Morning Bell 21 August

Bell Direct
August 21, 2020

The Aussie share market is expected to gain 0.2% at the open, meaning the ASX200 could end slightly higher this week as it’s tracking 0.1% lower Monday to Thursday.

Overnight, U.S. weekly unemployment claims soared back to 1 million, this was far more than expected. Despite that, U.S. stocks bounced back from their prior day’s fall, with investors focused on maximising returns amid the record low interest rate environment.

What to watch today:

  • Companies reporting: Alumina (ASX:AWC), BWX (ASX:BWX), Mayne Pharma Group (ASX:MYX), Suncorp Group (ASX:SUN), Healius (ASX:HLS), Inghams (ASX:ING) and Redbubble (ASX:RBL).
  • In terms of economic news, we’ll get a preview of manufacturing and services data for August from CommBank, with both gauges expected to have eased as Victoria remains in hard lockdown.

Local trading ideas:

  • UBS reiterated Tassal (ASX:TGR), Origin Energy (ASX:ORG) and Pro Medicus (ASX:PME) as a buy following their results yesterday.
  • Bell Potter upgraded Pro Medicus (ASX:PME) from a hold to buy, with a price target of $28.50. Yesterday it fell 2.5% to $24.68 after delivering weaker than expected profit. However going forward, strong revenues and earnings are expected in FY21 as there are no other competitors in the medical streaming technology space and the company is continuing to invest $7m – $8m in R&D each year to maintain this tech advantage.
  • Perpetual (ASX:PPT) delivered a 20% drop in profit yesterday in line with expectations. On the negatives, it didn’t flesh out details about its U.S. fund manager acquisitions and cost guidance is not clear. However on the positives, it’s expanding its high net worth (private client business). Bell Potter downgraded PPT’s price target to $43.80 but maintained its buy recommendation.
  • The ASX (ASX:ASX) is showing that it’s formed a technical bullish uptrend, what’s known as an ‘upside break’ according to Trading Central’s charting. ASX is a UBS sell with a $75 target, it was also reiterated as a Citi sell.

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