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

Morgans rates CKF as Buy

Post recent analysis of the latest QSR results across Australia and the US, Morgans notes the consumer remains "soft" with the low-income segment the weakest.

The value and the premium segments are performing better, but another rate rise (or two) makes the outlook for the sector worse, the analyst states.

Collins Foods remains Buy rated with a $10.60 target. The broker sees the stock as "cheap" and offering a robust value proposition.

UBS rates EMR as Initiation of coverage with Buy

UBS has initiated coverage of Emerald Resources with a Buy rating and $8.75 target price which operates the Okvau gold mine in Cambodia.

Notably, Okvau has scope to be grown from its circa 100koz p.a. platform with two new development projects to expand annual production to above 300koz p.a.

Cambodia has an embryonic mining industry and the broker points out Okvau is one of the first modern mines built. To date, Emerald Resources has managed to operate the mine without any government issues.

The analyst applies a 7% discount to the Cambodian cashflows, reflecting geopolitical risks. The gold miner is also constructing its first Australian project, Memot, at around 100koz p.a.

Citi rates TCL as Neutral

Transurban Group's August group traffic increased 3.4% year-on-year, or 1.9% excluding the West Gate Tunnel. Citi explains growth was supported by North America and recently completed road developments, while underlying Australian traffic increased around 0.5%.

Despite slightly softer overall growth, the broker believes traffic likely exceeded investor expectations given higher fuel prices and the removal of fuel excise relief.

Presenting a potential headwind to traffic, the analyst cautions that further fuel price rises occurred during September.

Citi retains its Neutral rating, highlighting potential distribution pressure should weaker traffic persist.