NZ reporting season: Who were the winners and losers?

Sky City's promise of a $50 million share buy back wasn't enough to win over analysts. Photo/Peter Meecham.

The listed company reporting season is nearly finished and already some have declared the early winners and losers.

Analysts at Craigs Investment Partners have put together a short-list of the out-performers and the under-performers for the first two weeks of results.

Top of their list of winners were A2 Milk and Contact Energy.

The analysts said A2 "knocked it out of the park", beating already lofty expectations with a first-half net profit of $153 million - up 55 per cent on the same prior period and an increase in its forecast for the full-year profit.

"ATM are seeing no signs of a slowing China consumer, including the 12,250 China Mother & Baby Stores they sell into.

"The company continues to be high growth and capital-light and, while there are risks to the story, the long-term prize is material."

Contact Energy's first-half result was described as solid and well-forecast, but analysts said the biggest piece of good news was the change in its dividend policy.

The power company will now payout 100 per cent of its operating free cash flow - up from its previous level of 80 to 90 per cent, resulting in a 39c a share dividend forecast for 2019 and 2020.

"While a 100 per cent payout suggests a risk of a dividend cut in a tough year (or if capex is ramped up), Contact Energy has ample debt headroom to cover this."

On the worst-performing front, the analysts called out SkyCity Entertainment Group, Fletcher Building and Sky Television Network.

The analysts said first-half earnings growth of 10 per cent and a $50m share buy-back by SkyCity were not enough to offset a softer second half outlook.

Meanwhile, Fletcher Building was called out for lower earnings before interest and tax despite flat revenue.

"Australia was particularly weak."

The analysts said it was hard to gain confidence in Fletcher Building given its recent history and the weak macroeconomic outlook.

Sky TV's revenue continued to decline and there were no definitive signs of improvement in key metrics, they said.