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BROKER CALL

Codan’s Growth Goes (Even More) Exponential

Growth is so rapacious for Codan, management has upgraded interim FY27 guidance some six weeks after FY26 results, as demand for unmanned aircraft systems surges

4:11 PM

Australian Broker Call Extra Edition – Sep 30, 2026

Extra Edition of the Broker Call Report

11:00 AM

Weekly Update On LICs & LITs – 30-Sep-2026

Weekly update of Listed Investment Companies (LICs) & Listed Investment Trusts (LITs) on the ASX

10:45 AM

Higher US Rates Are Good, But Mostly Bad

MFS Investment Management’s Benoit Anne digs deeper into why US bond yields are on the rise and what it means for other assets

10:30 AM

Rudi’s View: The Index Is No Longer The Market

Investors might be surprised about the level of similarities between equity markets in the US and domestically, plus fund managers’ favourite ASX stocks

10:00 AM

Macquarie rates CDA as Outperform

Codan announced a significant upgrade to its 1H27 guidance with revenue expected to lift 80%-85% to $400m-$410m, Macquarie notes.

Margins are guided to over 40%, well above the prior margin indications of 30%-35%, and 1H27 NPAT of over $160m, which is a 57% beat to consensus and 40% to the analyst's prior expectations.

Notably, unmanned has continued to grow rapidly and conflict regions are flagged to generate over 50% of 1H27 revenue against around 20% previously.

The broker points out both business segments are continuing to perform strongly. EPS forecasts are raised by 31% for FY27, 20% for FY28 and 24% for FY29.

Outperform rating retained with a higher target, up 27% to $67.70 from $53.20.

Citi rates GMG as Buy

Goodman Group's withdrawal from its proposed Lane Cove data centre is mildly negative for sentiment, Citi suggests, but has no impact on work in progress, the secured pipeline or near-term earnings.

More importantly, work in progress has increased by 37% to $19.7bn, a 20-year hyperscale lease has been signed at Tsukuba, and a US$455m Hong Kong capital raising introduced a new sovereign investor.

LAX02 (the group's new Los Angeles data centre at Vernon, California) remains on track for December 2026 delivery.

The broker views FY27 earnings growth guidance of 9% as conservative, with potential upgrades as leasing and project execution progress.

Buy rating and $40 target maintained.

Citi rates RWC as Neutral

Citi opens an 'upside short-term view' on Reliance Worldwide ahead of the October 16 expiry of the go-shop period.

The latter refers to a window after a takeover deal during which the target company (Reliance) is allowed to actively seek a better offer from buyers additional to Brookfield.

The broker sees potential upside if a competing bidder emerges, while downside appears limited by the existing director-recommended offer.

With the scheme booklet not expected until November, Citi believes near-term risk is relatively contained.

Citi retains its Neutral rating and $4.75 target.

ANALYSIS & DATA

FNARENA'S MARKET CONSENSUS FORECASTS

To display the stock analysis for a company please enter the company code:

ANZ | ANZ GROUP HOLDINGS LIMITED

Abbreviated format - see the full version here

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$38.45 29 Sep 2026	0.020 OPEN $38.44	0.05% HIGH $38.50	3,384,669 LOW $38.12

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$38.45

29 Sep
2026

market green arrow 0.020

OPEN

$38.44

market green arrow 0.05%

HIGH

$38.50

3,384,669

LOW

$38.12

TARGET
$35.922-6.6% 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	15.5	xxx
Dividend Yield	xxx	N/A	4.3%	xxx
Div Pay Ratio(%)	xxx	83.8%	67.4%	xxx

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"The RBA’s preferred measure of core inflation (the trimmed mean) decelerated from 0.5% in the month of July to 0.2% in August, a pace consistent with the annual target of 2.5%. "This was helped by the fact that the trimmed mean this month excluded the outliers of automotive

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CLSA on $QBE Insurance and Suncorp Group $SUN: "We upgrade our recommendation on QBE to Outperform from Hold and promote it to our preferred Australian general insurance exposure. "We downgrade our recommendation on Suncorp to Hold from Outperform; our recommendation on IAG is

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DAILY FINANCIAL NEWS

Codan’s Growth Goes (Even More) Exponential

Growth is so rapacious for Codan, management has upgraded interim FY27 guidance some six weeks after FY26 results, as demand for unmanned aircraft systems surges

4:11 PM - Australia

Higher US Rates Are Good, But Mostly Bad

MFS Investment Management’s Benoit Anne digs deeper into why US bond yields are on the rise and what it means for other assets

10:30 AM - International

Gold Fields & Northern Star; Is It On, Is It Off?

Northern Star’s relative underperformance has attracted Gold Fields, one of the world’s largest gold producers, in what brokers characterise as a strategically appealing combination

Sep 29 2026 - Australia

Bubs Australia Ready To Grow US, Rest Of World

Permanent FDA approval has removed a major regulatory overhang for Bubs Australia while opening the door to further US distribution

Sep 29 2026 - Small Caps

Weakness In South32 A Buying Opportunity

Fairmont Equities’ Michael Gable believes the technical set-up for South32 shares is pointing to further upside

Sep 29 2026 - Technicals

Treasure Chest: Macquarie Group

FNArena’s Treasure Chest reports on money making ideas from stockbrokers and other experts. Today’s idea is Macquarie Group

Sep 28 2026 - Treasure Chest

Small Cap Alpha HPA Taps AI Boom

Sep 28 2026 - Small Caps

Bond Bloodletting; Not Flinching When Others Wince

Sep 28 2026 - International

The Market In Numbers – 26 Sep 2026

Sep 26 2026 - Australia

FNArena Corporate Results Monitor – 25-09-2026

Sep 25 2026 - Australia

Better To Ignore Nufarm’s Guidance Downgrade

Sep 24 2026 - Small Caps

Telix Aims For A Strategic Isotope Supply Chain

Sep 24 2026 - Australia

Australian Consumers Showing Pain & Resilience

Sep 23 2026 - Australia

Material Matters: Oil, LNG, Copper & Grains

Sep 23 2026 - Commodities

Netwealth Adds AI To Close Gap With Hub24

Sep 22 2026 - Australia

Lynas Poised To Revisit Recent High

Sep 22 2026 - Technicals

Treasure Chest: Abacus Group

Sep 22 2026 - Treasure Chest

New Hope Rides Thermal Coal Wave

Sep 21 2026 - Commodities

PR NEWSWIRE

ASICS Warns Australia’s Movement Levels Will Push Half the Population Into ‘Endangered’ or ‘At Risk’ Territory by 2035

12:00 PM - PR NewsWire

ASICS Warns Australia’s Movement Levels Will Push Half the Population Into ‘Endangered’ or ‘At Risk’ Territory by 2035

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Australia’s biosolutions sector could nearly triple to AUD$ 13.1 billion by 2035

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Telix Granted FDA Fast Track Designation for BiPASS Pre-Biopsy Prostate Cancer Imaging

10:26 AM - PR NewsWire

Results of Annual General Meeting of Shareholders

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Australians are addicted to returns and exchanges, according to new data

9:00 AM - PR NewsWire

RUDI'S VIEWS

Rudi’s View: The Index Is No Longer The Market

Investors might be surprised about the level of similarities between equity markets in the US and domestically, plus fund managers’ favourite ASX stocks

10:00 AM

DAILY MARKET REPORTS

Australian Broker Call Extra Edition – Sep 30, 2026

Extra Edition of the Broker Call Report

11:00 AM

The Overnight Report: Final Day Of A Drab Month

A global perspective on what happened overnight

8:43 AM

Today’s Financial Calendar – 30-09-2026

Significant Scheduled Events For 30 September, 2026

8:15 AM

ASX Winners And Losers Of Today – 29-09-26

The table inside ranks the 20 biggest percentage winners and losers among stocks in the ASX300 at the end of each trading day

Sep 29 2026

The Overnight Report: Oil, Muse & RBA Rate Hike

A global perspective on what happened overnight

Sep 29 2026

Today’s Financial Calendar – 29-09-2026

Significant Scheduled Events For 29 September, 2026

Sep 29 2026

ASX Winners And Losers Of Today – 28-09-26

The table inside ranks the 20 biggest percentage winners and losers among stocks in the ASX300 at the end of each trading day

Sep 28 2026

WEEKLY REPORTS

Weekly Update On LICs & LITs – 30-Sep-2026

Weekly update of Listed Investment Companies (LICs) & Listed Investment Trusts (LITs) on the ASX

10:45 AM

Australian Listed Real Estate Tables – 29-09-2026

FNArena provides a weekly update of Australian listed real estate trusts (REIT) and property developers, current pricing yield and valuation data

Sep 29 2026

Uranium Week: Deep Yellow’s Tumas Moment

The U308 spot market traded in a tight range as sentiment waxed and waned between bullish and cautious, with broader financial market sentiment weighed down by higher rates

Sep 29 2026

Weekly Ratings, Targets, Forecast Changes – 25-09-26

Weekly update on stockbroker recommendation, target price, and earnings forecast changes

Sep 28 2026

Next Week At A Glance – 28 Sept – 2 Oct 2026

A brief look at important company events and economic data releases next week

Sep 25 2026

Weekly Top Ten News Stories – 25 September 2026

Our top ten news stories from 17 September 2026 to 24 September 2026

Sep 25 2026

In Case You Missed It – BC Extra Upgrades & Downgrades – 25-09-26

A summary of the highlights from Broker Call Extra updates throughout the week past

Sep 25 2026

In Brief: L1 Group, Storage King & Bellevue Gold

This week’s In Brief covers three hidden ‘jewels’ that are offering value and upside potential

Sep 25 2026

The Short Report – 24 Sep 2026

FNArena’s weekly update on short positions in the Australian share market

Sep 24 2026

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Click item/line to change chart

Australia
30 September 2026 Updated : 15:42 AEDT
SPI Overnight
8747.00
-5.00
-0.06%
NZ50
13834.390
+150.760
1.100%
All Ordinaries
8982.40
+95.80
1.08%

S&P ASX 200
8803.80
+94.50
1.09%
S&P ASX 300
8733.80
+92.80
1.07%
Communication Services
1541.90
+33.00
2.19%
Consumer Discretionary
3572.00
+93.40
2.68%
Consumer Staples
13103.90
+72.00
0.55%
Energy
10863.50
+143.80
1.34%
Financials
9186.40
+22.20
0.24%
Health Care
32765.80
+285.80
0.88%
Industrials
8036.90
+128.80
1.63%
Info Technology
1689.70
+3.90
0.23%
Materials
24197.20
+261.80
1.09%
Real Estate
3322.80
+127.00
3.97%
Utilities
9792.10
+25.60
0.26%
A-REITs
1548.20
+57.80
3.88%
All Technology Index
2802.90
+31.10
1.12%
Banks
3843.60
+3.60
0.09%
Gold Index
18765.10
+301.40
1.63%
Metals & Mining
8341.90
+82.90
1.00%

Click item/line to change chart

Australasia
30 September 2026 Updated : 15:42 AEDT

AUD/USD
0.6973
0.00
-0.20%
AUD/NZD
1.2351
0.00
-0.22%
NZD/USD
0.5647
+0.00
0.04%
AUD/JPY
109.45
-0.68
-0.62%
SGD/AUD
1.12
+0.00
0.30%
AUD/EUR
0.6151
0.00
-0.19%
AUD/GBP
0.5268
0.00
-0.28%
AUDCAD
0.9897
0.00
-0.23%
World
30 September 2026 Updated : 15:42 AEDT
CAD/USD
0.7046
+0.00
0.04%
EUR/JPY
177.98
-0.74
-0.42%
EUR/USD
1.1337
0.00
0.00%
GBP/USD
1.3236
+0.00
0.07%
USD/JPY
156.99
-0.64
-0.41%

Click item/line to change chart

World
30 September 2026 Updated : 15:42 AEDT
FTSE100
10636.71
-48.17
-0.45%
DAX30
25399.21
+24.79
0.10%
Hang Seng
24541.36
+17.79
0.07%
Nikkei 225
66775.73
+1294.46
1.98%
NZ50
13834.390
+150.760
1.100%
DJIA
51349.92
-131.59
-0.26%

S&P500
7670.84
-12.85
-0.17%
Nasdaq Comp
26797.54
-22.84
-0.09%
S&P500 VIX
16.04
-0.03
-0.19%
US 10-year yield
5.255
+0.015
0.290%
USD Index
101.39
+0.20
0.20%
Aus Stocks
30 September 2026 Updated : 15:42 AEDT
Amcor (US)
42.46
-0.33
-0.77%
Newmont (US)
117.09
+1.04
0.90%
Rio Tinto (UK)
7139.00
+80.00
1.13%
BHP Group (US)
84.82
+0.24
0.28%
Rio Tinto (US)
94.16
-0.25
-0.26%
ResMed (US)
222.83
+0.73
0.33%
South32 (UK)
264.40
+7.40
2.88%
James Hardie (US)
25.10
-0.29
-1.14%
Janus Henderson (US)
51.95
-0.02
-0.04%

Click item/line to change chart

Metals & Minerals
30 September 2026 Updated : 07:10 AEDT
Gold (oz)
4182.01
+67.22
1.63%
Silver (oz)
61.46
+0.83
1.37%
Copper (lb)
6.6000
+0.06
0.92%
Aluminium (lb)
1.4739
0.00
-0.17%
Nickel (lb)
7.1960
-0.09
-1.18%
Zinc (lb)
1.7954
-0.05
-2.54%
Copper (t)
14546.40
+132.24
0.92%
Aluminium (t)
3248.50
-5.50
-0.17%
Nickel (t)
15860.00
-190.00
-1.18%
Zinc (t)
3957.00
-103.00
-2.54%
Uranium (lb) weekly
89.75
0.00
0.00%
Iron Ore (t)
96.73
-0.19
-0.20%
Energy
30 September 2026 Updated : 07:10 AEDT

West Texas Crude
88.92
-4.39
-4.70%
Brent Crude
102.51
-3.55
-3.35%

CALENDAR

Wednesday, 30 September 2026

NZ	Sep ANZ business confidence
AU	Aug CPI
CH	Sep PMI
UK	2Q GDP (final)
US	2Q GDP (third estimate)
US	Aug Personal income
US	Aug Trade Bal
US	Sep ADP employment
GE	Sep Unemployment
CWP	ex-div 25.00c (100%)
GNP	ex-div 3.60c (100%)
GVF	ex-div 3.30c (100%)
IPX	FY26 earnings report

VIEW FULL CALENDAR

ALL WEATHER STOCKS

Code	Company	Price
CAR	CAR GROUP LIMITED	$22.36
REA	REA GROUP LIMITED	$158.53
RMD	RESMED INC	$32.03
TNE	TECHNOLOGY ONE LIMITED	$29.25
WOW	WOOLWORTHS GROUP LIMITED	$39.02

VIEW ALL WEATHER STOCKS

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WEEK 39

WEEK 38

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WEEK 36

WEEK 35

FNARENA TALKS

Changing Markets, Changing Economies - Jun 05 2026

Investing for the Future, through the prism of experience

Apr 22 2026

Global Debt, Liquidity & Refinancing

Mar 26 2026

See more videos here

FNARENA WINDOWS

Window on HARDWARE & EQUIPMENT

Codan’s Growth Goes (Even More) Exponential

Growth is so rapacious for Codan, management has upgraded interim FY27 guidance some six weeks after FY26 results, as demand for unmanned aircraft systems surges

4:11 PM

Window on WEALTH MANAGEMENT & INVESTMENTS

Weekly Update On LICs & LITs – 30-Sep-2026

Weekly update of Listed Investment Companies (LICs) & Listed Investment Trusts (LITs) on the ASX

10:45 AM


A-REITs	1548.20	+57.80	3.88%


CAD/USD	0.7046	+0.00	0.04%

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

Macquarie rates CDA as Outperform

Citi rates GMG as Buy

Citi rates RWC as Neutral

FNARENA'S MARKET CONSENSUS FORECASTS

ANZ | ANZ GROUP HOLDINGS LIMITED

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Wednesday, 30 September 2026

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