Fisher and Paykel Healthcare reports this morning, with analysts preparing to crunch the numbers around the company's foreign exchange hedging policy.
Craigs Investment Partners broker Chris Timms said yesterday he was not expecting to see many surprises, nor a catalyst for FPH shares to break out of the range-bound trading of $2.10 to $2.50.
"The market appears to have found an appropriate compromise between foreign exchange risk and a solid operational story. FPH trading within this range appears to remain largely dependent on movements on spot foreign exchange."
Craigs remained neutral but watchful of any sustainable break-outs in underlying operations.
Mr Timms said that there would be no issues with the profit numbers provided by the company today but he would be looking closely at what price FPH had hedged its currency trading.
The company remained a relatively two-speed business, partly due to the divergent economic sensitivity of either business.
Obstructive sleep apnoea (OSA) remained the laggard, with masks relatively static in the second half of the year.
Mr Timms expected to see some acceleration in OSA in the coming year.
Respiratory and acute care (RAC) appeared to have continued its solid growth during the second half, with new applications leading that.
Craigs forecast FPH to have full-year revenue of $524 million, operating earnings of $116 million and a reported profit of $64 million.
