S&P/ASX 300 Index (ASX: XKO) shares finished the session on Friday down 0.9% to 7,073.4 points.
As earnings season continues, more ASX 300 shares traversed the charts this week on the back of their company earnings reports.
As is customary, the brokers responded with changes to their company ratings after reviewing the figures, as reported in The Australian.
Here are 4 ASX 300 shares that were re-rated by the professionals this week.
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Perenti Ltd (ASX: PRN)
Mining services company and ASX 300 share Perenti revealed a major profit jump in its full-year FY23 results. Net profit after tax (NPAT) rocketed 58% to $132 million. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose to $553 million. Citi was impressed and raised its rating on Perenti to buy with a 12-month price target of $1.25. The ASX 300 share closed at $1.06 today, up 2.42%.
Skycity Entertainment Group Ltd (ASX: SKC)
New Zealand-based casino company SkyCity revealed a normalised net profit of $138.8 million, up 1,331.6% on the lockdown-impacted FY22, in its full-year FY23 results this week. The ASX 300 share will pay a dividend of 6 cents per share on 22 September. CLSA thought the report warranted a raised rating to accumulate. SkyCity shares closed the session on Friday down 2.36% to $2.07 apiece.
Siteminder Ltd (ASX: SDR)
ASX 300 tech share SiteMinder reported a 30% increase in revenue and an underlying net loss of $45.1 million in its full-year FY23 results. Morgans raised its rating to add, with analyst Andrew Tang explaining: "Siteminder's strong 2H23 performance — with better than expected property [ads], transaction product uptake, gross margins and unit economics — gives us more confidence in the company's growth trajectory." SiteMinder shares closed at $4.50 on Friday, up 2.98%.
Polynovo Ltd (ASX: PNV)
Medical devices company Polynovo reported a 58.8% increase in revenue and a net loss after tax of $4.93 million. This compares to a $1.19 million loss in FY22. The company said: "Excellent sales growth can be explained by the genius technology that is NovoSorb BTM and NovoSorb MTX, and by an increased sales force and geographical expansion". After reviewing the full-year FY23 results, CLSA raised its rating to accumulate with a $1.70 price target. The ASX 300 healthcare stock closed on Friday at $1.495, down 1.32%.
