Reporting Season: February 2024

Morgans Senior Analyst Nick Harris gives a wrap up of our stocks under coverage in the Technology, Media and Gaming sectors, following this past earning season. February 2024 results were largely in line with expectations. Services & Classified EPS forecasts were reduced by 1-2%, gaming EPS forecasts lifted by 1-2%, free cash flow for larger FCF names was largely unchanged while small cap FCF forecasts were reduced. Follow all of the Morgans Reporting Season coverage here - https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Analysts Alexander Mees and Emily Porter give a wrap of the Consumer Discretionary sector, following this past February Reporting Season. Investors became more positive towards the consumer discretionary sector over the course of reporting season. The 1H24 earnings performance of the stocks we cover generally exceeded expectations, leading us to increase our full year EPS estimates by 2%. See our full Reporting Season Wrap here - https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Equity Strategist Tom Sartor runs through our Reporting Season review with Australian corporates again shrugging another reporting test, navigating slowing demand and higher interest rates to post respectable half-year results in February.See our full Reporting Season Wrap here - www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Stephanie Commons, Acting Chief Executive Officer of Dalrymple Bay Infrastructure (ASX:DBI) gives the Morgans network an update following their full year result.Check out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Analyst Alex Lu gives his analysis of the 1H FY24 result from Woolworths Group (WOW).Follow our Reporting Season coverage here: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

George Lippiatt, Chief Financial Officer of Aurizon Holdings (ASX:AZJ) gives the Morgans network an update following their 1H24 Result.Follow our Reporting Season coverage here: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Senior Analyst Adrian Prendergast gives his analysis of the 1H FY24 result from BHP Group (ASX:BHP).Follow our Reporting Season coverage here: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Senior Analyst Nathan Lead gives his analysis of the 1H FY24 result from APA Group (ASX:APA).Follow our Reporting Season coverage here: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Senior Analyst Derek Jellinek gives his analysis of the 1H FY24 result from Sonic Healthcare (ASX:SHL).Follow our Reporting Season coverage here: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Analyst Liam Schofield gives his analysis of the 1H FY24 result from Goodman Group (GMG) & Maas Group (MGH).Follow our Reporting Season coverage here: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Analyst Alex Lu gives his analysis of the 1H FY24 result from Reliance Worldwide (RWC) & Orora Ltd (ORA).Follow our Reporting Season coverage here: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Equity Strategist Andrew Tang gives an update on Reporting Season thus far saying it has been better than feared, but Small/Micro-cap cyclicals offer the most compelling risk/reward trade-off. Morgans analysts also call out small-cap results that could be “better than feared” including Helloworld (ASX:HLO), Adrad Holdings (ASX:AHL), Clinuvel (ASX:CUV) and Micro-X (ASX:MX1).Follow our Reporting Season coverage here: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Senior Analyst Nathan Lead gives his analysis of the 1H FY24 result from Commonwealth Bank of Australia (ASX:CBA).Check out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Analysts Fiona Buchanan, Liam Schofield and Nathan Lead, preview their stocks under coverage in the Real Asset Sectors for the February 2024 Reporting Season.See Morgans Reporting Season Playbook for more details: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Head of Research Alexander Mees comments on JBH's 1H FY24 results. In our opinion, the first half performance was a masterclass in the consolidation of a market-leading position, while maintaining iron-clad discipline over costs. Despite the downturn in the Australian consumer sector, sales were down only 2% yoy, and margins held up better than expected in the face of intense inflationary pressures.Check out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Senior Analyst Nathan Lead gives his analysis of the 1H FY24 results from ANZ Group Holdings (ANZ), Aurizon Holdings (AZJ) & Transurban Group (TCL).Check out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Analysts Scott Murdoch and Jared Gelsomino, preview their stocks under coverage in the Automotive & Services Sectors for the upcoming February Reporting Season.See Morgans Reporting Season Playbook for more details: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Analysts Alex Lu, Liam Schofield, Nathan Lead and James Filius, preview their stocks under coverage in the Industrials Sectors for the upcoming February Reporting Season.See Morgans Reporting Season Playbook for more details: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Analysts Adrian Prendergast, Tom Sartor and Chris Brown preview their stocks under coverage in the Resources Sector for the upcoming February Reporting Season.See Morgans Reporting Season Playbook for more details: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Analysts Alex Lu and Belinda Moore preview their stocks under coverage in the Consumer Staples Sector for the upcoming February Reporting Season.See Morgans Reporting Season Playbook for more details: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Analysts Belinda Moore and Billy Boulton preview their stocks under coverage in the Travel & Tourism Sectors for the upcoming February Reporting Season.See Morgans Reporting Season Playbook for more details: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Head of Research Alexander Mees previews his stocks under coverage in the Consumer Discretionary Sector for the upcoming February Reporting Season.See Morgans Reporting Season Playbook for more details: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Analysts Scott Power, Iain Wilkie and Emily Porter, preview their stocks under coverage in the Healthcare Sector for the upcoming February Reporting Season.See Morgans Reporting Season Playbook for more details: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Analysts Nathan Lead, Richard Coles and Scott Murdoch, preview their stocks under coverage in the Financials Sector for the upcoming February Reporting Season. Including our Banks, Insurance, Diversified Financials and Fund Manager stocks.See Morgans Reporting Season Playbook for more details: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Analysts Nick Harris, James Filius, Steven Sassine and Leo Partridge, preview their stocks under coverage in the Technology, Media and Telecommunications Sectors for the upcoming February Reporting Season.See Morgans Reporting Season Playbook for more details: https://www.morgans.com.au/reporting-seasonCheck out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU

Morgans Equity Strategist Andrew Tang covers the key insights and themes heading into February's Reporting Season. Earnings trends remain remarkably stable despite widespread expectations of an impending earnings slowdown. While the 9% rally in the ASX200 and subdued outlook statements might temper some good results, we still see potential upside surprises in February.Download our Reporting Season Playbook now: https://www.morgans.com.au/Reporting-Season-Playbook-February-2024Check out more from Morgans:Visit the Morgans website: www.morgans.com.auCheck out our blog: www.morgans.com.au/BlogOn Facebook: www.facebook.com/MorgansAUOn Instagram: www.instagram.com/Morgans.AustraliaOn Twitter: twitter.com/MorgansAU