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

Macquarie rates CPU as Neutral

Ahead of the FY26 result, Macquarie notes the blended OIS/BBSW rate forward curve, weighted for Computershare's geographic mix, is -4 basis points lower now compared to the curve at the first half result and 47 basis points higher for FY27.

The broker points out the margin income guidance from the company is based on the forward curve. Every 25 basis points movement in bond yields for the portfolio mix equates to a 2.5% impact on group EPS.

Other items to watch for will be the probability of no buyback, given implications for franking credits.

At current levels valuation is considered fair and Macquarie will watch equity and debt market volumes before becoming more bullish. Neutral rating. Target is raised to $38 from $36.

Citi rates GGP as Buy

June quarter production for Greatland Resources was better than expected at 79koz, some 8% above both Citi's and consensus forecasts.

FY26 production stands at 329koz, 6% above the top end of management's guidance range, while copper production for the quarter of 3.6kt contributed to FY26 copper output of 14.6kt.

Cash at quarter end stood at $1,289m, a rise of $81m on the prior quarter and was achieved, the analyst notes, post-Havieron capex spend and a tax payment.

Buy rated with a $16 target.

UBS rates RIO as Neutral

UBS points out Rio Tinto has not yet announced any asset divestments as announced at the December 2025 capital markets day, albeit media reports infer the sale of the borates business is going well, while the sale of the titanium oxide business (RTIT) has been paused.

Borates is expected to achieve up to US$2bn with a swathe of interested parties. RTIT has been placed on hold due to geopolitical tensions with the most possible buyers being Chinese companies.

Management is also noted for being in discussions with Vitol to form a joint venture partnership for freight and logistics.

The analyst estimates Rio spends US$3bn p.a. on freight in the Pilbara and IOC. The partnerships with Vitol could be "meaningful", UBS states.

Rio announces 2Q production on July 15 and 1H2026 results on July 29.

Commentary posits Rio Tinto's Pilbara volumes should recover after cyclone disruptions in the first quarter, with management targeting recovery of around half of the -8mt lost during the quarter.

UBS notes investors are placing emphasis on the exposure to copper and aluminium and Simandou execution will be key. Neutral rated. Target $177.