tony Sherlock

WBC Westpac Banking Corporation G G 117,568.3 David Ellis

Health Care ANN Ansell Limited G G 3,972.4 Chris Kallos

COH Cochlear Limited G G 5,081.4 Chris Kallos

CSL CSL Limited G G 44,332.9 Chris Kallos

GXL Greencross Limited G G 981.9 Farina Parsons

HSO Healthscope Limited G G 5,265.6 Chris Kallos

MSB Mesoblast Limited G G 1,228.7 Chris Kallos

PRY Primary Health Care Limited G G 2,550.4 Chris Kallos

RHC Ramsay Health Care Limited G G 13,838.5 Chris Kallos

RMD ResMed Inc. G G 12,087.0 Chris Kallos

SIP Sigma Pharmaceuticals Limited G G 1,027.8 Chris Kallos

SRX Sirtex Medical Limited G G 2,023.2 Chris Kallos

SHL Sonic Healthcare Limited G G 7,927.7 Chris Kallos

VRT Virtus Health Limited G G 604.3 Chris Kallos

Industrials ALQ ALS Limited G G 2,349.8 Ross MacMillan

AIO Asciano Limited G G 6,164.4 Ross MacMillan

AZJ Aurizon Holdings Limited G G 10,216.1 Ross MacMillan

BKN Bradken Limited G G 378.0 Ross MacMillan

BXB Brambles Limited G G 17,699.1 Tim Mann

CAB Cabcharge Australia Limited G G 621.4 Daniel Mueller

CDD Cardno Limited G G 548.0 Tim Mann

DOW Downer EDI Limited G G 1,933.2 Ross MacMillan

GWA GWA Group Limited G G 766.3 Tim Mann

LEI Leighton Holdings Limited G G 7,423.4 Ross MacMillan

MQA Macquarie Atlas Roads Group G G 1,693.2 Adrian Atkins

MMS McMillan Shakespeare Limited G G 985.8 Gareth James

MIN Mineral Resources Limited G G 1,415.8 Mathew Hodge

MRM MMA Offshore Limited G G 300.5 Tim Mann

MND Monadelphous Group Limited G G 919.8 Ross MacMillan

QAN Qantas Airways Limited G G 6,303.5 Ross MacMillan

QUB Qube Holdings Limited G G 3,036.8 Ross MacMillan

REC Recall Holdings Limited G G 2,459.2 Ross MacMillan

SAI SAI Global Limited G G 908.5 Gareth James

SEK SEEK Limited G G 5,948.0 Gareth James

SVW Seven Group Holdings Limited G G 2,207.1 Tim Mann

SKE Skilled Group Limited G G 330.3 Tim Mann




100S&P/ASX

200S&P/ASX



SPO Spotless Group Holdings Limited G G 2,284.4 Tim Mann

SYD Sydney Airport G G 11,635.1 Adrian Atkins

TOL Toll Holdings Limited G G 6,335.0 Ross MacMillan

TME Trade Me Group Limited G G 1,515.9 Nachiket Moghe, CFA

TSE Transfield Services Limited G G 735.4 Ross MacMillan

TPI Transpacific Industries Group Ltd G G 1,216.4 Tim Mann

TCL Transurban Group G G 17,881.1 Adrian Atkins

UGL UGL Limited G G 270.6 Ross MacMillan

VED Veda Group Limited G G 2,037.8 Nathan Zaia

Materials ABC Adelaide Brighton Limited G G 2,917.2 Tim Mann

AWC Alumina Limited G G 4,967.0 Mark Taylor

AMC Amcor Limited G G 17,183.2 Tim Mann

ARI Arrium Limited G G 572.8 Mathew Hodge

BHP BHP Billiton Limited G G 104,829.6 Mark Taylor

BSL BlueScope Steel Limited G G 2,639.6 Mathew Hodge

BLD Boral Limited G G 4,766.9 Tim Mann

CSR CSR Limited G G 1,953.2 Tim Mann

DLX DuluxGroup Limited G G 2,428.4 Mathew Hodge

FBU Fletcher Building Limited G G 5,709.2 Tim Mann

FMG Fortescue Metals Group Ltd G G 6,694.7 Mathew Hodge

ILU Iluka Resources Limited G G 3,370.5 Mathew Hodge

IPL Incitec Pivot Limited G G 6,652.2 Mark Taylor

IGO Independence Group NL G G 1,276.7 Mathew Hodge

JHX James Hardie Industries Plc G G 6,711.8 Tim Mann

MGX Mount Gibson Iron Limited G G 245.4 Mathew Hodge

NCM Newcrest Mining Limited G G 10,179.3 Mathew Hodge

NUF Nufarm Limited G G 1,926.2 Gareth James

ORI Orica Limited G G 7,633.8 Mark Taylor

ORA Orora Limited G G 2,859.8 Tim Mann

OZL OZ Minerals Limited G G 1,125.9 Mathew Hodge

PGH Pact Group Holdings Ltd G G 1,279.5 Tim Mann

PNA PanAust Limited G G 805.9 Mark Taylor

RRL Regis Resources Limited G G 699.7 Mark Taylor

RIO Rio Tinto Limited G G 26,315.5 Mark Taylor

SFR Sandfire Resources NL G G 694.5 Mark Taylor

SGM Sims Metal Management Limited G G 2,616.8 Andrew Lane

WSA Western Areas Limited G G 937.3 Mathew Hodge

Telecommunications Services IIN iiNET Limited G G 1,077.1 Daniel Mueller

MTU M2 Group Ltd G G 1,806.3 Daniel Mueller

SGT Singapore Telecommunications Limited G G 504.6 Daniel Mueller

SPK Spark New Zealand Limited G G 5,797.9 Daniel Mueller

TLS Telstra Corporation Limited G G 76,777.1 Daniel Mueller




100S&P/ASX

200S&P/ASX



TPM TPG Telecom Limited G G 5,985.3 Daniel Mueller

Utilities AGL AGL Energy Limited G G 10,138.8 Gareth James

APA APA Group G G 10,463.3 Adrian Atkins

AST AusNet Services G G 5,165.7 Adrian Atkins

DUE DUET Group G G 3,793.9 Adrian Atkins

SKI Spark Infrastructure Group G G 3,006.0 Adrian Atkins



Current Coverage – ex S&P/ASX 200

ASX Code Company ameS&P/ASX

100S&P/ASX

200S&P/ASX



AHD Amalgamated Holdings Limited 1,873.4 Brian Han

ACR Acrux Limited G 141.5 Chris Kallos

AIZ Air New Zealand Limited 3,171.6 Ross MacMillan

LEP ALE Property Group 677.1 Adrian Atkins

AMM Amcom Telecommunications Limited G 690.0 Daniel Mueller

AIA Auckland International Airport Limited G 5,178.6 Nachiket Moghe, CFA

BKL Blackmores Limited 838.7 Chris Kallos

BKW Brickworks Limited 2,002.0 Tim Mann

BTT BT Investment Management Limited 2,526.4 Nathan Zaia

CNU Chorus Limited G 1,109.8 Daniel Mueller

DWS DWS Limited 135.7 Gareth James

EBO EBOS Group Limited 1,265.0 Chris Kallos

ERA Energy Resources of Australia Limited G 696.3 Mark Taylor

FPH Fisher & Paykel Healthcare Corp Limited 3,621.0 Nachiket Moghe, CFA

FSF Fonterra Shareholders' Fund G 680.5 Nachiket Moghe, CFA

GNE Genesis Energy Limited 2,180.0 Nachiket Moghe, CFA

GFF Goodman Fielder Limited 1,310.2 Farina Parsons

GOZ Growthpoint Properties Australia G 1,735.5 Tony Sherlock

HPI Hotel Property Investments G 398.9 Adrian Atkins

IFZ Infratil Limited 1,689.1 Nachiket Moghe, CFA

IPP Iproperty Group Limited G 507.8 Gareth James

ISD iSentia Group Limited G 680.0 Brian Han

KCN Kingsgate Consolidated Limited G 172.2 Mark Taylor

MYX Mayne Pharma Group Limited G 686.1 Chris Kallos

MEZCA Meridian Energy Limited 2,498.3 Nachiket Moghe, CFA

MYT Mighty River Power Limited 4,690.0 Nachiket Moghe, CFA

MVF Monash IVF Group Limited G 340.8 Chris Kallos

NSR National Storage REIT G 459.7 Tony Sherlock

NHC New Hope Corporation Limited 2,135.7 Mathew Hodge

NHF NIB Holdings Limited 1,624.3 David Ellis

NWH NRW Holdings Limited G 69.7 Ross MacMillan

NPX Nuplex Industries Limited 620.1 Mathew Hodge

RKN Reckon Limited G 209.6 Gareth James

SMX SMS Management and Technology Limited G 252.3 Gareth James

TRS The Reject Shop Limited G 207.7 Farina Parsons

TGA Thorn Group Limited G 416.2 Daniel Mueller

TWR Tower Limited 408.0 Nathan Zaia

TOX Tox Free Solutions Limited G 386.5 Tim Mann

TRG Treasury Group Limited G 349.7 Nathan Zaia

VAH Virgin Australia Holdings Limited 1,727.2 Ross MacMillan

SOL Washington H. Soul Pattinson and Co. Limited 3,274.9 Mathew Hodge

ZNZ Z Energy Limited 1,804.0 Mark Taylor


© 2015 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement (Australian products) or Investment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO").

ASX Code Company ameS&P/ASX

100Market Cap (A$m)


AIR-NZ Air New Zealand Limited 3,312.0 Ross MacMillan

AIA-NZ Auckland International Airport Limited G 5,393.0 Nachiket Moghe, CFA

BGR-NZ Briscoe Group Limited 641.7 Nachiket Moghe, CFA

CNU-NZ Chorus Limited 1,141.5 Daniel Mueller

CEN-NZ Contact Energy Limited G 4,495.5 Nachiket Moghe, CFA

EBO-NZ EBOS Group Limited 1,548.3 Chris Kallos

FPH-NZ Fisher & Paykel Healthcare Corp Limited G 3,766.0 Nachiket Moghe, CFA

FBU-NZ Fletcher Building Limited G 5,922.4 Tim Mann

FSF-NZ Fonterra Shareholders' Fund 704.6 Nachiket Moghe, CFA

FRE-NZ Freightways Limited 973.5 Nachiket Moghe, CFA

GNE-NZ Genesis Energy Limited 2,335.0 Nachiket Moghe, CFA

GMT-NZ Goodman Property Trust G 1,443.8 Tony Sherlock

IFT-NZ Infratil Limited G 1,784.0 Nachiket Moghe, CFA

KMD-NZ Kathmandu Holdings Limited 304.2 Farina Parsons

KPG-NZ Kiwi Property Group Limited 1,497.7 Tony Sherlock

MFT-NZ Mainfreight Limited 1,612.1 Nachiket Moghe, CFA

MELCA-NZ Meridian Energy Limited G 2,598.7 Nachiket Moghe, CFA

MHI-NZ Michael Hill International Limited 463.6 Nachiket Moghe, CFA

MRP-NZ Mighty River Power Limited G 4,736.2 Nachiket Moghe, CFA

NPX-NZ Nuplex Industries Limited 638.0 Mathew Hodge

POT-NZ Port of Tauranga Limited 2,270.4 Nachiket Moghe, CFA

PCT-NZ Precinct Properties New Zealand Limited 1,333.4 Tony Sherlock

RYM-NZ Ryman Healthcare Limited G 4,000.0 Nachiket Moghe, CFA

SKT-NZ Sky Network Television Limited G 2,218.1 Nachiket Moghe, CFA

SKC-NZ SkyCity Entertainment Group Limited G 2,420.4 Brian Han

SPK-NZ Spark New Zealand Limited G 6,054.8 Daniel Mueller

TWR-NZ Tower Limited 413.0 Nathan Zaia

TME-NZ Trade Me Group Limited G 1,555.6 Nachiket Moghe, CFA

TPW-NZ TrustPower Limited 2,547.1 Nachiket Moghe, CFA

VCT-NZ Vector Limited 2,997.2 Nachiket Moghe, CFA

WHS-NZ Warehouse Group Limited (The) 967.7 Nachiket Moghe, CFA

ZEL-NZ Z Energy Limited 1,936.0 Mark Taylor

Current Coverage - New Zealand Listed Companies

morningstar equities research | march 2015 equity research … · 2019-10-14 · equity research...

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