First half earnings exceeded expectations. Still, Morgan Stanley is underwhelmed by the second half guidance, which calls for earnings (EBIT) in line with the first half.

The broker suggests the prevailing uncertainty will weigh but value should emerge in the longer term. Equal-weight maintained. Target is reduced to $13.00 from $13.50. Industry view: Cautious.

Sector: Materials.

Target price is $13.00.Current Price is $12.63. Difference: $0.37 - (brackets indicate current price is over target). If BSL meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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