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Stocks to watch: AMP Office, Auckland Airport, LME, NZX, TEL

Monday 15th February 2010

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Freightways and Auckland International Airport are scheduled to report first-half results today. AMP NZ Office Trust has had its earning forecasts cut by Forsyth Barr and NZX reduces carrying value of carbon registry business.

AMP NZ Office Trust (NZX: APT ): Forsyth Barr analyst Jeremy Simpson cut his 2011 and 2012 earnings forecasts by 5% and 7% respectively, according to the Daily ShareChat on ShareChat's website. He also lowered his cash dividend forecasts for those years. "We expect property valuations to weaken further over the next 12 to 18 months as lower market rents continue to impact, but at a slower rate than we have seen over the last 18 months," he said in a note.  The stock rose 1 cents to 74 cents on Friday. 

Auckland International Airport (NZX: AIA ): The nation’s busiest gateway is scheduled to report first-half earnings, with pre-abnormals profit forecast to rise 5.6% by Forsyth Barr. The company said on Friday it is heading to the Supreme Court over a claim by the Craigie Trust, a property owner adjacent to the airport, for the return of airport land taken under the Public Works Act. Craigie lost in the Court of Appeal last September and is now seeking leave to appeal to the Supreme Court. The shares were unchanged at $1.86 on Friday. 

Freightways (NZX: FRE ): The courier and logistics firm is due to post its first-half results today, with a 3% drop in earnings forecast by Forsyth Barr analyst Rob Mercer. The company is close to a turnaround in profit momentum, he said. The shares fell 0.3% to $3.21 on Friday. 

L&M Energy (NZX: LME ): The merger with private affiliate L&M Coal Seam Gas is being promoted on the basis of one potential gas reserve, the Press reported. An independent report valued LMCSG at about $118 million, based on a 173-petajoule 3P coal gas reserve at Ohai in Southland. The 3P designation means there is a 10% chance of recovering all of the gas. The shares last traded on Feb. 10 at 16 cents. 

NZX (NZX: NZX ): The stock exchange operator has reduced the valuation carrying value of the TZ1 carbon registry business on its balance sheet for a prospective 2012 performance payment given the low priority given to carbon trading in the wake of the Copenhagen summit. It will reduce the sales proceeds to the bottom of the range of possible 2012 outcomes, at US$21.4 million, from a baseline estimate of US$37.1 million, NZX said after the close of trading on Friday. The shares rose 1.4% to $2.18. 

Telecom (NZX: TEL ): On Friday, Telecom posted a 24% slump in earnings, excluding one-off adjustments in 2008, as it failed to grow its revenue while slashing its costs.  “It’s certainly credible to cut costs, but you’ve got to grow revenue too,” said Alan Moore, who helps manage $400 million at Milford Asset Management.  The shares fell 0.4% to $2.30. 

Economic themes of the day:  Stocks fell on Wall Street in New York on Friday, with the Dow Jones Industrial Average shedding 0.4% after China lifted banks' reserve requirements for the second time in as many months.  The kiwi dollar traded at 69.56 U.S. cents.

 

 

Businesswire.co.nz



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