OUR QUEST IS NOT TO BE BULLISH OR BEARISH, BUT TO CORRECTLY ASSESS FUTURE TRENDS

Macquarie rates AUB as No Rating

AUB Group is to acquire 95.9% of Prestige Insurance, a diversified UK insurance broking and underwriting platform, complementing AUB's UK strategy. 

The company has pre-released first half expectations of $90-91m underlying profit which the broker notes implies 13.4%-14.7% year on year growth despite FX headwinds. FY26 guidance has been confirmed at $215-227m, prior to Prestige and Step-Up impacts.

Macquarie is on research restriction.

Bell Potter rates COF as Sell

Bell Potter notes FY26 outlook for REITs has weakened amid higher inflation expectations, rising bond yields and expectations of RBA rate hike(s).

However, strong transaction activity, early cap rate compression, hedged debt costs, healthy balance sheets and renewed M&A support earnings resilience. The broker expects REITs to still deliver 7-8% compounded 3yr EPS growth after mark-to-market.

Target for Centuria Office REIT trimmed to $1.05 from $1.10. Sell maintained..

UBS rates OML as Buy

UBS notes Australian traditional media lagged the ASX200 in 2025 due to weak ad spend, with only a modest Winter Olympics uplift likely in 2H26. The broker expects ad markets to fall -0.9% in FY26 before a mild FY27 recovery as rate pressures ease.

BVOD growth and strong digital publishing are expected to partially offset structural declines in Metro FTA and print, with BVOD driving an inflection from FY27. AI monetisation is also seen as a key 2026 theme, with regulatory changes and news bargaining Incentives driving increased licensing and AI partnerships for media owners.

The broker's traditional media picks are News Corp and oOh!media. Buy rating and $1.75 target for oOh!media.

This report was published January 27.