Goldman Sachs daily 12 May 2011

Goldman Sachs daily 12 May 2011 - Investment Research The...

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Thursday, May 12, 2011 www.gs.com.au Page THEMATIC Quantitative - Identifying Global Winners From Rising Food Inflation: Food & Agriculture Related Enterprises (FARE) 9 Materials - Reviewing Discount Rates - Base, Precious & Industrial Metals 20 RESULT COMMENTARY Æ CSR - FY11 Result: Muted Outlook But Attractive Balance Sheet ($2.95, H); Target Price: $3.47; EPS Change: FY12 -1.6%, FY13 -4.2% 24 DJS - 3Q11 Sales Result ($4.56, B); Target Price: $6.04; EPS Change: na 31 MYR - 3Q11 Sales Result ($3.18, B); Target Price: $4.52; EPS Change: na 36 Æ TGZ - March Quarter Financial Result ($2.20, B); Target Price: $3.50; EPS Change: FY11 -60.2%; FY12-33.3% 41 RESULT PREVIEW DLX - 1H11 Result Preview ($2.73, H); Target Price: $2.96; EPS Change: na 44 ASX100 Æ CBA - 3Q Update: In Line With Market Expectations ($52.52, B); Target Price: $63.00; EPS Change: FY11 -2.6%, FY12 -2.7% 45 R CWN - Additional Expansion Projects And Minor Acquisitions ($8.57, B); Target Price: $9.80; EPS Change: FY12 -0.3%, FY13 +1.0% 51 GPT - Buyback Of Up To 5% Proposed ($3.15, H); Target Price: $3.30; EPS Change: na 54 LYC - Licensing Update And Cancellation Of Forge Transaction ($2.25, B); Target Price: $3.75; EPS Change: na 58 Æ MCC - Increases To Coal Resources Of 543.1Mt, +38% ($11.86, B); Target Price: $18.28; EPS Change: FY11 -0.4%, FY12 nil 60 REAL ESTATE INVESTMENT TRUSTS Å WDC - 1Q Update Benign But Causes An Upgrade To Valuation And EPS ($9.05, S); Target Price: $9.31; EPS Change: FY11 nil, FY12 +1.1% 63 WRT - 1Q11 Update; Strong Specialty Store Sales Growth From Peers Not Replicated ($2.63, B); Target Price: $3.08; EPS Change: na 68 NEW ZEALAND NZ Economics - REINZ House Sales: Turnover Consolidating, Prices Stabilising 72 STATISTICAL DATA Substantial Shareholder Changes & Directors Interest Notices 74 TODAY S EVENTS ECONOMICS: Australia Employment - Apr; Unemployment - Apr; Participation Rate - Apr United States Producer Prices - Apr; Retail Sales - Apr; Business Inventories - Mar COMPANIES REPORTING: SGT (FY11); SPN (FY11) COMPANY UPDATE: SUN (3Q Bank update) (TBC) INVESTOR DAY: DOW (Sydney) SITE VISIT: BLY (Perth) EX DIVIDEND (6.3571 pts): ANZ (64.0¢), CII (1.0¢), KNH (1.0¢) AGM: AMP, GDA, GGG, HIN, MOD, MOY, ROC LEGEND: S = Recommendation Upgrade T = Recommendation Downgrade Å = EPS Upgrade Æ = EPS Downgrade R = EPS Upgrade/Downgrade For Reg AC Certification, see Research Important Notice. IMPORTANT NOTE: Please read the Disclosures and Disclaimers toward the end of the publication. This document is confidential and intended only for authorised clients of Goldman Sachs & Partners Australia Pty Ltd ABN 21 006 797 897, AFSL 243346. If you are not a named or authorised recipient, you must not read, copy, distribute or otherwise disseminate or act in reliance upon it. If you are not a named or authorised recipient, please destroy this document or return it to Goldman Sachs & Partners Australia Pty Ltd, c/- Daily Cable Dept, PO Box 2050, Melbourne, Vic. 3001. The Daily Cable Investment Research
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Goldman Sachs & Partners Australia Investment Research All figures in A$ unless otherwise advised 1 Overnight Market Summary EQUITY MARKETS Index (pts) Chg (pts) Chg (%) OFF-SHORE STOCKS ASX 200 4780.2 54.4 1.2 Latest Daily % Volume A$ ASX 300 4790.2 54.4 1.1 Company Price Chg Chg (m) Equiv.
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