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

Morgans rates GDF as Buy

Garda Property provided FY26 results that reflected growth of 54% with FFO of 11.1c, beating both guidance and Morgans' forecasts. The lending book did the heavy lifting as deployed capital tripled and loan returns averaged 20%.

The property portfolio remains stable. The broker points out the "dual-engine" business model generates income growth from the industrial property portfolio while the private credit lending book is positioned to benefit from higher rates. Buy rating retained. Target rises to $1.30 from $1.15.

Bell Potter rates SGH as Buy

Ahead of the FY26 result, Bell Potter forecasts group EBIT growth of 2.7% for SGH Ltd, within guidance. Boral is expected to be the main contributor, amid its continued product price & volume growth and modest profitability enhancement.

The broker is also encouraged by the order intake reported by Sandvik and Epiroc, which have historically demonstrated a strong correlation to lagged WesTrac revenue growth.

Strong free cash flow generation should support active capital management initiatives by SGH Ltd, Bell Potter adds, retaining a Buy rating and lifting the target to $51 from $50.

Citi rates SGP as Buy

Citi highlights following recent investor discussions on the upcoming results for housing stocks, post the broker's recent upgrade, concern is over the outlook and guidance for residential developers.

The analyst notes investors are expecting FY27 earnings guidance to reflect y/y declines in earnings due to reduced residential volumes.

The broker reiterates flattish FY27 earnings forecasts for both Mirvac Group ((MGR)) and Stockland and postulates investors might be adopting a too-cautious attitude.

Citi retains a Buy rating on Mirvac with Stockland the preferred stock. Target $5.10.