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Citi believes Growthpoint Properties Australia continues to remain a relative "value" stock and the upcoming Woolworths Group's ((WOW)) distribution centre sale will facilitate a reduction in gearings by around -4%.

The stock is trading at circa -30% discount to NTA of $3.10 and an 8.8% yield. Buy. Target $2.60.

On first glance, Citi reports Growthpoint Properties Australia delivered FY26 funds from operations ahead of consensus, supported by record office leasing that lifted occupancy to 96% – the best in years.

FY27 FFO guidance is a step down from FY26 but broadly in line with Citi's estimate, suggesting the top end remains achievable. The pending Woolworths distribution centre divestment will reduce gearing by -4%, providing welcome balance sheet relief at 41.6% gearing.

Trading at a -30% discount to reported net tangible asset valuation and offering a forward yield of 8.8%, Growthpoint remains a relative value stock, Citi suggests. Buy and $2.60 target retained.

Macquarie rates GWA as Neutral

Macquarie assesses GWA Group's FY26 result as "solid", with revenue in line and earnings (EBIT) slightly ahead of expectations despite a softer second half.

Australian growth was supported by Merchant, Multi-Residential and Win the Plumber performing well, while detached housing, renovations and commercial markets remained subdued, the analyst explains.

Win the Plumber is a strategic initiative aimed at increasing preference and loyalty amongst plumbers for its brands and products.

The broker expects a mixed FY27 outlook, with higher pricing helping offset cost pressures and cash conversion recovering as inventory unwinds.

Macquarie lowers FY27-FY29 EPS forecasts by -1.4%-3.8%, reflecting higher costs and pricing decisions, partly offset by stronger near-term volumes. The target is raised to $2.30 from $2.15. Neutral rating maintained.

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ANALYSIS & DATA

FNARENA'S MARKET CONSENSUS FORECASTS

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ANZ | ANZ GROUP HOLDINGS LIMITED

Abbreviated format - see the full version here

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$37.88 17 Aug 2026	-1.010 OPEN $38.51	-2.60% HIGH $38.62	5,635,060 LOW $37.67

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$37.88

17 Aug
2026

market red arrow -1.010

OPEN

$38.51

market red arrow -2.60%

HIGH

$38.62

5,635,060

LOW

$37.67

TARGET
$35.630-5.9% downside
Franking for last dividend paid out: 75%

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY24 Actual	FY25 Actual	FY26 Forecast	FY27 Forecast
EPS (cps)	xxx	198.2	247.3	xxx
DPS (cps)	xxx	166.0	166.7	xxx
EPS Growth	xxx	- 9.1%	24.8%	xxx
DPS Growth	xxx	0.0%	0.4%	xxx
PE Ratio	xxx	N/A	15.2	xxx
Dividend Yield	xxx	N/A	4.4%	xxx
Div Pay Ratio(%)	xxx	83.8%	67.4%	xxx

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Australia
18 August 2026 Updated : 13:42 AEDT
SPI Overnight
8976.00
-36.00
-0.40%
NZ50
13805.810
+83.830
0.610%
All Ordinaries
9296.80
+17.80
0.19%

S&P ASX 200
9091.30
+18.10
0.20%
S&P ASX 300
9027.70
+19.50
0.22%
Communication Services
1624.20
-19.90
-1.21%
Consumer Discretionary
3892.10
-32.10
-0.82%
Consumer Staples
13228.10
-134.00
-1.00%
Energy
10955.20
+122.60
1.13%
Financials
9448.10
-88.40
-0.93%
Health Care
30753.30
+2181.10
7.63%
Industrials
8260.00
-34.10
-0.41%
Info Technology
1963.90
-13.10
-0.66%
Materials
25017.30
+91.00
0.37%
Real Estate
3619.90
+62.00
1.74%
Utilities
10204.40
+58.60
0.58%
A-REITs
1686.40
+29.50
1.78%
All Technology Index
3195.90
-5.30
-0.17%
Banks
3959.20
-33.00
-0.83%
Gold Index
18343.40
-148.70
-0.80%
Metals & Mining
8622.20
+37.80
0.44%

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Australasia
18 August 2026 Updated : 13:42 AEDT

AUD/USD
0.7104
0.00
-0.29%
AUD/NZD
1.2070
+0.00
0.32%
NZD/USD
0.5886
0.00
-0.61%
AUD/JPY
113.33
-0.10
-0.09%
SGD/AUD
1.10
+0.00
0.16%
AUD/EUR
0.6138
0.00
-0.11%
AUD/GBP
0.5249
0.00
-0.11%
AUDCAD
0.9855
0.00
-0.19%
World
18 August 2026 Updated : 13:42 AEDT
CAD/USD
0.7209
0.00
-0.10%
EUR/JPY
184.63
+0.04
0.02%
EUR/USD
1.1573
0.00
-0.19%
GBP/USD
1.3536
0.00
-0.15%
USD/JPY
159.54
+0.34
0.21%

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World
18 August 2026 Updated : 13:42 AEDT
FTSE100
10720.30
-29.81
-0.28%
DAX30
26338.61
-101.70
-0.38%
Hang Seng
25288.62
-164.61
-0.65%
Nikkei 225
68098.54
-1121.71
-1.62%
NZ50
13805.810
+83.830
0.610%
DJIA
53459.78
-272.63
-0.51%

S&P500
7745.06
-40.70
-0.52%
Nasdaq Comp
26644.91
-84.25
-0.32%
S&P500 VIX
15.19
+0.94
6.60%
US 10-year yield
4.724
+0.028
0.600%
USD Index
99.58
-0.05
-0.06%
Aus Stocks
18 August 2026 Updated : 13:42 AEDT
Amcor (US)
45.53
-0.50
-1.09%
Newmont (US)
120.33
+2.59
2.20%
Rio Tinto (UK)
7145.00
+86.00
1.22%
BHP Group (US)
88.37
+1.66
1.91%
Rio Tinto (US)
97.21
+1.53
1.60%
ResMed (US)
220.37
-4.05
-1.80%
South32 (UK)
253.00
+5.80
2.35%
James Hardie (US)
30.43
-0.61
-1.97%
Janus Henderson (US)
51.95
-0.02
-0.04%

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Metals & Minerals
18 August 2026 Updated : 07:12 AEDT
Gold (oz)
4415.97
+40.47
0.92%
Silver (oz)
65.78
+1.12
1.73%
Copper (lb)
6.6000
0.00
0.00%
Aluminium (lb)
1.4737
0.00
0.00%
Nickel (lb)
7.5635
+0.04
0.57%
Zinc (lb)
1.7582
0.00
0.00%
Copper (t)
14546.40
0.00
0.00%
Aluminium (t)
3248.00
0.00
0.00%
Nickel (t)
16670.00
+95.00
0.57%
Zinc (t)
3875.00
0.00
0.00%
Uranium (lb) weekly
87.75
+1.00
1.15%
Iron Ore (t)
95.17
0.00
0.00%
Energy
18 August 2026 Updated : 07:12 AEDT

West Texas Crude
84.98
+2.58
3.13%
Brent Crude
91.08
+2.56
2.89%

CALENDAR

Tuesday, 18 August 2026

EZ	Aug ZEW
UK	June Earnings & Unemployment
US	Jul Housing starts
US	July Bldg permits
US	July Industrial prod'n
CA	July Housing starts
CA	July Housing starts
GE	Aug ZEW
GE	Aug ZEW
AEL	FY26 earnings report
BHP	FY26 earnings report
CGF	FY26 earnings report
CGS	FY26 earnings report