app insights tuesday, december 18, 2018 aust 10yr 2.4450 ......• china, eu lambast united states...

APP Insights Tuesday, December 18, 2018

APP Securities Pty Ltd ABN 45 112 871 842 18 December 2018

Sydney Office: Level 41, 259 George Street Sydney NSW 2000 Australia Tel: (61) 2 9226 0000 Website: www.appsecurities.com.au

U.S. stocks closed sharply lower, Dow falls 500 points in the worst start to December since 1931; Our market is set to open sharply lower

Trump slams Fed on eve of rate meeting amid `Very Strong' dollar; IMF says trade war already hurting Asia, may cut global growth forecasts

• DOW -2.11% to 23592.98, S&P500 -2.08% , NASDAQ -2.27%

• DAX -0.86% , CAC -1.11% , FTSE100 -1.05%

• Shanghai +0.16% , SENSEX +0.85%

• US 10-year yield moved to 2.856% from 2.891%

• AUD +0.01% to USD 0.7176

• Gold +0.68% to US $1249.8/oz Silver +0.70% to $14.74

• Bitcoin +9.56% to US $3,530.97 Ethereum +10.49% to US $94.46 Bitcoin Cash +12.83% to US $89.64 Ripple +13.53% to US $0.3236

• WTI -3.91% to US $49.2/barrel, Brent -2.47% to US $58.79/barrel,

• Iron ore -0.40% to US $70.47 , Aluminium +0.80% to US $1942/tonne (LME) Copper -0.10% to US $6123/tonne (LME) US $2.742/lb (CEC)

• In London Rio +2.37% , BHP +2.67%

• The ASX200 up 56.3 points,

• Our SPI contract is down 85 points to 5,587 as of 07:59 AM AEDT

S&P 500 NASDAQ Composite Nikkei 225

2545.94 6753.73 21506.88 335.55

132.05 / 0.618%

Euro Stoxx (EUR)

-54.01 / -2.077% -156.93 / -2.271% -3.7 / -1.092%

Index Charts Overnight Equity Data Currency Data Commodities Data Rates Data

Top Stories Companies in the Press Research Disruptive Lunch Dates ASX Stock Table

Trade

Latest

Price

Change

(Net)

Change

(%) YTD (%)

Equity Index

North America

Dow Industrials 23592.98 (507.53) (2.11%) (2.50%)

S&P 500 2545.94 (54.01) (2.08%) (4.78%)

NASDAQ 6753.73 (156.93) (2.27%) (2.17%)

Europe

DJ Euro Stoxx 335.55 (3.70) (1.09%) (13.07%)

FTSE 100 6773.24 (71.93) (1.05%) (11.90%)

DAX 10772.20 (93.57) (0.86%) (16.61%)

CAC 4799.87 (53.83) (1.11%) (9.65%)

Asia Pacific

ASX 200 5658.30 56.30 1.00% (6.71%)

SPI 5587.00 (85.00) (1.50%) (7.19%)

NZX 50 8713.10 (9.41) (0.11%) 3.75%

Nikkei 21506.88 132.05 0.62% (5.53%)

Hang Seng 26087.98 (6.81) (0.03%) (12.81%)

CSI 300 3161.20 (4.71) (0.15%) (21.58%)

Taiwan 9787.53 13.37 0.14% (8.04%)

Kospi 2071.09 1.71 0.08% (16.06%)

Currency

Majors

AUD/USD 0.7176 0.0001 0.01% (8.11%)

AUD/NZD 1.0546 (0.0010) (0.10%) (4.21%)

NZD/USD 0.6805 0.0008 0.12% (4.06%)

EUR/USD 1.1348 0.0039 0.34% (5.46%)

GBP/USD 1.2615 0.0032 0.25% (6.60%)

USD/CAD 1.3414 0.0030 0.22% 6.69%

USD/JPY 112.8330 (0.5510) (0.49%) 0.11%

US Dollar Index 97.1390 (0.3040) (0.31%) 5.44%

Commodity

Metals

Silver USD/Oz 14.74 0.1030 0.70% (14.03%)

Gold USD/Oz 1249.80 8.4000 0.68% (4.54%)

Platinum USD/Oz 794.30 9.0000 1.15% (15.35%)

Palladium USD/Oz 1185.90 14.3000 1.22% 11.77%

Copper USD/lb 2.74 (0.0205) (0.74%) (16.92%)

Energy

Brent USD/bbl 58.79 (1.4900) (2.47%) (12.08%)

WTI USD/bbl 49.20 (2.0000) (3.91%) (18.57%)

Natgas USD/MMBtu 3.54 (0.2880) (7.53%) 19.84%

Agriculture

Corn USD/bu 3.84 (0.0125) (0.32%) 9.34%

Wheat USD/bu 5.35 0.0500 0.94% 25.29%

Soybeans USD/bu 9.05 0.0450 0.50% (5.90%)

Bean Meal $/st 309.10 1.8000 0.59% (2.43%)

Soybean Oil USD/lb 0.28 (0.0031) (1.09%) (15.27%)

Rough Rice $/cwt 10.56 (0.0200) (0.19%) (11.34%)

Coffee USD/lb 1.02 0.0000 0.00% (18.98%)

Sugar USD/lb 12.65 0.0000 0.00% (16.56%)

Cotton USD/lb 0.80 0.0000 0.00% 1.23%

Rates

Rate

Last Yield

(%)

Change YTD

Aust 10yr 2.4450 (0.0080) (0.33%) (7.97%)

Aust 2yr 1.9720 (0.0070) (0.35%) (1.03%)

US 10 Yr 2.8556 (0.0325) (1.13%) 17.39%

UK 10 Yr 1.2630 0.0330 2.68% 5.14%

Bund 0.2560 0.0090 3.64% (40.38%)



Other News

• Bank of Japan watchers see economic risks pushing back rate hike prospects - The Bank of Japan is more likely to wait until after next year’s increase in the consumption tax before taking action to tighten monetary policy, given increasing risks to the economic outlook and recent market turbulence, a growing number of economists say. Global stock markets have suffered sharp falls since early October as fears intensified over the U.S.-China trade war, signs of weakness in the Chinese economy and a slowing of the global tech cycle. The economy already faces a large hurdle with the raising of the consumption tax rate to 10 percent from 8 percent in October, and previous increases in the levy have caused the economy to shrink.

• Bond King Jeffrey Gundlach says the Fed shouldn't raise interest rates this week - DoubleLine Capital CEO Jeff Gundlach says he believes the Federal Reserve should not hike its benchmark overnight lending rate in December. "I think they shouldn't raise them this week. The bond market is basically saying, 'Fed you've got no way you should be raising interest rates," Gundlach said. The central bank has already hiked the federal funds rate three times this year. The Federal Open Market Committee — the Fed's policymaking arm — is expected to hike its benchmark overnight lending rate for a fourth and final time of 2018 on Wednesday.

• China, EU lambast United States for miring WTO in crisis - The United States came under fire from China and the European Union on Monday, accused by both major trading partners of taking protectionist measures and bringing the World Trade Organization (WTO) to its knees. Japan, Switzerland and Canada also criticised Washington, but U.S. trade ambassador Dennis Shea charged that China's "unfair competitive practices" were harming foreign companies and workers in violation of WTO rules, and he vowed to lead reform efforts at the watchdog. President Donald Trump's administration says the WTO is dysfunctional because it has failed to hold China to account for not opening up its economy as envisaged when Beijing joined in 2001.

• Facing opposition, UK's May will bring Brexit deal back to parliament - Prime Minister Theresa May said on Monday she would bring her Brexit deal back to parliament for a mid-January vote, pledging to get assurances from the European Union before then to break a deadlock over Britain's fraught efforts to quit the bloc. With just over 100 days until Britain is due to leave the bloc, May faced accusations from some lawmakers that she was trying to force a deeply divided parliament into backing her deal by running the clock down to exit day. As the March 29 departure date nears, a mid-January vote could force lawmakers to make a decision between her deal or leaving without one, a nightmare scenario for many businesses.

• IMF says trade war already hurting Asia, may cut global growth forecasts - Trade frictions between China and the United States are already affecting business confidence and investment in Asia, a senior International Monetary Fund official said, warning that the fund could further cut its global growth forecasts in January. Changyong Rhee, director of the IMF's Asia and Pacific Department, said Japan and South Korea could be among countries in the region hit hardest by the trade war given their reliance on exports to China. "Investment is much weaker than expected. My interpretation is that the confidence channel is already affecting the global economy, particularly Asian economies," Rhee told Reuters. "We see global growth a little bit slower than we forecast in October," he said on Monday. Citing the potential fallout from the Sino-U.S. trade war, the IMF cut its global growth forecast in October to 3.7 percent for both 2018 and 2019, down from 3.9 percent projected in July. It expects Asia's economic growth to slow to 5.4 percent next year from 5.6 percent projected this year.

• Italian premier wins populist support for budget offer to EU - Prime Minister Giuseppe Conte forged a deal with populist leaders to submit a revised budget proposal to the European Commission, in a bid to avert fines against Italy. Conte’s euroskeptic deputies Matteo Salvini and Luigi Di Maio have most of the political power in the administration and had long resisted attempts to placate the commission. But at talks running late into Sunday night, they agreed on a new package to send to Brussels, government officials said. The new plan confirms the 2019 deficit target will be lowered to 2.04 percent of GDP from 2.4 percent -- as Conte flagged to Brussels last week. The government has identified about 3 billion euros ($3.4 billion) of additional funds and lowered the projected cost of new welfare payments to 7.1 billion euros from 9 billion euros.

• Morrison’s pre-election $9.2bn tax cuts plan - Scott Morrison will unveil $10.6 billion in tax cuts and targeted spending before next year’s election in a last-ditch effort to recast his government’s fortunes. With Newspoll showing the Coalition facing a crushing defeat, the Prime Minister will rely on the best budget numbers in a decade, revealed in yesterday’s mid-year economic and fiscal outlook, to burnish his government’s economic credentials and launch a pre-election spending spree. The election spending, buried in line items for “decisions taken but not yet announced”, includes what is believed to be $9.2bn in tax cuts over the forward estimates, and a further $1.4bn in spending that could be used to shore up support in dozens of Coalition-held marginal seats — none of which the minority Morrison government can afford to lose.

• Trump slams Fed on eve of rate meeting amid `Very Strong' Dollar - President Donald Trump slammed the Federal Reserve on the eve of a pivotal policy meeting for “even considering” another interest-rate increase, laying out arguments against a hike to savor the achievement of a strong U.S. economy. “It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike,” Trump said in a tweet on Monday. “Take the Victory!”

Trump news

• Government shutdown - Pushing the government to the brink of a partial shutdown, the White House is insisting that Congress provide $5 billion to build a wall along the U.S.-Mexico border despite lawmaker resistance from both parties. Without a resolution, parts of the federal government will shut down at midnight Friday. President Donald Trump said last week he would be “proud” to have a shutdown to get Congress



to approve a $5 billion down payment to fulfill his campaign promise to build a border wall. But the president doesn’t have the votes from the Republican-controlled Congress to support funding for the wall at that level.

• Investigation - “A REAL scandal is the one-sided coverage, hour by hour, of networks like NBC & Democrat spin machines like Saturday Night Live. It is all nothing less than unfair news coverage and Dem commercials. Should be tested in courts, can’t be legal? Only defame & belittle! Collusion? ‘It looks here as though General Flynn’s defenses are incidental to something larger which is for the prosecution to figure out if it can find a path to Donald Trump without quite knowing what that crime might be. It stops looking like prosecution and more looking like a persecution of the President.’ Daniel Henninger, The Wall Street Journal. Thank you, people are starting to see and understand what this Witch Hunt is all about. Jeff Sessions should be ashamed of himself for allowing this total HOAX to get started in the first place! The Russian Witch Hunt Hoax, started as the ‘insurance policy’ long before I even got elected, is very bad for our Country. They are Entrapping people for misstatements, lies or unrelated things that took place many years ago. Nothing to do with Collusion. A Democrat Scam!”

• ObamaCare - President Trump on Monday expressed hope that the Supreme Court would affirm a Texas judge's decision to strike down the Affordable Care Act, arguing that such a ruling would lead to "GREAT" health care for the country. Trump wrote in a tweet that the deductibles that come with plans through the Affordable Care Act, colloquially known as ObamaCare, are "so high that it is practically not even useable."

Economic news

• Eurozone Consumer Price Index (CPI) YoY - Annual inflation rate in the Euro Area was revised lower to 1.9 percent in November of 2018 from a preliminary of 2 percent and 2 percent in October. It is the lowest inflation rate in six months amid a broad-based price slowdown.

• Eurozone Core Consumer Price Index (CPI) YoY - Core consumer prices In the Euro Area increased 1 percent in November of 2018 over the same month in the previous year, matching preliminary figures.

• Eurozone Trade Balance - The Euro Area narrowed to EUR 14.0 billion in October 2018 from EUR 17.8 billion in the same month a year earlier. Exports rose 11.4 percent year-on-year while imports increased at a faster 14.8 percent.

• U.S. NY Empire State Manufacturing Index - The New York Empire State Manufacturing Index in the United States fell 12.4 points from the previous month to 10.9 in December of 2018 and missing market expectations of 20.1. The reading pointed to the lowest gain in manufacturing in the NY state since May last year, as shipments (21 from 28), inventories (7.1 from 10.9), new orders (14.5 from 20.4), average workweek (8 from 9.2), prices paid (39.7 from 44.5) and prices received (12.8 from 13.1) eased. On the other hand, employment (26.1 from 14.1) increased. Looking ahead, firms remained fairly optimistic about the six-month outlook, though optimism was slightly more tempered than in November.

This week we are awaiting the following economic news

• Tuesday - Australia RBA Meeting Minutes

• Tuesday - Australia Mid-Year Economic and Fiscal Outlook

• Tuesday - German Ifo Business Climate Index

• Wednesday - U.S. Building Permits (Nov)

• Wednesday - U.K. CPI (YoY) (Nov)

• Thursday - U.S. Existing Home Sales (Nov)

• Thursday - U.S. Crude Oil Inventories

• Thursday - U.S. Fed Interest Rate Decision

• Thursday - U.S. FOMC Economic Projections

• Thursday - U.S. FOMC Statement

• Thursday - New Zealand GDP (QoQ) (Q3)

• Thursday - Australia Employment Change (Nov)

• Thursday - Japan BoJ Monetary Policy Statement

• Thursday - U.K. Retail Sales (MoM) (Nov)

• Thursday - U.K. BoE Interest Rate Decision (Dec)

• Friday - U.S. Philadelphia Fed Manufacturing Index (Dec)

• Friday - U.K. GDP (QoQ) (Q3)

• Saturday - U.S. Fed Chair Powell Testifies

• Saturday - U.S. Core Durable Goods Orders (MoM) (Nov)



Research Team | APP Securities Pty Ltd Level 41, 259 George St, Sydney, NSW 2000 Phone: +61 2 9226 0091 | Email: [email protected] | Website: www.appsecurities.com.au Disclaimer: Click here for important terms relating to this communication, or alternatively click on the Disclaimer link on our website. Sales and Trading | APP Securities Pty LtdInstitutional Sales: +61 2 9226 0079

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18 December 2018

Companies in the press

Accent Group Limited (AX1): Accent Group, which owns the Platypus, Hype and The Athletes Foot chains, has come under attack from British-based

retailer JD Sports, which is targeting sports shoe and sneaker fans by opening mega-sized stores in key locations such as Sydney's Pitt Street Mall and

Melbourne Central. Accent Group is fighting back by opening new Platypus stores in direct competition with JD Sports. A Platypus store opened in

Melbourne Central last month and a Pitt Street store will open in April on the site of a former Zara Home store, almost directly opposite JD Sports.

Reports the Australian Financial Review

Amaysim Australia Limited (AYS): Amaysim is gearing up to launch an energy product based on this belief. The new product will be branded Amaysim

Energy as opposed to Click Energy, which Amaysim purchased 20 months ago, and will allow consumers to purchase a set amount of energy for a set

price. Amaysim is basing this model on its core mobile data plans. Amaysim's unusual move from telco to energy retailer has inspired at least one other

internet retailer to follow suit. NBN reseller Mate Communicate revealed last month it was also planning to make its own move into energy retail. The

launch of Amaysim's new product comes at a critical time for the $212 million ASX-listed company, after a year in which its share price halved from $2

at the beginning of 2018 to $1 when markets closed on Friday. Reports the Australian Financial Review

Austal Limited (ASB): Ship builder Austal wins new US navy the government as evidence its strategy of building Australia into one of the world’s top 10

military exporters is working. The shipbuilder, which is the leading global producer of aluminium ships, will today reveal it has won a further two orders from the US navy for combat ships, while it is in negotiations for two patrol boats for Trinidad & Tobago. With nine delivered – and a further 10 vessels either under construction or awaiting construction, including the future USS Canberra – the two additional ships announced on Monday represent Austal’s 18th and 19th ships in the Independence Class. In August, Austal more than doubled its full-year profit to $39 million, driven mainly by its US Navy shipbuilding program, as well as commercial ferry contracts. Reports the Australian

Australia and New Zealand Banking Group (ANZ): The Reserve Bank of New Zealand's surprise call for the major banks to significantly lift capital levels

there could result in them cutting back the supply of credit to the NZ economy and potentially the sell down of NZ operations, said Macquarie banking

analyst Victor German, describing the proposals as a new, material risk for the sector by "bringing back uncertainty around banks' capital positions".

Moreover, ANZ, which accounts for about 15 per cent of the nation's mortgages, will write to mortgage brokers and aggregators to apologise for

communication and lending policy failures during a year "we have all been equally tested". The bank, whose broker network accounts for more than half

of mortgage flows, is also continuing to tighten mortgage applications as it boosts incentives for those that qualify for a loan. "We do not underestimate

the impact our consistency and transparency plays in managing your customer's expectations," Simone Tilley, head of national broker distribution, is

writing to brokers. Reports the Australian Financial Review

BHP Group Limited (BHP): BHP is handing back the last of the $US5.2 billion ($7.25 billion) from the sale of its onshore US assets through a special

dividend. The mining giant has already completed a $US5.2 billion share buyback and will now hand over the same amount again through a $US1.02 per

share special dividend to be paid on January 11. Chief financial officer Peter Beaven said the company will have handed over more than $US21 billion

over two years. “We are pleased to have completed the off-market buyback which, together with the special dividend, will deliver on our commitment

to return the net proceeds from the sale of our onshore US assets to our shareholders,” Mr Beaven said in a statement on Monday. BHP announced in

July that it was selling its US shale assets to British petroleum giant BP and US group Merit Energy in a $US10.8 billion deal.

Domain Holdings Australia Limited (DHG): Real estate media and tech services business Domain Holdings Australia says it will buy

Commercialview.com.au for up to $17.2 million. Domain will make the acquisition through subsidiary Commercial Real Estate Media, of which Domain

holds a 70 per cent stake. The rest is held by other real estate businesses. Domain will spend $2 million in cash on the commercial property digital listings

platform and the remainder of the purchase price -- between $4.2 million and $17.2 million, depending on performance - will be paid for via new shares

in it Commercial Real Estate Media. Reports the Australian

Graincorp Limited (GNC): The GrainCorp board has had nearly every investment bank in the country offering ideas in the 18 months since Graham

Bradley became chairman. But the bankers couldn't make it rain for GrainCorp, restructuring plans got bogged down and when the company's current

suitor came along, it got the cold shoulder. The nine directors might have had plans to take some of the earnings volatility out of the business in times

of drought, but timing became an issue as things got worse. Reports the Australian Financial Review

Orica Limited (ORI): The Australian gas production arm of China's Landbridge Group has signed its first term sales contract with an east coast

manufacturer, inking a deal with Orica that officially marks it as a competing supplier into the tight domestic gas market. The two-year contract marks a

milestone for WestSide, which supplies by far most of its production to Santos's GLNG venture in Gladstone. It is targeting a further increase in production

from Meridian that could pave the way for more domestic sales, said Mike Hughes, chief executive of WestSide and managing director of Landbridge's

Australian operation, which includes Darwin Port. Reports the Australian Financial Review

18 December 2018

Qantas Airways Limited, Virgin Australia Holdings Ltd, Jetstar and Tigerair (QAN, VAH): Australia’s four major airlines have been forced to make changes to their refund policies in a significant win for travellers who were previously refused refunds or forced to pay an administration fee for the right to get their money back. The Australian Competition and Consumer Commission has secured court-enforceable undertakings from Qantas, Jetstar, Virgin Australia and Tigerair, to ensure their refund policies and practices comply with the law. An ACCC investigation found all four airlines had made false or misleading representations on their websites about consumers’ rights to refunds in the event of significant flight delays or cancellations. Reports the

Australian

Woodside Petroleum Limited (WPL): Woodside Petroleum has taken a further significant step towards its first oil production project in Senegal, with its SNE joint venture partners committing to starting engineering and design work on a plant that would start up in 2022. The first phase of the project will target 230 million barrels of oil resources off the coast of the West African country, producing as much as 100,000 barrels a day. Woodside chief executive Peter Coleman said the partners plan to progress the project "towards the earliest possible commercialisation of the discovered resources". Completing the design work is intended to lead to a final investment decision, targeted for the middle of 2019. Reports the Australian Financial Review

ASX 300 Stock Tables 1. Source: FactSet consensus data 2. Gross yield in FY1 assumes same level of franking reported in FY0 3. Total return calculated as capital appreciation to FactSet consensus price target from last nights close plus FY1 forecast gross yield

CAGR

FY0 FY1 FY2 FY1 FY2 (3 yr) FY0 (x) FY1 (x) FY2 (x) FY3 (x)

Australia and New Zealand BankingANZ-AU 70,002 24.41 (1.6%) -15% Overweight 29.03 15.9% 9.5% 25.4% 2.5 2.23 2.34 2.45 4.9% 4.5% 4.1% 10.9 10.4 10.0 9.7Bank of Queensland BOQ-AU 3,869 9.63 0.7% -24% Hold 10.78 10.6% 11.4% 22.1% (11.6) 0.89 0.88 0.88 (1.2%) (0.2%) (0.9%) 10.8 10.9 10.9 11.1

Bendigo and Adelaide Bank BEN-AU 5,071 10.37 0.4% -11% Hold 10.85 4.4% 9.7% 14.1% (6.0) 0.92 0.86 0.86 (6.8%) 0.7% (2.0%) 11.3 12.1 12.0 12.0

Commonwealth Bank of AustraliaCBA-AU 122,607 69.26 0.7% -14% Hold 73.06 5.2% 8.9% 14.1% 5.9 5.29 5.49 5.63 3.9% 2.6% 2.1% 13.1 12.6 12.3 12.3

CYBG PLC Shs CDI Repr 1 Shs CYB-AU 4,766 3.34 0.0% -42% Overweight 4.76 29.8% 4.0% 33.9% 121.1 0.54 0.46 0.49 (13.9%) 6.5% 0.1% 6.2 7.2 6.8 6.2

Mystate MYS-AU 406 4.48 (0.4%) -10% Overweight 5.18 13.6% 9.6% 23.2% 2.4 0.35 0.37 0.39 6.4% 4.7% 4.9% 12.8 12.0 11.5 11.1

National Australia Bank NAB-AU 64,391 23.55 (0.6%) -20% Overweight 29.62 20.5% 11.8% 32.3% 1.5 2.02 2.33 2.42 15.0% 3.9% 6.7% 11.6 10.1 9.7 9.6

Westpac Banking Corporation WBC-AU 84,668 24.65 (0.9%) -21% Overweight 29.54 16.6% 10.9% 27.5% 13.5 2.36 2.35 2.39 (0.3%) 1.4% 0.8% 10.4 10.5 10.3 10.2

Average 10.9 10.7 10.4 10.3

Median 11.1 10.7 10.6 10.6

CAGR


APN Outdoor . APO-AU ###### ##### #VALUE! #VALUE! ###### n/m 0.32 #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

Brambles BXB-AU 16,110 10.11 2.1% 0% Overweight 10.90 7.2% 4.5% 11.7% 3.0 0.56 0.56 0.61 (0.5%) 9.8% 6.0% 18.0 18.1 16.5 15.1

Cabcharge Australia CAB-AU 255 2.12 (1.4%) 9% Hold 1.97 (7.6%) 5.9% (1.7%) 2.2 0.11 0.11 0.13 0.5% 13.7% 8.6% 18.8 18.7 16.4 14.6

Carsales.Com CAR-AU 2,864 11.75 1.8% -19% Overweight 14.59 19.5% 5.8% 25.3% 2.1 0.54 0.59 0.65 8.7% 10.8% 9.7% 21.8 20.0 18.1 16.5

Class . CL1-AU 179 1.53 0.7% -45% Overweight 2.22 31.2% 3.2% 34.4% 5.7 0.07 0.06 0.07 (12.7%) 11.8% 4.2% 20.9 24.0 21.4 18.5

Corporate Travel Management CTD-AU 2,443 22.52 1.9% 8% Buy 27.39 17.8% 2.5% 20.3% 1.4 0.81 0.98 1.15 20.2% 17.9% 16.7% 27.8 23.1 19.6 17.5

Credit Corp CCP-AU 889 18.50 0.0% -17% Overweight 21.68 14.7% 5.6% 20.2% 1.2 1.34 1.46 1.66 9.2% 13.6% 10.3% 13.8 12.7 11.2 10.3

IMF Bentham IMF-AU 585 2.86 0.7% -4% Overweight 3.76 24.0% 3.3% 27.3% (0.0) -0.06 0.26 0.17 (499.2%) (35.0%) (264.8%) n/m 11.2 17.2 10.0

IPH . IPH-AU 1,154 5.85 3.2% 6% Overweight 6.05 3.3% 4.3% 7.6% 0.9 0.21 0.30 0.33 46.0% 9.3% 20.6% 28.3 19.4 17.7 16.1

iSelect . ISU-AU 172 0.79 1.3% -45% Buy 0.86 8.7% 5.5% 14.2% 0.6 0.03 0.04 0.06 40.3% 27.6% 30.6% 25.3 18.0 14.1 11.4

Mcmillan Shakespeare MMS-AU 1,214 14.59 2.1% -16% Overweight 17.45 16.4% 5.2% 21.6% 1.3 1.13 1.18 1.37 3.9% 16.1% 9.3% 12.9 12.4 10.7 9.9

oOh media OML-AU 965 4.08 1.2% -5% Buy 5.64 27.7% 4.5% 32.1% 1.9 0.27 0.22 0.31 (17.7%) 37.2% 9.4% 15.0 18.2 13.3 11.5

Seek SEK-AU 6,180 17.60 1.4% -7% Hold 20.00 12.0% 3.7% 15.7% 4.0 0.67 0.60 0.69 (10.6%) 15.8% 7.4% 26.3 29.4 25.4 21.2

Service Stream SSM-AU 639 1.77 4.1% 33% Overweight 2.13 16.7% 6.7% 23.4% 1.4 0.11 0.13 0.15 15.6% 11.9% 9.9% 15.5 13.4 12.0 11.7SG Fleet . SGF-AU 767 2.93 1.0% -28% Overweight 3.91 25.0% 9.4% 34.4% 1.2 0.26 0.29 0.31 10.4% 7.4% 8.1% 11.1 10.1 9.4 8.8Smart Corporation SIQ-AU 1,272 9.72 1.9% -10% Buy 12.80 24.1% 5.9% 30.0% 1.5 0.52 0.58 0.64 11.0% 10.7% 10.9% 18.7 16.8 15.2 13.7WPP AUNZ WPP-AU 477 0.56 0.9% -39% Overweight 0.86 34.9% 14.2% 49.1% (9.3) 0.10 0.09 0.09 (8.8%) 1.9% (0.7%) 5.7 6.2 6.1 5.8

Average 19.9 17.7 15.9 13.8Median 18.7 18.1 16.4 13.7

CAGR


a2 Milk Company . A2M-AU 7,700 10.50 3.4% 42% Overweight 11.34 7.4% 0.4% 7.8% 1.1 0.25 0.34 0.43 38.3% 26.6% 28.1% 42.7 30.9 24.4 20.3

ALS . ALQ-AU 3,495 7.18 1.4% 3% Overweight 8.09 11.3% 3.3% 14.5% 1.2 0.28 0.37 0.41 28.6% 13.4% 16.8% 25.3 19.7 17.3 15.9

Ama AMA-AU 496 0.92 0.0% -12% Overweight 1.24 26.0% 3.7% 29.7% 0.8 0.05 0.06 0.07 20.6% 21.7% 20.3% 20.0 16.6 13.7 11.5

ARB Corporation ARB-AU 1,268 15.98 0.6% -15% Overweight 19.62 18.6% 3.7% 22.2% 1.7 0.64 0.74 0.82 15.6% 10.3% 13.0% 24.9 21.5 19.5 17.2Aristocrat Leisure ALL-AU 14,425 22.59 (1.0%) -5% Buy 32.55 30.6% 3.5% 34.1% 1.2 1.14 1.36 1.54 18.8% 13.3% 13.7% 19.8 16.7 14.7 13.5

Asaleo Care . AHY-AU 511 0.94 0.5% -37% Overweight 1.00 6.0% 2.7% 8.7% (1.4) 0.11 0.05 0.06 (51.8%) 18.5% (12.9%) 8.6 17.9 15.1 13.1

Australian Agricultural Co. AAC-AU 666 1.11 (3.1%) -15% Buy 1.45 23.8% 0.0% 23.8% (0.4) -0.17 0.02 0.01 (111.5%) (45.0%) (143.2%) n/m 55.3 100.5 78.9

Bega Cheese BGA-AU 1,234 5.79 0.3% -20% Overweight 7.67 24.5% 3.0% 27.5% 1.3 0.24 0.27 0.33 13.8% 20.7% 16.4% 24.2 21.3 17.6 15.3

Bellamy's Australia . BAL-AU 891 7.86 3.4% -25% Hold 9.86 20.3% 0.8% 21.1% 1.5 0.41 0.40 0.49 (1.3%) 22.2% 12.9% 19.3 19.5 16.0 13.4

Breville BRG-AU 1,483 11.40 4.2% -10% Hold 12.39 8.0% 4.0% 12.0% 2.2 0.45 0.50 0.54 10.7% 9.4% 10.5% 25.3 22.9 20.9 18.8

BWX . BWX-AU 355 2.86 (3.1%) -62% Overweight 3.86 25.9% 3.0% 28.9% 1.6 0.22 0.19 0.25 (11.5%) 29.6% 9.2% 13.3 15.0 11.6 10.2

Coca-Cola Amatil CCL-AU 6,140 8.48 0.7% 0% Underweight 8.44 (0.5%) 6.7% 6.2% (14.5) 0.56 0.52 0.52 (6.6%) (0.8%) (1.1%) 15.2 16.2 16.4 15.7

Freedom Foods FNP-AU 1,193 4.87 4.1% -6% Buy 7.65 36.3% 1.5% 37.8% 0.7 0.09 0.12 0.25 33.8% 99.7% 56.5% 52.6 39.3 19.7 13.7

G.U.D. Holdings GUD-AU 1,043 12.06 1.9% -1% Hold 13.33 9.5% 6.9% 16.4% 1.5 0.64 0.73 0.80 14.9% 9.2% 10.9% 19.0 16.5 15.1 13.9

Select Harvests SHV-AU 606 6.35 (1.1%) 35% Hold 6.12 (3.8%) 3.4% (0.3%) 1.1 0.23 0.30 0.37 30.0% 21.6% 19.6% 27.4 21.1 17.3 16.0

Treasury Wine Estates TWE-AU 10,715 14.91 2.1% -7% Overweight 18.29 18.5% 4.0% 22.5% 1.2 0.52 0.63 0.76 21.9% 20.2% 19.3% 28.8 23.6 19.6 17.0

Average 24.4 23.4 22.5 19.0

Median 24.2 20.4 17.3 15.5

CAGR


Ardent Leisure AAD-AU 715 1.49 0.0% -26% Overweight 1.98 24.7% 2.9% 27.6% (0.2) -0.25 0.04 0.06 (114.8%) 70.8% (167.4%) n/m 39.7 23.3 19.2

Collins Foods CKF-AU 775 6.65 (0.3%) 22% Overweight 7.47 11.0% 2.9% 13.9% 1.5 0.34 0.38 0.42 13.0% 8.8% 11.4% 19.7 17.4 16.0 14.2

Crown Resorts CWN-AU 8,194 12.10 1.8% -7% Overweight 13.73 11.8% 6.2% 18.1% 2.6 0.56 0.61 0.67 8.2% 10.7% 7.8% 21.5 19.9 18.0 17.2

Domino's Pizza Enterprises DMP-AU 3,520 41.15 1.5% -12% Hold 51.77 20.5% 3.8% 24.3% 1.5 1.53 1.76 2.05 15.2% 16.6% 15.9% 26.9 23.4 20.1 17.3

Fairfax Media FXJ-AU 1,518 0.66 0.0% -15% Hold 0.75 12.0% 4.5% 16.5% (5.8) 0.05 0.05 0.05 (16.7%) 11.1% (2.5%) 12.2 14.7 13.2 13.2

Flight Centre Travel FLT-AU 4,427 43.79 (0.5%) -1% Overweight 56.05 21.9% 5.7% 27.6% 1.4 2.59 2.92 3.21 12.5% 10.1% 10.8% 16.9 15.0 13.6 12.4

G8 Education GEM-AU 1,280 2.81 (0.7%) -17% Overweight 2.97 5.4% 7.8% 13.2% 8.1 0.22 0.17 0.20 (20.1%) 15.4% 2.0% 12.9 16.1 14.0 12.2

HT&E HT1-AU 494 1.60 (0.9%) 13% Hold 2.02 21.0% 6.0% 26.9% 1.7 0.13 0.14 0.15 3.4% 11.6% 6.9% 12.1 11.7 10.5 9.9

IDP Education . IEL-AU 2,468 9.70 3.0% 58% Overweight 10.24 5.3% 2.8% 8.1% 1.9 0.22 0.26 0.31 15.8% 19.9% 20.0% 43.9 37.9 31.6 25.4

Invocare IVC-AU 1,261 11.44 1.9% -29% Hold 12.17 6.0% 4.9% 10.9% (171.2) 0.58 0.48 0.53 (17.4%) 10.9% (0.1%) 19.8 23.9 21.6 19.8

Mantra . MTR-AU ###### ##### #VALUE! #VALUE! ###### n/m #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

Navitas NVT-AU 1,791 5.00 2.7% -8% Hold 5.28 5.3% 4.8% 10.1% 2.5 0.21 0.22 0.24 2.8% 12.4% 9.1% 23.6 22.9 20.4 18.2

News Corporation B CDI repr 1 ShNWS-AU 3,468 17.37 (1.3%) -20% Overweight 22.36 22.3% 2.3% 24.7% 4.8 0.60 0.58 0.64 (3.7%) 11.0% 6.2% 28.9 30.0 27.0 24.1Nine Entertainment Co. NEC-AU 2,601 1.53 2.7% -1% Overweight 2.24 31.8% 10.3% 42.0% (10.2) 0.18 0.18 0.17 0.6% (5.0%) (0.8%) 8.5 8.4 8.9 8.7Retail Food RFG-AU 59 0.33 3.2% -87% Buy #VALUE! 0.0% ###### n/m 0.18 0.08 0.11 (59.2%) 50.7% #VALUE! 1.8 4.3 2.9 n/m

Seven West Media SWM-AU 897 0.60 0.0% -3% Hold 0.76 21.5% 3.8% 25.3% (8.6) 0.09 0.10 0.10 9.4% (1.5%) (0.7%) 6.3 5.8 5.9 6.5

SKY Network Television SKT-AU 734 1.89 (0.3%) -28% Underweight 2.07 9.1% 6.9% 16.0% (1.0) 0.28 0.25 0.24 (10.3%) (4.8%) (7.7%) 6.8 7.5 7.9 8.6

SKYCITY Entertainment SKC-AU 2,279 3.34 0.0% -10% Hold 3.77 11.3% 5.6% 17.0% (18.8) 0.23 0.23 0.22 (0.7%) (6.3%) (0.8%) 14.4 14.5 15.5 14.8

Southern Cross Media SXL-AU 800 1.04 1.5% -12% Hold 1.23 15.1% 7.6% 22.7% 2.4 0.10 0.10 0.11 6.2% 3.8% 4.2% 10.7 10.1 9.7 9.4

Star Entertainment SGR-AU 4,165 4.54 0.0% -25% Overweight 5.76 21.2% 4.9% 26.1% 5.0 0.30 0.30 0.32 (2.8%) 7.2% 3.1% 14.9 15.3 14.3 13.6

Tabcorp Holdings TAH-AU 8,808 4.37 2.1% -22% Overweight 5.02 13.0% 7.1% 20.2% 1.6 0.17 0.20 0.23 18.2% 12.1% 13.9% 25.6 21.7 19.3 17.3

Tatts TTS-AU ###### ##### #VALUE! #VALUE! ###### n/m #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

Village Roadshow VRL-AU 492 2.53 0.0% -32% Overweight 2.62 3.4% 1.6% 4.9% (0.1) -0.05 0.11 0.18 (339.0%) 69.8% (263.8%) n/m 23.5 13.9 12.8

Webjet WEB-AU 1,634 12.05 2.2% 17% Overweight 16.05 24.9% 3.0% 27.9% 0.5 0.37 0.60 0.91 64.4% 51.3% 42.4% 32.8 20.0 13.2 11.4

Average 18.0 18.4 15.5 14.6

Median 15.9 16.8 14.1 13.6

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CAGR


Australian Pharmaceutical Industries API-AU 726 1.48 (7.5%) -12% Hold 1.72 14.1% 7.5% 21.6% 1.0 0.10 0.12 0.13 23.7% 5.1% 12.6% 15.2 12.3 11.7 10.6

Bapcor BAP-AU 1,749 6.19 0.0% 10% Overweight 7.44 16.8% 4.4% 21.2% 1.4 0.30 0.35 0.39 15.1% 12.3% 12.9% 20.6 17.9 15.9 14.3

Graincorp Class A GNC-AU 2,147 9.38 1.8% 15% Hold 8.98 (4.4%) 1.1% (3.3%) 5.2 0.31 0.10 0.39 (69.1%) 311.0% 18.8% 30.4 98.4 23.9 18.1Metcash MTS-AU 2,128 2.34 1.3% -25% Hold 2.70 13.3% 8.8% 22.0% 8.4 0.22 0.23 0.22 3.4% (1.9%) 1.2% 10.6 10.2 10.4 10.2

Netcomm Wireless NTC-AU 111 0.76 4.1% -37% Buy 0.94 19.1% 0.0% 19.1% 0.7 0.06 0.05 0.09 (7.3%) 78.4% 22.5% 13.8 14.9 8.4 7.5

Seven Holdings SVW-AU 5,097 15.02 0.6% -2% Buy 21.33 29.6% 4.7% 34.3% 0.6 0.98 1.24 1.44 26.6% 15.7% 19.1% 15.3 12.1 10.5 9.1

Sigma Healthcare SIG-AU 604 0.57 (1.7%) -42% Underweight 0.57 (0.9%) 10.3% 9.4% (0.5) 0.06 0.04 0.02 (23.3%) (42.9%) (27.7%) 10.0 13.1 22.9 26.5Average 16.6 25.6 14.8 13.8

Median 15.2 13.1 11.7 10.6CAGR


Beach Energy BPT-AU 3,360 1.48 0.0% 18% Overweight 1.93 23.5% 2.2% 25.6% 0.4 0.14 0.20 0.20 41.7% 1.5% 17.7% 10.6 7.5 7.4 6.5

Caltex Australia CTX-AU 7,055 27.05 0.8% -21% Overweight 32.01 15.5% 5.9% 21.4% (186.5) 2.38 2.14 2.27 (10.1%) 6.3% (0.1%) 11.4 12.6 11.9 11.4

Cooper Energy COE-AU 681 0.43 1.2% 31% Buy 0.63 32.3% 0.0% 32.3% 0.9 0.02 0.01 0.05 (29.2%) 313.7% 37.0% 23.6 33.3 8.1 9.2

FAR FAR-AU 366 0.07 0.0% -13% Buy 0.16 59.1% 0.0% 59.1% n/m -0.01 -0.01 0.00 29.5% (60.5%) (13.7%) n/m n/m n/m n/m

Karoon Gas Australia KAR-AU 214 0.87 (1.1%) -34% Overweight 1.41 38.3% 0.0% 38.3% n/m -0.74 -0.12 0.06 (84.2%) (155.7%) (162.3%) n/m n/m 13.4 4.9

Liquefied Natural Gas LNG-AU 292 0.51 4.1% 20% Hold 0.97 47.4% 0.0% 47.4% n/m -0.04 -0.06 36.4% #VALUE! #VALUE! n/m n/m n/m n/m

Oil Search OSH-AU 11,016 7.23 0.4% -7% Overweight 8.87 18.5% 2.1% 20.5% 0.7 0.25 0.34 0.53 37.7% 52.5% 28.4% 28.9 21.0 13.7 13.6

Santos STO-AU 11,561 5.55 0.9% 2% Overweight 7.30 23.9% 1.6% 25.5% 0.3 0.21 0.40 0.57 95.1% 42.6% 41.9% 26.9 13.8 9.7 9.4Senex Energy SXY-AU 509 0.35 (2.8%) -9% Overweight 0.48 27.1% 0.0% 27.1% 0.1 0.00 0.01 0.02 736.7% 96.2% 210.5% 259.5 31.0 15.8 8.7Sino Gas & Energy Holdings SEH-AU ###### ##### #VALUE! #VALUE! ###### n/m 0.00 #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

Washington H. Soul Pattinson SOL-AU 6,488 27.10 2.9% 52% Sell 16.00 (69.4%) 3.1% (66.3%) n/m 1.11 2.00 1.34 79.4% (33.0%) #VALUE! 24.3 13.6 20.2 n/m

Whitehaven Coal WHC-AU 4,710 4.59 (1.1%) 3% Overweight 5.60 18.0% 14.9% 33.0% (0.6) 0.52 0.68 0.46 30.1% (32.8%) (10.7%) 8.8 6.8 10.1 12.4

Woodside Petroleum WPL-AU 29,152 31.14 (0.1%) -5% Overweight 39.15 20.5% 8.3% 28.8% 0.6 1.53 2.16 2.63 41.8% 21.8% 22.3% 20.4 14.4 11.8 11.2

Average 30.5 21.0 13.3 11.6

Median 16.6 13.8 11.9 10.6

CAGR


AMP AMP-AU 6,932 2.36 1.3% -55% Hold 2.73 13.4% 10.4% 23.8% (0.7) 0.36 0.29 0.25 (19.4%) (12.4%) (11.0%) 6.6 8.3 9.4 9.4

ASX ASX-AU 11,637 60.11 1.6% 10% Underweight 56.06 (7.2%) 5.1% (2.2%) 6.6 2.40 2.47 2.56 2.6% 3.7% 3.7% 25.0 24.4 23.5 22.4

Blue Sky Alternative Investments BLA-AU 65 0.84 (5.1%) -94% #VALUE! #VALUE! ###### n/m -1.20 #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

BT Investment Management BTT-AU ###### ##### #VALUE! #VALUE! ###### n/m #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

Challenger CGF-AU 6,032 9.87 (0.1%) -30% Hold 11.96 17.5% 3.7% 21.2% 2.1 0.64 0.67 0.72 5.0% 7.3% 7.0% 15.4 14.6 13.7 12.6

Eclipx . ECX-AU 809 2.53 (0.4%) -37% Overweight 2.68 5.7% 9.4% 15.1% 2.6 0.25 0.24 0.26 (1.2%) 6.8% 4.0% 10.2 10.4 9.7 9.1

EML Payments . EML-AU 377 1.51 2.0% -20% Overweight 2.16 30.2% 0.0% 30.2% 0.2 0.01 0.06 0.08 550.3% 38.7% 119.9% 173.0 26.6 19.2 16.3

Flexi FXL-AU 552 1.48 3.5% -14% Hold 2.34 36.8% 8.7% 45.6% 0.8 0.24 0.26 0.27 11.0% 4.3% 7.0% 6.3 5.6 5.4 5.1

Genworth Mortgage Insurance Aust.GMA-AU 997 2.28 (1.3%) -24% Hold 2.77 17.5% 12.8% 30.4% (4.8) 0.31 0.19 0.24 (38.3%) 21.6% (2.5%) 7.3 11.8 9.7 7.8

HFA Holdings HFA-AU ###### ##### #VALUE! #VALUE! ###### n/m #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

HUB24 HUB-AU 736 11.83 (2.2%) 24% Overweight 14.12 16.2% 0.8% 17.0% 0.7 0.09 0.22 0.34 151.0% 55.5% 72.5% 136.0 54.2 34.8 26.5

Insurance Australia IAG-AU 16,293 7.05 1.3% -5% Hold 7.60 7.2% 5.8% 12.9% 3.5 0.40 0.43 0.45 7.7% 3.2% 4.7% 17.5 16.3 15.8 15.3

IOOF Holdings IFL-AU 1,689 4.81 1.7% -55% Hold 4.95 2.7% 16.2% 19.0% 1.1 0.57 0.60 0.63 5.4% 4.3% 7.0% 8.4 8.0 7.6 6.9

Janus Henderson CDI repr 1 Shs JHG-AU 5,549 27.69 (0.0%) -44% Hold 40.64 31.9% 7.2% 39.1% 0.3 2.32 3.94 3.86 69.7% (2.0%) 20.8% 11.9 7.0 7.2 6.8

Macquarie MQG-AU 38,552 113.26 0.1% 14% Overweight 130.32 13.1% 5.2% 18.3% 1.8 7.44 8.53 8.94 14.7% 4.9% 7.4% 15.2 13.3 12.7 12.3

Magellan Financial MFG-AU 4,427 25.00 (0.9%) -7% Buy 29.50 15.3% 9.4% 24.6% 1.7 1.55 1.80 1.86 15.9% 3.7% 8.4% 16.1 13.9 13.4 12.7

Medibank Private . MPL-AU 6,472 2.35 0.9% -29% Underweight 2.64 11.0% 7.8% 18.8% (5.2) 0.16 0.16 0.15 0.2% (7.1%) (2.8%) 14.5 14.5 15.6 15.8

Mortgage Choice MOC-AU 145 1.16 4.5% -55% Hold #VALUE! 17.2% ###### n/m 0.19 0.14 0.15 (27.8%) 8.1% #VALUE! 6.2 8.6 7.9 n/m

NIB Holdings NHF-AU 2,228 4.89 1.0% -28% Hold 6.17 20.8% 6.7% 27.5% 4.7 0.32 0.34 0.35 5.0% 3.3% 3.1% 15.3 14.6 14.1 14.0

OFX . OFX-AU 454 1.83 3.1% 29% Hold 1.81 (1.0%) 4.7% 3.7% 3.4 0.08 0.08 0.09 8.5% 6.0% 6.4% 23.4 21.6 20.4 19.4

Perpetual PPT-AU 1,491 32.01 (4.0%) -34% Hold 40.18 20.3% 11.8% 32.1% 7.5 3.00 2.85 2.95 (4.9%) 3.7% 1.5% 10.7 11.2 10.8 10.2

Platinum Asset Management PTM-AU 2,898 4.94 0.8% -36% Underweight 5.02 1.6% 8.6% 10.2% 18.7 0.32 0.29 0.31 (9.0%) 6.8% 0.9% 15.3 16.8 15.7 14.9

Propertylink PLG-AU 714 1.19 (0.4%) 18% #VALUE! 8.4% ###### (2.2) 0.09 0.08 0.08 (13.5%) (6.3%) (6.8%) 12.8 14.8 15.8 15.8

QBE Insurance QBE-AU 13,646 10.27 1.3% -4% Overweight 11.83 13.2% 5.5% 18.7% (0.0) -0.21 0.79 0.87 (472.0%) 10.0% (267.7%) n/m 12.9 11.8 10.2

Scottish Pacific . SCO-AU 612 4.40 0.0% 34% Hold 4.34 (1.4%) 5.1% 3.7% 2.0 0.24 0.26 0.29 7.4% 11.9% 8.6% 18.2 16.9 15.1 14.2

Silver Chef SIV-AU 61 1.55 2.3% -79% Sell 1.42 (9.5%) 0.0% (9.5%) (0.1) -1.22 0.13 0.34 (110.7%) 159.1% (173.2%) n/m 11.8 4.6 3.2

Steadfast SDF-AU 2,228 2.81 1.8% 0% Overweight 3.20 12.2% 3.1% 15.3% 2.5 0.13 0.13 0.16 3.5% 19.9% 8.8% 22.3 21.5 18.0 17.3

Suncorp SUN-AU 17,101 13.17 1.2% -5% Overweight 14.94 11.9% 8.6% 20.4% 1.8 0.83 0.98 1.00 17.9% 2.2% 7.6% 15.8 13.4 13.1 12.7

Thorn TGA-AU 86 0.54 0.9% -31% Buy #VALUE! 0.0% ###### (0.0) -0.04 0.05 0.08 (233.0%) 53.7% (235.5%) n/m 10.0 6.5 5.3

Average 26.2 15.5 13.5 12.6

Median 15.3 13.7 13.3 12.7

CAGR


Abacus Property ABP-AU 1,931 3.33 1.2% -19% Hold 3.30 (0.9%) 5.7% 4.8% (2.4) 0.32 0.22 0.25 (30.6%) 13.6% (6.4%) 10.5 15.1 13.3 12.8

Arena REIT ARF-AU 662 2.44 (0.4%) 8% Overweight 2.52 3.3% 5.5% 8.8% 3.9 0.13 0.14 0.15 6.4% 6.2% 4.5% 18.6 17.5 16.5 16.3

Aventus Retail Property Fund AVN-AU 1,115 2.10 0.0% -6% Hold 2.22 5.4% 8.1% 13.5% 4.7 0.18 0.19 0.19 3.5% 2.1% 2.4% 11.6 11.2 11.0 10.8

Aveo AOG-AU 915 1.58 1.3% -41% Hold 2.25 29.9% 5.3% 35.2% (0.7) 0.22 0.16 0.13 (26.3%) (20.7%) (14.8%) 7.2 9.7 12.2 11.6

BWP Trust BWP-AU 2,364 3.68 0.5% 19% Underweight 3.01 (22.4%) 4.9% (17.5%) 18.1 0.18 0.18 0.19 4.6% 2.9% 1.1% 20.9 20.0 19.4 20.2

Cedar Woods Properties CWP-AU 395 4.93 (1.2%) -19% Overweight 7.21 31.6% 6.9% 38.5% n/m 0.54 0.72 0.68 34.6% (6.5%) #VALUE! 9.2 6.8 7.3 n/m

Centuria Industrial REIT CIP-AU 768 2.88 2.5% 14% Hold 2.68 (7.3%) 6.3% (0.9%) 21.1 0.19 0.19 0.19 (4.9%) 3.6% 0.7% 14.8 15.6 15.0 14.5

Centuria Metropolitan REIT 1 CMA-AU 848 2.38 0.0% 1% Buy 2.56 6.9% 7.4% 14.3% 2.5 0.18 0.21 0.20 12.7% (1.2%) 4.5% 12.9 11.5 11.6 11.3

Charter Hall CHC-AU 3,517 7.55 0.3% 25% Hold 6.88 (9.7%) 4.7% (5.0%) 2.8 0.38 0.41 0.57 9.1% 39.2% 6.5% 20.0 18.4 13.2 16.6

Charter Hall Long WALE REIT CLW-AU 1,221 4.35 1.4% 5% Underweight 4.10 (6.0%) 6.0% 0.0% 5.2 0.26 0.27 0.29 4.5% 4.6% 3.0% 16.6 15.8 15.2 15.1Charter Hall Retail REIT CQR-AU 1,868 4.64 0.9% 12% Underweight 4.14 (12.1%) 6.2% (5.8%) 9.9 0.31 0.31 0.32 1.0% 2.3% 1.5% 15.2 15.1 14.7 14.5Cromwell Property CMW-AU 2,242 1.02 1.5% 2% Underweight 0.98 (4.4%) 7.0% 2.6% (2.9) 0.08 0.08 0.07 2.3% (11.8%) (4.1%) 12.3 12.0 13.6 14.0

Dexus DXS-AU 11,454 11.26 1.5% 15% Hold 10.47 (7.5%) 4.4% (3.1%) 1.4 0.46 0.61 0.64 33.0% 3.7% 12.9% 24.4 18.4 17.7 17.0

Folkestone Education Trust FET-AU 762 2.96 1.7% 3% Overweight 3.06 3.2% 5.4% 8.6% 3.5 0.16 0.17 0.19 5.1% 7.9% 4.9% 18.0 17.1 15.9 15.6

Gateway Lifestyle GTY-AU ###### ##### #VALUE! #VALUE! ###### n/m 0.13 #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

GDI Property GDI-AU 718 1.33 1.5% 6% #VALUE! #VALUE! ###### n/m 0.08 #VALUE! #VALUE! #VALUE! 16.3 n/m n/m n/mGPT GPT-AU 10,180 5.64 1.6% 10% Hold 5.32 (6.1%) 4.5% (1.6%) 5.6 0.31 0.31 0.33 1.4% 4.4% 3.2% 18.3 18.1 17.3 16.7

Growthpoint Properties AustraliaGOZ-AU 2,736 3.76 0.0% 11% Underweight 3.32 (13.4%) 6.1% (7.2%) 6.2 0.23 0.23 0.24 2.2% 2.8% 2.6% 16.7 16.3 15.9 15.4

Hotel Property Investments . HPI-AU 462 3.16 0.6% -5% Sell 2.92 (8.2%) 6.3% (1.9%) 8.4 0.20 0.20 0.21 0.7% 5.0% 1.9% 15.9 15.8 15.0 15.0

Industria REIT Fund IDR-AU 436 2.68 (0.7%) 6% Hold 2.58 (3.9%) 6.5% 2.6% (4.2) 0.19 0.17 0.17 (11.0%) 1.2% (3.8%) 14.3 16.0 15.9 16.0

Ingenia Communities INA-AU 685 2.95 (2.0%) 7% Buy 3.50 15.6% 3.8% 19.4% 2.2 0.18 0.19 0.20 7.3% 5.3% 7.2% 16.7 15.5 14.8 13.5

Investa Office Fund IOF-AU 3,426 5.58 0.0% 23% Hold 5.28 (5.7%) 3.6% (2.0%) n/m 0.31 0.30 0.32 (1.3%) 7.5% #VALUE! 18.3 18.5 17.2 n/m

Iron Mountain CDI repr 1 sh INM-AU ###### ##### Hold 52.02 #VALUE! #VALUE! ###### n/m 1.46 1.53 1.72 4.4% 12.3% 10.5% n/m n/m n/m n/m

Lendlease LLC-AU 6,591 11.65 0.6% -29% Overweight 16.81 30.7% 3.7% 34.4% 4.1 1.36 0.87 1.46 (36.4%) 68.1% 3.3% 8.6 13.5 8.0 7.8

Mirvac MGR-AU 8,496 2.32 0.9% -1% Hold 2.45 5.2% 5.1% 10.3% 6.7 0.16 0.17 0.18 0.8% 8.3% 2.1% 14.1 14.0 13.0 13.3

National Storage REIT NSR-AU 1,183 1.77 1.4% 16% Hold 1.67 (6.0%) 5.4% (0.6%) 5.3 0.10 0.09 0.10 (1.8%) 9.1% 3.5% 18.6 18.9 17.4 16.7

Rural Funds RFF-AU 746 2.24 (0.4%) -2% Buy 2.40 6.5% 4.7% 11.1% 10.5 0.14 0.13 0.14 (6.8%) 8.0% 1.6% 15.9 17.0 15.7 15.1

Scentre SCG-AU 21,268 4.00 1.0% -5% Overweight 4.28 6.5% 5.5% 12.0% 0.1 0.02 0.25 0.26 953.2% 2.8% 123.0% 167.4 15.9 15.5 15.1

Servcorp SRV-AU 276 2.80 (1.8%) -51% Hold #VALUE! 9.3% ###### n/m 0.29 0.28 0.30 (4.1%) 5.3% #VALUE! 9.5 9.9 9.4 n/m

Shopping Centres Australasia REIT SCP-AU 2,461 2.69 0.7% 15% Underweight 2.37 (13.5%) 5.5% (8.0%) 4.3 0.15 0.16 0.17 6.8% 3.6% 3.9% 17.6 16.5 15.9 15.7

Stockland SGP-AU 8,908 3.70 (0.3%) -17% Hold 4.11 9.9% 7.5% 17.5% 2.1 0.30 0.32 0.33 7.4% 3.2% 5.4% 12.3 11.4 11.0 10.5

Vicinity Centres VCX-AU 10,281 2.68 0.0% -1% Hold 2.88 7.0% 6.1% 13.1% 21.9 0.18 0.18 0.18 (0.9%) (0.1%) 0.7% 14.7 14.8 14.9 14.4

Villa World VLW-AU 214 1.70 2.1% -41% Overweight 1.96 13.1% 13.0% 26.1% (1.0) 0.34 0.23 0.27 (32.2%) 17.6% (7.2%) 5.0 7.3 6.2 6.2

Viva Energy REIT VVR-AU 1,604 2.21 0.0% -2% Buy 2.59 14.7% 9.1% 23.7% 3.1 0.13 0.14 0.14 9.0% 3.3% 5.1% 17.2 15.8 15.3 14.8

Westfield Corp. WFD-AU ###### ##### #VALUE! #VALUE! ###### n/m 0.43 #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

Average 19.8 15.0 14.2 14.3

Median 15.9 15.8 15.0 15.0

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Estia Health . EHE-AU 612 2.35 2.2% -33% Overweight 2.81 16.2% 9.9% 26.1% 2.2 0.16 0.17 0.18 8.9% 3.6% 6.4% 15.0 13.7 13.3 12.4Greencross GXL-AU 649 5.39 0.7% -14% Hold 5.22 (3.2%) 3.8% 0.6% 3.7 0.32 0.30 0.32 (5.0%) 6.3% 4.8% 17.1 18.0 16.9 14.9Healthscope . HSO-AU 3,743 2.15 (0.5%) 2% Hold 2.35 8.5% 4.7% 13.2% 2.2 0.09 0.09 0.11 8.6% 12.5% 10.2% 24.8 22.8 20.3 18.6

Japara Healthcare JHC-AU 313 1.17 1.7% -40% Hold 1.30 10.2% 7.9% 18.1% 3.8 0.09 0.08 0.09 (9.8%) 13.9% 3.9% 13.4 14.8 13.0 11.9

Monash IVF MVF-AU 238 1.01 (2.9%) -20% Overweight 1.02 1.0% 12.7% 13.6% 17.4 0.09 0.09 0.09 (1.2%) 1.6% 0.6% 11.1 11.2 11.1 10.9

Primary Health Care PRY-AU 1,537 2.47 2.1% -29% Hold 2.85 13.4% 5.6% 19.0% 1.9 0.16 0.17 0.18 2.1% 8.9% 8.0% 15.3 15.0 13.7 12.1

Ramsay Health Care RHC-AU 11,078 54.82 0.7% -22% Overweight 60.30 9.1% 3.9% 12.9% 3.3 2.80 2.85 3.10 1.9% 8.6% 5.9% 19.6 19.2 17.7 16.5

Regis Healthcare . REG-AU 800 2.66 (2.6%) -24% Hold 3.19 16.7% 9.2% 25.8% 6.5 0.19 0.17 0.19 (9.9%) 11.0% 2.4% 14.0 15.6 14.0 13.1

Sonic Healthcare SHL-AU 9,644 22.63 1.1% -1% Overweight 25.12 9.9% 5.3% 15.2% 3.2 1.12 1.17 1.26 4.6% 7.7% 5.9% 20.2 19.3 17.9 17.0

Virtus Health . VRT-AU 359 4.47 3.5% -15% Hold 5.22 14.3% 8.6% 22.9% 2.5 0.39 0.40 0.42 3.3% 6.1% 4.4% 11.5 11.2 10.5 10.1

Average 16.2 16.1 14.9 13.7

Median 15.1 15.3 13.9 12.8

CAGR


Blackmores BKL-AU 2,116 122.33 1.7% -28% Hold 124.31 1.6% 4.1% 5.7% 2.1 4.06 4.52 5.19 11.5% 14.8% 13.1% 30.2 27.0 23.6 20.8

Cochlear COH-AU 10,113 175.22 2.8% 2% Hold 182.53 4.0% 2.7% 6.7% 3.3 4.27 4.69 5.32 10.0% 13.3% 11.5% 41.1 37.3 32.9 29.6

CSL CSL-AU 83,227 183.74 2.0% 30% Buy 219.09 16.1% 1.5% 17.7% 2.2 5.18 6.02 6.85 16.2% 13.8% 13.7% 35.5 30.5 26.8 24.2

Fisher & Paykel Healthcare FPH-AU 6,735 11.75 3.7% -8% Underweight 12.06 2.6% 2.0% 4.5% 2.3 0.30 0.34 0.39 13.2% 14.5% 14.9% 38.7 34.2 29.9 25.5

Impedimed IPD-AU 87 0.23 (2.1%) -77% Buy 0.85 72.9% 0.0% 72.9% n/m -0.07 -0.06 -0.05 (21.4%) (10.9%) (21.4%) n/m n/m n/m n/m

Mayne Pharma MYX-AU 1,472 0.93 3.9% 34% Overweight 1.18 21.5% 0.0% 21.5% 1.0 0.04 0.04 0.06 1.5% 40.9% 22.6% 22.6 22.3 15.8 12.3

Mesoblast MSB-AU 569 1.15 0.4% -22% Buy 3.78 69.7% 0.0% 69.7% n/m -0.10 -0.26 -0.13 149.8% (49.6%) (146.0%) n/m n/m n/m 113.4

Nanosonics NAN-AU 930 3.10 3.3% 12% Overweight 3.44 9.9% 0.0% 9.9% 1.5 0.02 0.03 0.08 42.2% 187.1% 78.3% 162.3 114.1 39.7 28.6

Resmed CDI (ratio of 10 CDIs / 1 sh)RMD-AU 22,572 15.84 (0.1%) 44% Overweight 15.21 (4.1%) 1.3% (2.8%) 3.0 0.48 0.51 0.57 7.1% 11.8% 10.4% 33.2 31.0 27.7 24.7

Sirtex Medical SRX-AU ###### ##### Hold 33.60 #VALUE! #VALUE! ###### n/m 0.73 #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

Starpharma Holdings SPL-AU 537 1.44 (1.4%) 6% #VALUE! #VALUE! ###### n/m -0.03 #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

Average 51.9 42.4 28.1 34.9

Median 35.5 31.0 27.7 25.1

CAGR


Ausdrill ASL-AU 823 1.21 1.3% -52% Buy 2.20 45.3% 8.3% 53.6% 0.4 0.12 0.15 0.19 29.9% 21.3% 19.4% 10.3 7.9 6.5 6.0

Bingo Industries . BIN-AU 1,217 2.09 1.0% -15% Overweight 3.08 32.0% 2.5% 34.5% 0.9 0.10 0.10 0.15 2.0% 54.7% 23.5% 21.6 21.2 13.7 11.5

Cardno CDD-AU 465 1.03 0.0% -31% #VALUE! #VALUE! ###### n/m -0.03 #VALUE! #VALUE! #VALUE! n/m n/m n/m n/mCIMIC CIM-AU 14,027 43.26 0.5% -16% Hold 45.40 4.7% 5.0% 9.7% 2.4 2.17 2.41 2.58 11.3% 7.1% 7.6% 20.0 18.0 16.8 16.1Clean Teq Holdings CLQ-AU 291 0.39 (1.3%) -74% Buy 1.54 74.7% 0.0% 74.7% n/m -0.03 -0.01 -0.02 (52.2%) 48.4% 39.5% n/m n/m n/m n/m

Cleanaway Waste Management .CWY-AU 3,584 1.76 (0.6%) 17% Overweight 2.11 16.8% 2.7% 19.5% 1.4 0.05 0.07 0.08 23.0% 20.9% 19.3% 33.1 26.9 22.3 19.5

Downer EDI DOW-AU 3,955 6.65 2.2% -4% Overweight 7.00 5.0% 6.4% 11.5% 1.5 0.50 0.53 0.59 5.6% 11.8% 8.1% 13.2 12.5 11.2 10.5

Mineral Resources MIN-AU 2,972 15.81 10.6% -25% Buy 20.23 21.9% 3.8% 25.6% 6.2 1.45 0.74 1.37 (49.0%) 85.4% 3.5% 10.9 21.3 11.5 9.8

Monadelphous MND-AU 1,352 14.35 2.4% -17% Underweight 13.80 (4.0%) 5.7% 1.8% 2.8 0.76 0.66 0.82 (12.6%) 23.0% 7.7% 18.9 21.6 17.6 15.1

RCR Tomlinson RCR-AU 231 0.87 0.0% -71% Overweight 1.21 27.9% 0.9% 28.8% (0.0) -0.04 0.13 0.13 (414.9%) 1.0% (248.8%) n/m 6.7 6.6 6.4

Tox Free Solutions TOX-AU ###### ##### #VALUE! #VALUE! ###### n/m #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

Worleyparsons WOR-AU 5,773 12.53 1.2% -8% Overweight 18.26 31.4% 3.7% 35.1% 0.9 0.61 0.65 0.94 6.1% 45.0% 20.8% 20.6 19.4 13.4 11.7

Average 27.4 24.0 18.6 19.7

Median 20.0 19.3 16.9 15.1

CAGR


Adelaide Brighton ABC-AU 2,908 4.47 1.4% -31% Hold 5.05 11.5% 8.1% 19.7% 4.8 0.30 0.30 0.31 (2.5%) 6.0% 3.2% 14.8 15.1 14.3 13.4

Alacer Gold CDI repr 1 Sh AQG-AU 664 2.26 (0.9%) 0% Overweight 3.67 38.5% 0.4% 38.9% 582.8 0.50 0.04 0.36 (91.6%) 760.0% 0.1% 4.5 54.2 6.3 4.5

Alumina AWC-AU 6,480 2.25 2.3% -7% Overweight 2.68 16.2% 17.4% 33.5% 0.5 0.15 0.33 0.25 122.5% (24.1%) 13.9% 15.0 6.7 8.9 10.1

Beadell Resources BDR-AU 74 0.04 0.0% -76% Buy 0.08 41.3% 0.0% 41.3% n/m -0.08 0.00 -0.01 (100.0%) #DIV/0! (308.5%) n/m n/m n/m 0.1

BHP Billiton BHP-AU 98,774 33.53 3.5% 13% Overweight 34.24 2.1% 11.5% 13.5% 12.5 2.28 2.32 2.22 1.6% (4.2%) 1.2% 14.7 14.4 15.1 14.2

Bluescope Steel BSL-AU 6,434 11.98 0.7% -22% Overweight 15.38 22.1% 1.9% 24.1% 6.2 1.48 1.89 1.53 27.1% (18.9%) 1.0% 8.1 6.4 7.8 7.8

Boral BLD-AU 5,838 4.98 0.2% -36% Overweight 7.13 30.1% 6.8% 36.9% 1.1 0.40 0.44 0.50 8.2% 13.9% 10.5% 12.3 11.4 10.0 9.1

Brickworks BKW-AU 2,552 17.04 1.4% 15% Hold 16.98 (0.3%) 3.9% 3.5% (1.4) 1.50 1.41 1.09 (5.9%) (22.6%) (8.8%) 11.4 12.1 15.6 15.0

Dacian Gold . DCN-AU 470 2.09 4.0% -25% Buy 3.19 34.4% 0.0% 34.4% (0.0) -0.03 0.19 0.43 (849.3%) 120.5% (355.6%) n/m 10.7 4.9 4.8

Evolution Mining EVN-AU 5,702 3.36 2.1% 27% Hold 3.12 (7.8%) 3.2% (4.6%) 3.1 0.16 0.14 0.18 (10.0%) 29.2% 7.6% 21.7 24.1 18.6 17.4

Fletcher Building FBU-AU 3,908 4.58 (1.3%) -31% Hold 5.35 14.4% 7.1% 21.5% (0.0) -0.07 0.42 0.43 (668.8%) 3.7% (281.4%) n/m 11.0 10.6 10.5

Fortescue Metals FMG-AU 13,008 4.18 1.5% -14% Overweight 4.67 10.4% 9.0% 19.4% 2.3 0.38 0.44 0.39 13.4% (11.4%) 4.2% 10.9 9.6 10.8 9.6

Galaxy Resources GXY-AU 1,043 2.56 4.5% -33% Buy 3.81 32.8% 0.0% 32.8% 0.1 0.00 0.06 0.12 13382.7% 103.8% 470.2% 6,097.6 45.2 22.2 32.9

Gold Road Resources GOR-AU 522 0.60 (0.8%) -15% Buy 0.84 29.0% 0.0% 29.0% n/m 0.26 -0.01 0.00 (104.1%) (60.4%) (40.0%) 2.3 n/m n/m 10.5

Highfield Resources HFR-AU 226 0.69 5.4% -33% Buy 1.45 52.8% 0.0% 52.8% n/m #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

Iluka Resources ILU-AU 3,193 7.56 1.3% -26% Buy 10.49 28.0% 3.7% 31.7% 0.2 0.23 0.70 0.98 207.3% 39.8% 60.8% 33.1 10.8 7.7 8.0

Independence NL IGO-AU 2,350 3.98 2.6% -16% Overweight 4.48 11.1% 2.6% 13.7% 0.4 0.09 0.21 0.31 136.4% 44.6% 48.2% 44.5 18.8 13.0 13.7

James Hardie Chess Units JHX-AU 6,727 15.21 0.9% -33% Buy 21.57 29.5% 5.4% 34.8% 1.1 0.87 0.97 1.13 11.3% 17.0% 14.1% 17.5 15.7 13.4 11.8

Lynas Corporation LYC-AU 1,098 1.65 3.4% -24% Buy 3.05 45.9% 0.0% 45.9% 0.3 0.08 0.11 0.23 28.3% 118.1% 54.9% 19.9 15.5 7.1 5.4

MACA MLD-AU 228 0.85 (2.9%) -50% Overweight 1.24 31.3% 7.3% 38.5% 4.9 0.09 0.06 0.08 (28.1%) 20.7% 2.7% 9.5 13.2 10.9 8.8

Metals X MLX-AU 269 0.39 0.0% -63% Buy 0.82 52.6% 0.9% 53.4% (0.1) -0.04 0.03 0.11 (161.0%) 324.8% (235.3%) n/m 14.9 3.5 3.7

Newcrest Mining NCM-AU 16,018 20.85 0.0% -9% Overweight 21.98 5.1% 1.2% 6.4% 2.0 0.85 0.91 1.21 7.4% 33.4% 11.6% 24.6 22.9 17.2 17.7

Northern Star Resources NST-AU 5,301 8.29 2.7% 36% Hold 8.26 (0.3%) 2.4% 2.1% 0.6 0.32 0.48 0.61 53.1% 26.6% 29.3% 26.3 17.2 13.6 12.2

OceanaGold CDI repr 1 sh OGC-AU 2,546 4.12 3.5% 19% Overweight 4.54 9.3% 1.8% 11.1% (1.6) 0.36 0.30 0.24 (16.6%) (20.0%) (8.5%) 11.6 13.9 17.3 15.1

Orocobre ORE-AU 1,044 3.99 2.0% -43% Overweight 5.58 28.5% 0.0% 28.5% 0.4 0.06 0.17 0.18 199.2% 1.2% 63.5% 68.8 23.0 22.7 15.8

OZ Minerals OZL-AU 2,890 8.95 1.4% -2% Overweight 10.29 13.0% 3.2% 16.2% (18.1) 0.77 0.70 0.52 (9.1%) (26.3%) (0.7%) 11.6 12.8 17.3 11.9

Perseus Mining PRU-AU 393 0.38 1.3% 1% Buy 0.61 37.6% 0.0% 37.6% (0.1) -0.03 0.02 0.02 (167.4%) 3.0% (192.9%) n/m 22.5 21.9 18.9

Pilbara Minerals PLS-AU 1,317 0.76 1.3% -32% Buy 1.07 29.7% 0.3% 30.0% (0.1) -0.01 0.04 0.09 (419.8%) 142.8% (326.9%) n/m 19.8 8.2 5.4

Regis Resources RRL-AU 2,197 4.33 2.9% 1% Hold 4.22 (2.7%) 5.2% 2.5% 4.9 0.35 0.31 0.36 (9.1%) 13.9% 2.8% 12.5 13.8 12.1 11.5

Resolute Mining RSG-AU 837 1.11 4.7% -3% Overweight 1.48 25.3% 2.0% 27.2% 0.3 0.09 0.11 0.21 26.6% 90.4% 33.2% 12.7 10.0 5.3 5.4

Rio Tinto RIO-AU 28,276 76.17 2.1% 0% Overweight 84.40 9.8% 7.9% 17.6% 9.3 6.15 7.17 6.24 16.6% (13.0%) 1.1% 12.4 10.6 12.2 12.0

Sandfire Resources NL SFR-AU 1,095 6.86 1.8% -1% Overweight 7.60 9.8% 5.1% 14.9% 0.6 0.78 0.70 1.24 (9.7%) 76.0% 16.4% 8.8 9.8 5.5 5.6

Saracen Mineral Holdings SAR-AU 2,313 2.82 4.4% 67% Hold 2.27 (24.4%) 0.4% (24.0%) 1.0 0.09 0.13 0.18 41.3% 35.0% 22.7% 30.6 21.7 16.1 16.6

Silver Lake Resources SLR-AU 269 0.53 2.9% 39% Buy 0.81 34.3% 0.0% 34.3% 0.3 0.03 0.06 0.08 82.5% 33.5% 32.2% 16.8 9.2 6.9 7.3

Sims Metal Management SGM-AU 2,117 10.41 0.2% -34% Overweight 13.67 23.9% 7.5% 31.3% 2.2 0.93 1.01 1.08 8.4% 7.4% 4.7% 11.2 10.3 9.6 9.7

South32 . S32-AU 17,073 3.36 2.4% -4% Overweight 3.65 7.8% 9.0% 16.8% (2.0) 0.35 0.38 0.33 7.2% (13.9%) (4.4%) 9.5 8.9 10.3 10.9

St. Barbara . SBM-AU 2,270 4.33 2.4% 13% Overweight 4.32 (0.3%) 2.3% 2.0% (1.3) 0.44 0.30 0.30 (30.7%) (1.9%) (11.3%) 9.9 14.3 14.6 14.2

Syrah Resources SYR-AU 589 1.71 (0.9%) -62% Overweight 3.42 49.9% 0.0% 49.9% n/m -0.06 -0.08 0.07 29.3% (196.2%) (272.7%) n/m n/m 23.6 5.7

Western Areas WSA-AU 566 2.07 4.0% -36% Overweight 2.90 28.6% 1.8% 30.4% 0.2 0.04 0.12 0.23 180.4% 90.6% 85.9% 48.5 17.3 9.1 7.5

Westgold Resources WGX-AU 346 0.89 4.1% -50% Buy 2.05 56.6% 0.0% 56.6% (0.0) 0.00 0.07 0.29 (2158.8%) 307.1% (501.5%) n/m 12.7 3.1 4.0

Average 208.9 16.1 12.1 10.7

Median 13.7 13.8 10.9 10.5

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Amcor AMC-AU 15,473 13.36 0.8% -13% Overweight 15.06 11.3% 4.8% 16.1% 2.2 0.85 0.89 0.97 4.6% 8.7% 6.8% 15.7 15.0 13.8 12.9

Costa Holdings . CGC-AU 2,451 7.66 2.4% 16% Hold 7.12 (7.6%) 2.2% (5.4%) 1.6 0.24 0.29 0.33 23.0% 13.7% 16.8% 32.0 26.0 22.9 20.1

Dulux DLX-AU 2,651 6.81 (1.0%) -11% Hold 7.25 6.0% 6.0% 12.0% 6.6 0.39 0.39 0.41 (0.1%) 4.4% 2.7% 17.5 17.5 16.8 16.2

Elders ELD-AU 843 6.94 (0.1%) -15% Underweight 7.60 8.7% 0.0% 8.7% 1.5 0.54 0.59 0.64 9.5% 8.1% 8.1% 12.9 11.7 10.9 10.2

Incitec Pivot IPL-AU 5,591 3.47 0.6% -11% Hold 3.92 11.6% 4.1% 15.7% 1.2 0.21 0.26 0.27 23.6% 3.7% 11.4% 16.6 13.4 13.0 12.0

Inghams . ING-AU 1,627 4.28 (0.9%) 35% Hold 3.98 (7.6%) 4.6% (2.9%) 2.0 0.27 0.29 0.32 6.0% 9.0% 7.2% 15.6 14.7 13.5 12.6

Nufarm NUF-AU 2,293 6.04 1.7% -30% Overweight 7.68 21.4% 2.1% 23.5% 0.6 0.28 0.41 0.51 47.2% 25.9% 26.9% 21.8 14.8 11.8 10.7Orica ORI-AU 6,554 17.25 3.5% -5% Hold 17.40 0.8% 3.2% 4.0% 1.4 0.85 0.97 1.13 13.4% 16.8% 12.7% 20.3 17.9 15.3 14.2Orora . ORA-AU 3,934 3.26 1.6% -4% Overweight 3.58 8.9% 4.6% 13.5% 2.4 0.17 0.19 0.20 6.8% 7.0% 7.2% 18.7 17.5 16.4 15.2

Pact Holdings . PGH-AU 1,204 3.50 1.4% -38% Overweight 3.98 12.1% 6.3% 18.4% 6.9 0.30 0.26 0.30 (13.0%) 15.1% 2.0% 11.8 13.6 11.8 11.1

Ridley Corporation RIC-AU 397 1.29 (1.5%) -7% Hold 1.68 23.2% 5.1% 28.3% 0.8 0.06 0.08 0.08 36.6% 10.5% 20.1% 23.0 16.9 15.3 13.3

Tassal TGR-AU 784 4.42 (0.2%) 18% Overweight 4.65 4.9% 5.7% 10.7% 1.3 0.29 0.32 0.35 9.6% 10.1% 10.7% 15.2 13.9 12.6 11.2

Webster WBA-AU 589 1.63 1.2% 21% Hold 1.88 13.3% 2.6% 15.9% 6.5 0.08 0.05 0.08 (40.6%) 87.8% 5.5% 21.5 36.2 19.3 18.3

Average 18.7 17.6 14.9 13.7

Median 17.5 15.0 13.8 12.9

CAGR


Ainsworth Game Technology AGI-AU 251 0.75 1.4% -66% Underweight 0.83 10.7% 4.0% 14.7% (4.1) 0.09 0.05 0.07 (43.6%) 35.3% (3.6%) 8.3 14.7 10.8 9.2

Ansell ANN-AU 3,158 23.77 0.8% -2% Hold 25.70 7.5% 2.8% 10.3% 3.1 1.40 1.43 1.52 2.6% 6.3% 5.3% 17.0 16.6 15.6 14.6

Austal ASB-AU 678 1.93 3.8% 6% Buy 2.25 14.4% 3.8% 18.3% 1.0 0.11 0.14 0.15 23.2% 9.4% 13.6% 17.2 13.9 12.7 11.7

CSR CSR-AU 1,357 2.69 0.0% -43% Hold 3.53 23.9% 14.0% 37.8% (0.7) 0.42 0.37 0.32 (12.6%) (12.9%) (10.8%) 6.4 7.3 8.3 9.0

GWA GWA-AU 771 2.92 0.3% 2% Overweight 3.30 11.6% 7.7% 19.3% 2.7 0.19 0.20 0.21 4.2% 7.3% 5.4% 15.4 14.8 13.8 13.2

Imdex IMD-AU 423 1.13 (1.3%) 7% Overweight 1.59 29.0% 1.4% 30.4% 1.0 0.05 0.06 0.08 16.8% 26.1% 18.4% 20.9 17.9 14.2 12.6

Reliance Worldwide Corp. . RWC-AU 3,682 4.66 1.3% 23% Overweight 5.42 14.0% 3.2% 17.2% 0.9 0.15 0.22 0.25 48.4% 16.3% 24.2% 31.9 21.5 18.5 16.7

Average 16.7 15.3 13.4 12.4

Median 17.0 14.8 13.8 12.6

CAGR


Automotive Holdings AHG-AU 499 1.51 (0.3%) -59% Hold 1.93 21.9% 11.0% 32.8% (4.7) 0.23 0.17 0.19 (24.7%) 11.7% (1.9%) 6.7 8.9 8.0 7.1

Baby Bunting . BBN-AU 264 2.09 1.5% 30% Overweight 2.56 18.3% 5.6% 23.9% 0.5 0.07 0.11 0.14 64.7% 25.2% 35.6% 30.3 18.4 14.7 12.2

Harvey Norman Holdings HVN-AU 3,763 3.19 (0.9%) -22% Hold 3.51 9.2% 11.8% 21.0% (4.2) 0.33 0.31 0.30 (6.8%) (3.1%) (2.5%) 9.6 10.3 10.6 10.3

JB Hi-Fi JBH-AU 2,609 22.71 1.8% -9% Hold 25.18 9.8% 8.6% 18.4% 4.0 2.01 2.08 2.11 3.5% 1.3% 2.7% 11.3 10.9 10.8 10.4

Myer Holdings MYR-AU 333 0.41 1.2% -39% Underweight 0.42 3.1% 0.0% 3.1% 11.3 0.04 0.04 0.04 (9.4%) 10.9% 1.0% 10.2 11.3 10.2 9.9

Nick Scali NCK-AU 436 5.38 0.4% -19% Overweight 6.80 20.9% 7.7% 28.6% 1.8 0.51 0.54 0.56 7.2% 3.6% 5.4% 10.6 9.9 9.6 9.1

Premier Investments PMV-AU 2,447 15.47 0.3% 4% Hold 18.14 14.7% 6.2% 20.9% 1.5 0.76 0.82 0.94 9.1% 14.5% 12.2% 20.5 18.8 16.4 14.5

RCG Corporation RCG-AU ###### ##### #VALUE! #VALUE! ###### n/m #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

Super Retail SUL-AU 1,459 7.39 3.1% -11% Overweight 8.89 16.9% 9.9% 26.8% 1.9 0.74 0.77 0.81 4.2% 5.0% 5.0% 10.0 9.6 9.2 8.7

Vita VTG-AU 168 1.04 (5.0%) -27% Buy #VALUE! 14.4% ###### (2.0) 0.14 0.17 0.12 20.3% (28.8%) (3.0%) 7.4 6.1 8.6 8.1

Wesfarmers WES-AU 36,215 31.94 2.1% 0% Hold 32.03 0.3% 5.6% 5.9% 8.9 1.84 1.86 1.86 1.1% 0.1% 1.9% 17.3 17.1 17.1 16.4

Woolworths WOW-AU 37,731 28.64 1.2% 5% Hold 28.99 1.2% 5.1% 6.3% 2.7 1.23 1.38 1.45 12.2% 5.0% 7.7% 23.3 20.7 19.7 18.6

Average 14.3 12.9 12.3 11.4

Median 10.6 10.9 10.6 10.3

CAGR


Aconex ACX-AU ###### ##### #VALUE! #VALUE! ###### n/m #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

Afterpay Touch . APT-AU 3,004 12.84 4.4% 115% Buy 19.43 33.9% 0.0% 33.9% (0.7) -0.04 0.06 0.21 (247.1%) 253.8% (334.6%) n/m 218.2 61.7 24.9Altium ALU-AU 2,859 21.93 0.7% 65% Buy 26.68 17.8% 1.8% 19.6% 1.4 0.39 0.54 0.67 37.6% 23.7% 28.0% 55.8 40.6 32.8 26.6

Appen . APX-AU 1,415 13.27 2.2% 60% Overweight 15.76 15.8% 0.8% 16.6% 0.8 0.20 0.38 0.50 90.7% 32.3% 45.2% 66.8 35.0 26.5 21.8

Computershare CPU-AU 9,572 17.63 1.1% 8% Hold 17.84 1.2% 4.3% 5.4% 1.7 0.88 1.00 1.12 14.4% 11.3% 10.3% 20.1 17.6 15.8 15.0

GBST Holdings GBT-AU 107 1.57 0.6% -36% Hold 2.20 28.6% 3.2% 31.8% 1.5 0.12 0.10 0.12 (19.2%) 27.1% 10.9% 13.1 16.2 12.7 9.6

Hansen Technologies HSN-AU 670 3.40 0.0% -14% #VALUE! #VALUE! ###### n/m 0.15 #VALUE! #VALUE! #VALUE! 23.1 n/m n/m n/m

Infomedia IFM-AU 347 1.11 2.3% 30% Overweight 1.25 11.2% 4.6% 15.8% 1.6 0.04 0.05 0.06 10.8% 20.7% 14.9% 26.7 24.1 20.0 17.6

IRESS IRE-AU 1,928 11.13 3.2% -4% Overweight 13.30 16.3% 5.2% 21.5% 3.7 0.45 0.44 0.49 (1.4%) 11.6% 6.9% 24.8 25.2 22.6 20.3iSentia ISD-AU 58 0.29 3.6% -79% Hold 0.45 35.6% 0.0% 35.6% 5.7 0.06 0.04 0.05 (28.0%) 18.4% 1.2% 5.0 6.9 5.9 4.8Link Administration Holdings . LNK-AU 3,635 6.83 0.0% -19% Overweight 8.62 20.8% 5.2% 25.9% 2.0 0.42 0.45 0.48 8.8% 5.4% 7.4% 16.4 15.1 14.3 13.3

MYOB . MYO-AU 2,091 3.54 (0.3%) -2% Hold 3.50 (1.0%) 4.7% 3.7% 33.6 0.17 0.16 0.16 (4.0%) 0.9% 0.7% 20.9 21.8 21.6 20.5

Nextdc NXT-AU 2,201 6.39 1.4% 6% Overweight 8.54 25.2% 0.0% 25.2% 20.7 0.02 0.01 0.02 (70.8%) 207.9% 47.8% 288.9 988.4 321.1 89.6

Technology One TNE-AU 2,004 6.32 2.6% 27% Hold 5.86 (7.8%) 2.6% (5.2%) 2.5 0.16 0.18 0.21 11.4% 16.8% 14.2% 39.3 35.2 30.2 26.4

Trade Me TME-AU 2,374 5.98 0.2% 36% Hold 5.74 (4.3%) 5.5% 1.2% 2.7 0.22 0.25 0.27 12.3% 6.9% 8.8% 27.0 24.0 22.5 20.9

Wisetech Global . WTC-AU 5,461 18.14 1.1% 28% Hold 15.87 (14.3%) 0.3% (14.0%) 1.9 0.14 0.22 0.30 57.8% 35.8% 43.5% 130.5 82.7 60.9 44.2

Xero XRO-AU 5,618 39.96 2.0% 39% Hold 46.51 14.1% 0.0% 14.1% n/m -0.19 -0.10 0.24 (47.9%) (346.8%) (244.9%) n/m n/m 168.0 70.9

Average 36.5 67.9 37.6 21.6

Median 19.7 17.8 16.8 15.7

CAGR


amaysim Australia . AYS-AU 221 1.05 4.5% -47% Hold 1.15 9.0% 0.0% 9.0% 0.2 0.06 0.13 0.14 111.9% 10.8% 34.2% 17.8 8.4 7.6 7.4

Chorus CNU-AU 1,906 4.37 0.5% 15% Overweight 4.27 (2.4%) 4.8% 2.5% (2.3) 0.15 0.11 0.08 (25.2%) (27.3%) (17.4%) 30.0 40.1 55.1 53.2

Spark New Zealand SPK-AU 7,381 4.02 0.2% 22% Hold 3.54 (13.5%) 5.9% (7.6%) 2.9 0.19 0.22 0.23 15.5% 2.5% 6.2% 21.0 18.2 17.7 17.5

SpeedCast International SDA-AU 840 3.51 1.2% -35% Buy 5.49 36.1% 2.0% 38.1% 0.3 0.24 0.34 0.53 37.5% 58.2% 36.3% 14.4 10.4 6.6 5.7

Superloop . SLC-AU 338 1.48 (5.7%) -39% Buy 3.50 57.7% #VALUE! ###### n/m 0.03 #VALUE! #VALUE! #VALUE! 46.5 n/m n/m n/m

Telstra Corporation TLS-AU 34,491 2.90 1.0% -20% Overweight 3.44 15.8% 6.1% 21.9% (1.1) 0.30 0.19 0.17 (36.5%) (13.4%) (13.2%) 9.7 15.2 17.6 14.8TPG Telecom TPM-AU 6,031 6.50 3.2% -1% Underweight 7.19 9.5% 0.7% 10.2% (1.1) 0.47 0.37 0.24 (19.9%) (37.1%) (15.3%) 13.9 17.4 27.6 22.9

Vocus VOC-AU 2,085 3.35 5.3% 11% Underweight 3.03 (10.5%) 0.1% (10.3%) 131.2 0.20 0.17 0.18 (17.1%) 6.4% 0.2% 16.4 19.8 18.6 16.4

Average 21.2 18.5 21.6 19.7

Median 17.1 17.4 17.7 16.4

CAGR


Auckland International Airport AIA-AU 7,934 6.57 (1.4%) 11% Hold 6.53 (0.5%) 3.3% 2.7% 5.0 0.20 0.21 0.22 6.4% 2.2% 6.1% 32.6 30.7 30.0 27.3

Aurizon Holdings . AZJ-AU 8,876 4.46 0.5% -10% Hold 4.39 (1.6%) 5.2% 3.6% (4.3) 0.27 0.25 0.22 (8.8%) (8.7%) (4.2%) 16.6 18.2 19.9 18.9

Macquarie Atlas Roads MQA-AU ###### ##### #VALUE! #VALUE! ###### n/m #VALUE! #VALUE! #VALUE! n/m n/m n/m n/m

Qantas Airways QAN-AU 8,999 5.50 0.2% 9% Overweight 6.80 19.1% 3.6% 22.6% 1.9 0.64 0.62 0.69 (2.7%) 10.2% 4.7% 8.6 8.8 8.0 7.5

Qube Holdings . QUB-AU 4,190 2.61 2.0% 1% Hold 2.72 4.1% 3.1% 7.2% 2.1 0.07 0.08 0.09 17.6% 16.7% 15.9% 39.0 33.1 28.4 25.0

Sealink Travel . SLK-AU 421 4.15 (1.2%) 1% Buy 5.09 18.5% 5.3% 23.8% 0.7 0.19 0.27 0.30 42.0% 10.6% 20.9% 21.5 15.1 13.7 12.2

Sydney Airport SYD-AU 15,854 7.03 1.9% 0% Hold 7.34 4.2% 5.4% 9.6% 4.7 0.16 0.17 0.19 9.4% 10.3% 8.8% 45.2 41.3 37.5 35.1

Transurban . TCL-AU 31,953 11.96 0.6% -2% Overweight 12.25 2.3% 4.9% 7.3% 10.2 0.22 0.17 0.22 (19.4%) 28.6% 6.8% 55.5 68.8 53.5 45.6

Average 31.3 30.9 27.3 24.5

Median 32.6 30.7 28.4 25.0

CAGR


AGL Energy AGL-AU 12,985 19.80 1.5% -19% Hold 20.44 3.1% 8.1% 11.3% (25.4) 1.56 1.57 1.58 0.9% 0.3% (0.5%) 12.7 12.6 12.5 12.9

APA APA-AU 10,395 8.81 1.6% 6% Hold 8.85 0.5% 7.1% 7.6% 3.1 0.23 0.25 0.29 8.6% 17.1% 11.3% 38.3 35.3 30.1 27.8

AusNet Services AST-AU 5,855 1.62 2.2% -10% Hold 1.68 3.5% 7.1% 10.6% (7.4) 0.08 0.07 0.07 (13.3%) (1.2%) (3.1%) 20.0 23.1 23.4 22.0

ERM Power EPW-AU 402 1.58 (0.9%) 12% Buy 1.89 16.3% 6.2% 22.4% 3.5 0.12 0.12 0.22 (2.6%) 83.5% 3.8% 12.8 13.2 7.2 11.5

Infigen Energy IFN-AU 464 0.49 2.1% -30% Buy 0.76 36.2% 2.1% 38.2% (0.4) 0.05 0.04 0.04 (11.4%) (16.5%) (26.1%) 10.1 11.4 13.7 25.1

Origin Energy ORG-AU 12,369 7.03 0.4% -25% Buy 8.97 21.6% 3.3% 24.9% 0.6 0.48 0.66 0.74 37.5% 13.1% 16.6% 14.7 10.7 9.5 9.3

Spark Infrastructure . SKI-AU 3,869 2.30 1.3% -8% Hold 2.41 4.6% 7.0% 11.6% 6.8 0.05 0.06 0.06 19.3% (0.6%) 5.4% 43.6 36.6 36.8 37.3

Average 21.8 20.4 19.0 20.8

Median 14.7 13.2 13.7 22.0

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This Dealer Note has been prepared and issued in Australia by APP Securities Pty Ltd (ABN 45 112 871 842) (AFSL 307 706) (APP Securities) and remains the property of APP Securities. No material contained in this Dealer Note may be reproduced or distributed, except as allowed by the Copyright Act, without the prior written approval of APP Securities.

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This report may contain general advice or recommendations which, while believed to be accurate at the time of publication, are not appropriate for all persons or accounts. This report does not purport to contain all the information that a prospective investor may require. Before making an investment or trading decision, the recipient must consider Market developments subsequent to the date of this document, and whether the advice is appropriate in light of his or her financial circumstances or seek further advice on its appropriateness or should form his/her own independent view given the person’s investment objectives, financial situation and particular needs regarding any securities or Financial Products mentioned herein. Information in this document has been obtained from sources believed to be true but neither APP Securities nor its associates make any recommendation or warranty concerning the Financial Products or the accuracy, or reliability or completeness of the information or the performance of the companies referred to in this document. Past performance is not indicative of future performance. This document is not an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any Financial Product, and neither this document or anything in it shall form the basis of any contract or commitment. Although every attempt has been made to verify the accuracy of the information contained in the document, liability for any errors or omissions (except any statutory liability which cannot be excluded) is specifically excluded by APP Securities, its associates, officers, directors, employees and agents. The securities of such company (ies) may not be eligible for sale in all jurisdictions or to all categories of investors.

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Meanings of APP Securities Stock Ratings

Buy – Describes stocks that we expect to provide a total return (price appreciation plus gross yield) of 10% or more within a 12-month period.

Hold – Describes stocks that we expect to provide a total return (price appreciation plus gross yield) of 0% to 10% within a 12-month period.

Sell – Describes stocks that we expect to provide a total return (price appreciation plus gross yield) of less than 0% within a 12-month period.

NR – The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or APP Securities policies.

CS – Coverage Suspended. APP Securities has suspended coverage of this company.

Speculative Buy – Describes stocks we research with a positive bias, whose company fundamentals and/or financials are being covered, but for which there is insufficient information for APP Securities to assign a Buy or Sell rating.

Speculative Sell – Describes stocks we research with a negative bias, whose company fundamentals and/or financials are being covered, but for which there is insufficient information for APP Securities to assign a Buy or Sell rating.

Monitor – Describes stocks whose company fundamentals and/or financials are being monitored, or for which no financial projections or opinions on the investment merits of the company are provided.

It is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons.

Free Float (float / current shares outstanding) *100 – This float figure is the number of shares that are available to the public and is calculated by subtracting the shares held by insiders and those deemed to be stagnant shareholders. Stagnant holders include ESOP's, ESOT's, QUEST's, employee benefit trusts, founding shareholder equity stake plus senior management equity stake, corporations not actively managing money, venture capital companies and shares held by Governments.

Terminal Value methodology - APP Securities’ Discounted Cash Flow (DCF) valuation applies a terminal growth rate to the last forecast year's cash flow and discounts the amount using Weighted Average Cost of Capital (WACC). The Terminal Value is tested using ASX-listed company multiples. For resource companies, there is no terminal value because cash flows are forecast to the end of mine life.

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