141205_RWrap

8/10/2019 141205_RWrap

http://slidepdf.com/reader/full/141205rwrap 1/5

A glossary of frequently used investment terms can be found on our website.

The comments in these articles are an abbreviated restatement of our analysts’ reports.

* Updated as at market close 5 December 2014.

Members of the Commonwealth Bank or its affiliates beneficially own 1% or more of a class of common equity securities of WOR, ORG, AWC, QAN, CSL and GNC.

VISIT COMMSEC.COM.AU CALL 13 15 19

ISSUE 125 | 5 DECEMBER 2014

STOCKS TO WATCH

WORLEYPARSONS LIMITED 1

Summary of Reportdated 28 November 2014

Stock Code:WOR

Sector:Developers & Contractors

12mth Price Target:$13.25*

Last Traded:$10.54*

Market Cap:$2,575m*

OPEC MEETING A NEGATIVE FOR WOR

OPEC – the oil market cartel responsible for ~40% of global crude supply – looks to have stepped away from its long-held de-factorole as oil supply-demand balancing agent via its decision to leave output targets unchanged at its recent meeting in Vienna.

Risk to earnings and share price for WOR

This decision by OPEC means the oil market shifts away from one effectively subject to the characteristics of oligopolisticbehaviour, and towards one more closely correlated with rational supply-demand and the underlying fundamentals of the costcurve. It is looking increasingly likely to us that OPEC is keeping crude oil prices low and targeting market share to pressure USshale oil production, which we see as the reason US oil output is at 30-year highs and forcing OPEC to consider its crude oiloutput target. We see short-term earnings and share price risks for WOR.

Oil sands under pressure; short-term pullback in spend likely

At the current WTI price of ~US$69/bbl, greenfield development may be out of the question in the Canadian oil sands, where weunderstand the line in the sand for development is now ~US$85/bbl. Pipeline development remains as the other key variable. Atcurrent levels, we suspect budgets for existing plays may be scaled back significantly. We estimate ~10% of WOR’s gross profitis sourced from this space. During the 3Q reporting period, when asked about the impact of lower oil prices, consensus from oiland gas services companies appeared to be that neither they nor their customers believed lower oil prices would sustain. WORcompetitor John Wood Group is to update the market on 11 December 2014, where we should get a read of upstream activities.

Maintain Neutral with a lower $13.25ps price target

We have made no adjustments to our earnings forecasts at this time, noting we are ~5% below consensus but see risk to thisnumber. However, we have lowered the multiple used in our valuation to reflect heightened risk and our 12-month price target

falls to $13.25 (-15.4%). WOR’s valuation looks more palatable to us at these levels, but the near-term headwinds appear strong.We maintain our Neutral recommendation.

NEUTRAL

ORIGIN ENERGY LIMITED

Summary of Reportdated 01 December 2014

Stock Code:ORG

Sector:Utilities


Last Traded:$11.25*

Market Cap:$12,446m*

OIL PRICE DOWNGRADED, BALANCE SHEET IS OK

We have taken a closer look at ORG’s balance sheet and remain of the view that a downgrade to the company’s credit rating isunlikely, especially if APLNG debt is no longer consolidated on a pro-rata basis after the construction is complete.

Capex and oil have impacted credit metrics

On the back of OPEC’s decision last Friday to maintain current production levels, we are now running both our oil price and FXforecasts off the forward curve. Our long-term AUD oil price has gone from A$125/bbl to A$106/bbl. Post adjustment for the highercapex and our oil price forecasts, both adjusted debt/EBITDA and adjusted FFO/debt metrics as calculated by S&P methodologyhave deteriorated. Debt/EBITDA is estimated to be at 4.1x and FFO/debt at 19% in FY16f. S&P’s most recent commentarysuggested debt/EBITDA in FY16 of sub-4.0x would be required for ORG’s balance sheet to be taken off negative watch.

Timing of Train 2 is the most important factor

ORG currently provides a ‘construction guarantee’ related to its share of debt associated with APLNG. Given this, S&Pconsolidates ORG’s share of APLNG debt when calculating credit metrics. This guarantee is in place until Train 2 comes online.Once the guarantee is removed, ~$3.3b of debt could be excluded from credit calculations. If APLNG’s debt is excluded after thecompletion of Train 2, then we estimate ORG’s FY16f credit metric would see adjusted debt/EBITDA fall from 4.1x to 3.7x (andbelow the 4.0x threshold).

Maintain Overweight with a lower price target of $13.60ps

We have lowered our earnings forecasts, driven by both the recent capex increase at APLNG as well as the fall in oil price, andour 12-month price target reduces to $13.60ps (from $15.65). However, we believe the stock will rerate as we get closer to firstgas next year and the strain on ORG's balance sheet is removed. We believe ORG has adequate liquidity to meet APLNGfunding and that an equity raising is unlikely. Additionally, an improving gas retail market and continued pressure on wholesaleprices suggest to us the outlook for ORG remains encouraging. Key risks relate to oil prices continuing to deteriorate and thepossibility of delays at APLNG. We maintain our Overweight recommendation.

OVERWEIGHT

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

105.0

110.0

115.0

120.0

Nov 13 Feb 14 May 14 Aug 14

S&P/ASX 200 WOR

80.0

85.0

90.0

95.0

100.0

105.0

110.0

115.0

120.0

Dec 13 Mar 14 Jun 14 Sep 14

S&P/ASX 200 ORG

8/10/2019 141205_RWrap




ALUMINA LIMITED


Stock Code:AWC

Sector:Mining


Last Traded:$1.73*

Market Cap:$4,855m*

PLANETS KEEP ON ALIGNING

We provide an update on AWAC alumina margins with the current combination of alumina prices, currency and energy prices allmoving in the right direction for AWC. We estimate spot alumina margins have almost doubled to US$85/t in the current quarter.

Prices remain strong with a currency tailwind

Alumina markets remain one of the few bright spots in commodities. The spot alumina price of US$354/t is up 15% from its three-month low of US$309/t in July last quarter. CBA’s recent trip to China confirmed our view that prices are likely to tighten further,driven by a demand-pull as aluminium output grows and a moderate cost-push as bauxite markets tighten further from theIndonesian export ban, which remains in place. AWAC is a major beneficiary of a falling AUD given 53% of its productioncapacity is located in Western Australia. Company guidance is that each $0.01 movement in the AUD/USD exchange rateimpacts profit before tax at the AWAC level by $19m, equating to ~$1.20/t of EBITDA margins. The 4Q (ytd) the average rate of$0.87 is down $0.054 on the 3Q average rate of $0.92, and equates to a US$6.50/t margin improvement.

Energy prices falling

We expect the impact from falling energy prices to take longer to flow through. However, around 24% of AWAC’s alumina refiningcost is energy, spread across fuel oil (50%), gas (42%) and coal (8%). Given AWAC’s strategy to move the production portfoliodown the cost curve (21st percentile by 2016), this should see the majority (~80%) become gas-powered by early 2015 from acombination of asset sales (Jamaica), the conversion of refineries to gas (San Ciprian) and the ramp-up of new refineries(Ma’aden). Alcoa has disclosed earnings sensitivity to energy prices (providing a close read-through for AWAC) that eachUS$1/GJ fall in the Henry Hub gas price lifts EBITDA margins by ~$1.40/t at Point Comfort. The low-cost WA assets have long-term gas supply contracts in place out to 2020, and the contract price is based on a rolling 16-quarter average price. Given the

lag time for this to flow through we have not adjusted our cost assumptions, but we maintain our view that the dramatic fall in oilprices has the potential to improve margins further.

Maintain Overweight and $1.89 price target

We highlight that margins have more than doubled in the current quarter and we believe AWC remains well placed torecommence dividends in 2015. We maintain our Overweight recommendation and 12-month price target of $1.89ps. Key risksinclude an adverse change in alumina prices and a deterioration of economic conditions in China.

OVERWEIGHT

QANTAS AIRWAYS LIMITED


Stock Code:QAN

Sector:Transport


Last Traded:$2.10*

Market Cap:$4,612m*

NO CASE TO CUT FARES JUST YET

As the oil price continues to fall, attention will turn to the role of Qantas fuel surcharges and airfares in general. The currenttrends of falling fuel prices and rising yields are only partly reversing the negative trends over the past three years.

Surcharges to come under scrutiny

Qantas levies fuel surcharges on most long-haul international routes, but not on domestic flights or on short-haul internationaldestinations (eg, New Zealand). In January 2014, Qantas raised fuel surcharges on international flights to Europe, the MiddleEast and some Asian destinations to align surcharges with its partner, Emirates. Qantas levies a $270 fuel surcharge on one-wayeconomy flights to Europe and $495 for business class. We estimate Qantas fuel surcharges generate between $1.2b and $1.8bin annual revenue, representing 8-12% of group revenue and about 27-40% of Qantas’s fuel costs. At current fuel prices, theQantas fuel bill would continue to dwarf revenue from fuel surcharges. However, if international airlines cut surcharges, weexpect Qantas to do the same.

How will Qantas yields respond to the lower fuel price?

Qantas has reported rising domestic yield (on the pcp) for the past two months and international fares turned late in FY14.Competitive forces should eventually see Qantas and other airlines pass on some fuel cost savings, but we see no reason to doso just yet. Qantas saw group yield decline about 8% in three years (equivalent to more than $1b in lost revenue). Over that time,Qantas’s fuel bill rose about $800m, suggesting a combined EBIT hit of more than $1.8b. We estimate the 30% fall in AUD jetfuel that we have seen so far in FY15 should eventually save Qantas about $1.4b, provided the lower fuel price is sustained for a

full year. Even with fuel cost savings of this size, Qantas is worse off than it was three years ago.

Maintain Overweight with a higher $2.95ps price target

We have made further material upgrades to our Qantas earnings estimates reflecting our revised fuel and FX forecasts. Our new12-month price target is $2.95 (previously $2.25). QAN has made considerable progress in reducing operating costs and AUD jetfuel costs have also fallen materially. If revenue conditions stabilise, as we expect, this should result in a significant increase inunderlying earnings. A key risk would be a rebound in fuel prices. We forecast QAN will resume paying dividends in FY16 (at5cps).

OVERWEIGHT

80.0

100.0

120.0

140.0

160.0

180.0


S&P/ASX 200 AWC

60.0

80.0

100.0

120.0

140.0

160.0

180.0


S&P/ASX 200 QAN

8/10/2019 141205_RWrap




GRAINCORP LIMITED


Stock Code:GNC

Sector:Agribusiness


Last Traded:$8.30*

Market Cap:$1,900m*

CROPPING OUR EXPECTATIONS AGAIN

We have revised our earnings forecasts following the release of the ABARES Australian crop report for September 2014. GNC’s

harvest update highlights 5.7mt of receivals in FY15 ytd, compared to our forecast of 7.2mt, and receivals of 8.0mt in FY14. Rainis said to have delayed harvest in NSW and VIC.

FY15 east coast crop production forecasts reduced

ABARES has lowered its FY15 east coast crop production forecasts to 15.7mt from 16.2mt previously, and down from 17.5mt inFY14. This reflects relevant crop only, including wheat, barley, canola and sorghum. Should this forecast become reality, FY15would be the fourth straight year of decline in east coast crop production, representing a 35% decrease on a recent peak of23.9mt in FY11. Wheat production is expected to decline by 9.7% to a forecast 10.3mt in FY15 from an estimated 11.4mt inFY14. Barley production is expected to decline 23% to a forecast 2.7mt in FY15 from an estimated 3.5mt in FY14. Canola isexpected to decline 7.7% to a forecast 1.4mt in FY15 from an estimated 1.5mt in FY14. Grain sorghum is expected to increaseby 21% to a forecast 1.4mt in FY15 from an estimated 1.1mt in FY14.

Much of the decline is centred in Victoria; significant earnings leverage hurts on the way down

NSW relevant crop production is expected to improve slightly to a forecast 9.0mt, from an estimated 8.9mt. QLD production isforecast to decline by 3% to a 2.1mt, from an estimated 2.2mt. However, VIC relevant crop production is forecast to decline by28% to 4.6mt from an estimated 6.3mt, as drier and warmer weather led to low levels of soil moisture particularly in the Wimmeraand southern Mallee regions. We estimate FY15 EBITDA/throughput tonne will fall 20% to A$3.6/t from A$4.6/t, reflecting thesignificant earnings leverage to the ABARES forecast 10% decline in east coast crop production in FY15. We have assumed

GNC can hold FY14’s implied market share of 46%, despite expectations of a lower crop forecast.

Maintain Neutral with a slightly lower $8.00ps price target

We have lowered our earnings forecast by 26% in FY15 to reflect lower Australian east coast crop expectations and reduced our12-month price target to $8.00ps (from $8.10 previously). We believe increasing competition will ultimately erode GNC’s marketposition on the Australian east coast. However, we can’t ignore the possibility GNC may potentially be of considerable interest toan operator of a global grain trading platform. We maintain our Neutral recommendation.

NEUTRAL

CSL LIMITED


Stock Code:CSL

Sector:Healthcare


Last Traded:$85.97*

Market Cap:$40,815m*

MULTIPLE SOURCES OF VALUE UPSIDE POTENTIAL

CSL held its annual R&D briefing, outlining key developments and the outlook for its research activities.Key highlights from the briefing

– Long-acting recombinants within reach: Expected regulatory filings for CSL’s rFIX-FP (imminent) and rFVIII-FP (by mid-CY15),with expected approvals ~12 months thereafter respectively, reinforce our view that consensus is likely to start incorporatingthese two products into FY17 earnings forecasts over the next 6-12 months. Based on the presented data for rFIX, we nowbelieve our base-case market share assumption could prove conservative. We currently ascribe a ~40% risked value ofUS$3.33ps (A$3.97) to the entire haemophilia portfolio, although this is subject to review.

– IG growth options remain sound: We continue to see growth optionality across CSL’s IG portfolio with Hizentra marketexpansion ongoing (39 country registrations versus 66 for Privigen) and label expansion. We think these factors will help defendmarket share against increased competition from products such as HyQvia, but nonetheless assume a normalisation of IGvolume growth to ~7% by FY18.

– Specialty products somewhat mixed: The specialty portfolio continues to progress largely in line with expectations. However, anapproximately six-month delay with subcutaneous Berinert (due to additional safety data) and the failure of fibrinogen to meetprimary end-points in aortic surgery were negatives. We remain comfortable with our forecast of ~15% pa revenue growth withinthe overall specialty segment in FY15 and FY16.

– rHDL remains a free option: We continue to view rHDL as essentially a free option at current price levels. CSL has commencedPhase IIb of the study, which will significantly inform if and how it will proceed to Phase III. The current study is expected to takeabout two years. We think it is too early to be ascribing value to rHDL at this point and consider a successful conclusion of thePhase IIb study as the first step in potentially de-risking the project. The success of this project, however, could be companytransforming, in our view.

Maintain Overweight with a higher $86.00ps price target

We have made no changes to our earnings forecasts at this stage pending an update to the assumptions for our recombinantportfolio valuation. Our 12-month price target moves to $86.00ps (from $78.00) reflecting 20x FY16f EPS (unchanged) convertedat spot AUD/USD (84c vs 92c previously), with $3.97 added for haemophilia. We maintain our Overweight recommendation. CSLis trading at a 28% premium to Industrials ex Financials but still ~10ppt below its long-term (10-year) average premium. Against aforecast three-year EPS CAGR of ~11%, it remains our top sector preference.

OVERWEIGHT

88.0

90.0

92.0

94.0

96.0

98.0

100.0

102.0

104.0

106.0

108.0

110.0

Dec 13 Mar 14 Jun 14 Sep 14 Dec 14

S&P/ASX 200 GNC

90

95

100

105

110

115

120

125

130

Dec 13 Mar 14 Jun 14 Sep 14 Dec 14

S&P/ASX 200 CSL

8/10/2019 141205_RWrap




All market data is as at market close 5 December 2014.

ECONOMIC FORECASTS2012/13 (actual) 2013/14 (actual) 2014/15 (forecast) 2015/16 (forecast)

Economic growth (annual %) 2.8 2.8 2.75-3.25 2.75-3.25

Inflation (CPI, average annual %) 2.3 2.7 2.25-2.75 2.25-2.75

Unemployment rate (end June %) 5.4 5.8 5.50-6.00 5.25-5.75

Current Dec 4 2014 End Dec (forecast) End Mar (forecast) End Jun (forecast)

90 day bills (%) 2.73 2.70 2.70 2.60

10 year bonds (%) 2.99 3.60 3.70 3.80

AUD/USD 0.8398 0.85-90 0.85-90 0.85-90

All Ordinaries index 5345.4 5550 5700 5900

DIVIDEND DATESStock Code Company Name Ex-Dividend Date Dividend Amount Last Traded Record Date Date Payable

GTK Gentrack Group 9 Dec 14 3.3c $2.08 11 Dec 14 19 Dec 14

HVN Harvey Norman Holdings 10 Dec 14 14.0c $3.73 12 Dec 14 30 Dec 14

MLXDA Metals X 12 Dec 14 0.7c $0.73 16 Dec 14 7 Jan 15

TOP 200: MOVERS AND SHAKERSTOP 5 BOTTOM 5

No. ASXCode

Company MarketCap($m)

ThisWeek’s

price ($)

LastWeek’s

price ($)

Change* No. ASXCode

Company MarketCap($m)

ThisWeek’s

price ($)

LastWeek’s

price ($)

Change*

1. BKN Bradken 775 4.530 3.630 24.8% 1. MGX Mount Gibson Iron 224 0.205 0.410 -50.0%

2. MML Medusa Mining 154 0.740 0.650 13.8% 2. HVNR Harvey Norman Holdings(Rights)

3,962 1.065 1.800 -40.8%

3. MFG Magellan Financial Group 2,551 15.960 14.340 11.3% 3. MTS Metcash 1,680 1.860 2.610 -26.2%

4. BDR Beadell Resources 174 0.220 0.200 10.0% 4. SKE Ski lled Group 356 1.510 1.965 -23.2%

5. QAN Qantas Airways 4,612 2.100 1.920 9.4% 5. ARI Arrium 543 0.185 0.240 -22.9%

* To remove the share price impact of a stock beginning to trade ex-dividend during the week, for this calculation any dividend is subsequently added back to ‘This Week’s price’ shown above.

CORPORATE AND ECONOMIC CALENDARWEEK BEGINNING 8 DECEMBER 2014

AUSTRALIA OVERSEAS

8 December Job advertisements (November) 8 December CH Trade data (November)

9 December NAB business survey (November) 9 December US Wholesale sales (October)

10 December Consumer confidence (December) 10 December CH Inflation (November)

10 December Housing finance (October) 10 December US Federal Budget (November)

11 December Employment/unemployment (November) 11 December US Retail sales (November)

112 December Credit/debit cards (October) 12 December CH Monthly data (November)

12 December Lending finance (October) 12 December US Consumer sentiment (December)

12 December US Producer prices (November)

8/10/2019 141205_RWrap




Current recommendation definitionsCBA Institutional Equities investment recommendations are determined by the covering analyst and reflect the analyst’s assessment of a stock’s expected totalshareholder return (TSR). Stock expected TSR is calculated as the difference between the analyst’s 12-month price target and the current share price plus the forecastdividend yield.Overweight: Stocks with an Overweight recommendation represent the most attractive stocks under the analyst’s coverage. They are generally forecast to generatehigher TSR compared to the rest of the analyst’s coverage.Neutral: Stocks with a Neutral recommendation are less attractive than stocks with an Overweight recommendation. They are generally forecast to generate lowerTSR compared to stocks with an Overweight recommendation in the analyst’s coverage.Underweight: Stocks with an Underweight recommendation are the least attractive stocks. They are generally forecast to generate lower TSR compared to stockswith a Neutral recommendation in the analyst’s coverage.

Note: CBA’s previous recommendations prior to 9 November 2012 were:Buy: Stocks with a Buy recommendation represent the most attractive stocks under the analyst’s coverage. They are forecast to generate significantly positiveexpected total shareholder returns.Hold: Stocks with a Hold recommendation are less attractive than stocks with a Buy recommendation. They are forecast to generate flat to slightly positive expectedtotal shareholder returns.Sell: Stocks with a Sell recommendation are the least attractive stocks. They are forecast to generate flat or negative expected total shareholder returns.CBA’s previous recommendations prior to 25 January 2010 were:Short term (over 6 months): Buy – appreciate by >10%, Accumulate – increase between 2% and 10%, Reduce – increase by less than 2% or fall by up to 5%,Sell – fallby >5%.Long term (24 months) Outperform (O / P) – exceed market return by >5%, Market Perform (M / P) – be in line with market return, +/-5%, Under Perform (U / P) – beless than market return by >5%.

Disclosure and Important Information

This summary is based on information contained in the research reports published, approved and distributed by the Bank. This document is a summary of the reportspreviously produced by the Bank and is distributed by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814 (“CommSec”), a wholly owned, but non-guaranteed, subsidiary of the Bank, and both are incorporated in Australia with limited liability. CommSec Research is a unit of the Bank.

Analyst Certification: Each research analyst, primarily responsible for the research report of which this summary is based upon (“report”), in whole or in part, certifies thatwith respect to each security or issuer that the analyst covered in the report, (1) all the views expressed accurately reflect his or her personal views about those securitiesor issuers; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by thatresearch analyst in the report. That analyst(s) responsible for the preparation of the report may interact with the trading desk personnel, sales personnel and otherconstituencies for the purpose of gathering, synthesizing, and interpreting market information. Directors or employees of the Bank may serve or may have served asofficers or directors of the subject company in the report. The compensation of analysts who prepared the report is determined exclusively by research management andsenior management (not including investment banking). No inducement has been or will be received by the Bank from the subject of the report or its associates toundertake research or make the recommendations. The research staff responsible for the report receive a salary and a bonus that is dependent on a number of factors,including their performance and the overall financial performance of the Bank, including its profits derived from investment banking, sales and trading revenue.

This document has been prepared without taking account of the objectives, financial situation or needs of any particular individual. Any individual should, before actingon the information in this document, consider the appropriateness of the information, having regard to the individual's objectives, financial situation and needs and, ifnecessary, seek appropriate professional advice.

We believe that the information in this document is correct and any opinions, conclusions or recommendations are reasonably held or made, based on the informationavailable at the time of its compilation, but no warranty is made as to accuracy, reliability or completeness of any statement in the report. Any opinions, conclusions orrecommendations set forth in the report are subject to change without notice and may differ or be contrary to the opinions, conclusions or recommendations expressedelsewhere by the Bank. We are under no obligation to, and do not, update and keep current the information contained in the report. The Bank does not accept anyliability for any loss or damage arising out of the use of all or any part of the report. Any valuations, projections and forecasts contained in this document are based on anumber of assumptions and estimates and are subject to contingencies and uncertainties. Different assumptions and estimates could result in materially different results.The Bank does not represent or warrant that any of these valuations, projections, forecasts or any of the underlying assumptions or estimates will be met. The Bank hasprovided, provides or seeks to provide, investment banking, capital markets and/or other services, including financial services, to the companies described in the reportand their associates.

To the extent permitted by law, the Bank does not accept liability to any person for loss or damage arising from the use of this document. Any valuations, projections andforecasts contained in this document are based on a number of assumptions and estimates and are subject to contingencies and uncertainties. The inclusion of anysuch valuations, projections and forecasts in this document should not be regarded as a representation or warranty by or on behalf of the Bank or any other person thatsuch valuations, projections and forecasts or their underlying assumptions and estimates will be met. Past performance is not a reliable indicator of future performance.

The Bank have effected or may effect transactions for their own account in any investments or related investments referred to in this document, including selling to orbuying from clients on a principal basis. The Bank may engage in transactions in a manner inconsistent with this research document. In the case of certain productsthe Bank is or may be the only market maker.

This document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country orother jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject the Bank to any registration orlicensing requirement within such jurisdiction. All material presented in this document, unless specifically indicated otherwise, is under copyright to the Bank. None ofthe material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express writtenpermission of the Bank.

More information on our research methodology, organisation structure, summary documenting frequency and recommendations can be obtained atresearch.commsec.com.au

Unless agreed separately, we do not charge any fee for any information provided in this document. You may be charged fees in relation to the financial products or otherservices CommSec provides, these are set out in the CommSec Financial Services Guide (FSG) and relevant Product Disclosure Statements (PDS). Our employeesmay be eligible for an annual bonus payment. Some representatives’ bonus payments may be up to 50% of initial fees, and 10% of ongoing fees and commissions thatCommSec receives from the placement of a financial product. Bonus payments are discretionary and based on objectives that include business outcomes, customerservice, people engagement, special tasks and people principals. Our employees may also receive benefits such as tickets to sporting and cultural events, corporatepromotional merchandise and other similar benefits. If you have a complaint, CommSec’s dispute resolution process can be accessed on 13 15 19.

141205_RWrap

Documents

Transcript of 141205_RWrap