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Morning Bell 20 July

Bell Direct
July 20, 2020

Aussie shares are set for a flat start this week, following a mixed session on Wall Street last Friday, where the Nasdaq and S&P500 rose 0.3% each, while the Dow fell 0.2%.

With NSW eyeing another lockdown and Victoria in the thick of theirs, attention this week will be turned to Federal economic stimulus. We know the government plans to increase its support to small and medium businesses, giving access to cheap and part-guaranteed loans of $1 million from 1 October, an increase from $250,000.

What to watch this week:
– The RBA Governor on Tuesday will give a speech, and you’d expect bond buying or quantitative easing to be brought up.
– Thursday’s economic statement – revealing record debt and huge deficit forecasts, driven by massive increases in spending, and falls in revenue. We’ll also get details of the further economic stimulus.

Trading ideas:
– A.P. Eagers (ASX:APE) – UBS initiated coverage of the automotive retailer, giving it a buy rating and price target of $7.90. On Friday it closed 0.5% up at $6.19. APE is the largest dealership group in Australia (with over 11% of new car market share) offering new and used vehicles, servicing, spare parts and financing service.
– Integrated Research (ASX:IRI) – Bell Potter has downgraded the software provider from a buy to a hold with a $4.25 target. On Friday it rose 4.4% to $4.00, and it’s collectively gained about 20% this year. Bell Potter forecasts high single digit percentage growth in revenue and low double digit percentage growth in NPAT in both FY21 and FY22.
– Service Stream (ASX:SSM) – Bell Potter also downgraded the engineering infrastructure company from a buy to a hold with a $2.05 target. On Friday it closed 1.3% lower at $1.86. Bell Potter expects there to be about 9% upside in the stock but then expects things could dampen due to operational pressures from COVID-19 restrictions.

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