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

Macquarie rates AIA as Outperform

Auckland International Airport's April traffic update is consistent with Macquarie's FY26 expectations, with resilient passenger demand and rising load factors supporting management's earnings guidance.

The broker notes softer April passenger growth primarily reflects geopolitical disruption to Middle East routes and long-haul capacity constraints, rather than weakening underlying travel demand.

Commentary notes strong growth in higher-value inbound passengers from China and the US continues to support the earnings outlook. Improving utilisation and aeronautical pricing are also providing leverage to the recovery in international travel, the analyst explains.

Macquarie retains an Outperform rating and NZ$9.31 target price.

Morgans rates BOE as Initiation of coverage with Accumulate

Morgans initiates coverage of Boss Energy with an Accumulate rating and $1.55 target. The business offers leverage to a continuing re-rating of the uranium market, although the investment case is considered "increasingly execution-driven".

Offsetting the withdrawal of the Honeymoon enhanced feasibility study, the broker points out the company has substantial uranium inventory and one of the strongest balance sheets in the sector.

Underpinning the thesis is two decades of suppressed prices have hollowed out supply, leaving the industry short of capital and spare capacity just as reactor demand begins to accelerate.

Forces are considered harder to reverse in this cycle, amid a structural supply deficit and geopolitical reshaping of nuclear fuel chains. China has 38 reactors under construction and the US is targeting 400GW by 2050.

Citi rates JHX as Buy

James Hardie Industries announced 4Q26 earnings (EBITDA) of around US$381m which came in circa 2% above consensus, Citi notes, with free cash flow at US$314m well above guidance of US$200m.

North America met expectations and rest of the world was better than anticipated, having a positive impact on the group, the analyst explains. Weather impacted decking over the period which will create an inventory unwind situation going into 1Q27.

Sidings and trims sales missed with volumes down -12%. Earnings for A&NZ came in around 14% better than expected due to MSD volume growth and forex translation.

Europe was also slightly better than anticipated. Citi views the result as reasonable at first take.

Buy rating and $38 target.