3 ASX Stocks Delivering Big Results
Suncorp (ASX: SUN)
Had a mixed full-year result yesterday but the market liked it. Share price up 3.6% and holding onto those gains today.
Cash earnings of $1,486m rose 8% YoY but the consensus was expecting over $1,500m. Profit missed by 3% but was mitigated by lower natural hazard losses. Margins topped guidance. 10%–12% forecast next year. Dividend up. FY 90c (6.4% gross yield). $400m buyback was the biggest surprise – it’s first since FY22. Weighted average GWP growth of 6.3% slightly ahead of IAG.
Brokers like the stock with the average target implying 10% upside. Share price now up 21% in the last year and now getting expensive. 17x forward PE at an all-time high. Some consolidation is likely.
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Origin Energy (ASX: ORG)
Full-year results impressed yesterday. Share price up 6.3% and backing it up with another 2.2% rise this morning.
FY profit up 26%, beating the consensus by 2%. Came from a switch from partially to fully franked APLNG dividends. Underlying earnings dropped 3%. Strong gas segment failed to outweigh declines in energy markets and Octopus. Energy markets still beat guidance. Dividend up from 27.5c to 30c (7.2% gross yield).
Brokers said the result had few surprises. Core profit forecasts raised next year by 9% thanks to higher gas margins.
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Pro Medicus (ASX: PME)
Up 6.2% yesterday on full-year results. Numbers weren’t a huge beat but beat nonetheless. On a forward PE over 200, management couldn’t afford to disappoint.
Full-year revenue came in at $220m, 4% better than forecasts. 32% YoY growth driven by North America. 39% profit growth slightly beat the consensus thanks to a record $520m year of contract wins. Margins up 430bp helped by low staff costs.
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No signs of the competition threatening market dominance. Management is focusing on extending Visage beyond radiology into cardiology and now pathology. Targets rose by 16% on average. Price the only concern.