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

Morgans rates 6KA as Initiation of coverage with Speculative Buy

Morgans initiates coverage of 6K Additive, a US-based advanced materials company which recycles metal waste into engineered feedstock, with a Speculative Buy ratiing and $1.30 target.

The broker notes the "proven" technology and "broad" customer validation, believing the business is positioned to benefit from strong demand in metal additive manufacturing and US government initiatives to onshore sourcing and processing of critical minerals.

The main competitive addvantage is the technology called UniMelt, which dellivers over 85% yield and uses up to 90% less energy. The broker points out the investment suits more assertive investors.

Citi rates BEN as Sell

Bendigo and Adelaide Bank yesterday reported 3Q26 cash earnings of $137.9m, around 12% ahead of the 2H run rate implied by consensus, Citi highlights.

The 'beat' was largely driven by asset quality and timing factors in income and costs, the analysts explain.

The net interest margin (NIM) of 1.98% rose 6bps quarter-on-quarter. This outcome was supported by mix, repricing and lower liquid assets, observes the broker, although some of these benefits are expected to reverse as balance sheet growth resumes.

Strategic partnerships with Genpact and Infosys are expected to deliver around -$70m in cost savings over time. It's felt these benefits are already reflected in existing cost targets.

Target $10.50. Sell. Citi stresses key positives appear priced in, hence the cautious stance.

Bell Potter rates GMD as Buy

Bell Potter continues to be positive on the outlook for gold, with Genesis Minerals viewed as a "high-quality" gold producer which has a large mineral resource portfolio of 21Moz post the completion of the MAU transaction (Gwalia mine, Leonora processing plant, and surrounding tenements in WA)

The analyst forecasts 3Q26 production of around 70koz against consensus of 69.5koz, which is a slight decline on the prior quarter of 74koz due to downtime at Gwalia.

An estimated circa 4% of AISC comes from diesel and modelling suggests a minor impact in the quarter to costs at ($108/oz). Like other gold producers, a sustained higher diesel price is expected to impact AISC like the rest of the WA mining industry.

Buy rating and $9.90 target retained