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

Citi rates AIA as Neutral

Citi has initiated coverage on the ASX listing of Auckland International Airport with a target price of $7.13

The broker likes the medium-term earnings growth story supported by the NZ$6bn capex program, but slower-than-expected air-traffic recovery is weighing on near-term earnings, suggesting caution.

As background, the broker's target price for the NZX listing is NZ$8.10.

Morgan Stanley rates CHC as Overweight

Charter Hall has upgraded FY26 guidance for earnings per share to $0.95 from $0.90 previously. Morgan Stanley notes the primary driver is greater-than-expected inflows while the guidance does not include any performance fees.

The broker flags the company's "enviable record" of profit upgrades and beats on earnings and expects momentum in the 2H to continue. This assumes further deployments of funds CCRF, and higher base management fees from an increase in assets under management.

Overweight. Target unchanged at $26.35.  Industry View: In-Line.

Macquarie rates SHL as Neutral

Sonic Healthcare’s 1H to date (July-Oct) revenue rose 12% on a constant-currency basis, including 5% organic growth, aligning with Macquarie's around 11% constant currency and 4.5% organic forecasts.

FY26 earnings (EBITDA) guidance of $1.87-1.95bn was reaffirmed, with the analyst’s revised estimate now at the midpoint following lower depreciation and interest guidance.

The broker cites margin dilution from recent acquisitions and expects 2H26 to account for around 54-55% of annual earnings.

Macquarie retains a Neutral rating and $25.20 target.