First half results were better than Morgan Stanley expected. The funding of securitisation is progressing, which the broker suggests should help with more stringent credit conditions.

Inertia is notable in corporate business, although several tender decisions are also due in the second half. The broker remains on the sidelines amid the downtrend in new vehicle sales and tough credit conditions.

Equal-weight. Target is $2.60. Industry view is In-Line.

Sector: Commercial & Professional Services.

Target price is $2.60.Current Price is $2.29. Difference: $0.31 - (brackets indicate current price is over target). If SGF meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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