HOLD Monadelphous Group (MND) SELL Reece (REH)

We expect a decline in revenue as iron ore construction projects roll-off, and before potential new projects come online This is in line with MND’s guidance.

Sonic Healthcare (SHL)

Sonic continues to benefit from high levels of Covid-19 testing as the pandemic continues. Management is focused on expanding its global business.

Reece delivered a mixed result. Its strong Australia/New Zealand result was offset by weak margins in the US. Scentre Group (SCG) Rental growth will be on hold for some time due to Covid, leading to lower earnings postvirus.