Buy Bradken for a short-term trade: Morgan Stanley
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Making a quick buck is never an easy thing to do, particularly if it involves the mining services sector given how deeply out of favour these stocks are in the current environment.
But this has not deterred Morgan Stanley from suggesting short-term investors pile into Bradken ahead of its full-year results next Tuesday.
Bradken (BKN) is one of the early reporters and the broker notes that the company has historically been a bellwether for the broader industry.
“Seasonality analysis suggests that mining services stocks perform best in August, and we expect a positive response to Bradken’s earnings announcement as a result,” says the broker.
“We estimate that there is about a 60% to 70% or ‘likely’ probability for the scenario.”
Bradken is guiding for a normalised net profit of around $92 million excluding the impact of the Norcast acquisition and court action.
Downer EDI turned in its profit report card on Tuesday and its results were ahead of expectations.
Bradken, which is part of the Uncapped 100, is down 2.4% at $4.86 this morning.
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