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

Macquarie rates IAG as Neutral

Macquarie highlights continued strength in Personal Lines pricing, with Home premiums increasing 7.2% y/y and Personal Motor 6.5% in the September quarter. The insurer's CTP repricing averaged 8.6%, below Suncorp's ((SUN)) 10.1%.

Business Package pricing increased 2.0% for Insurance Australia Group, significantly below Suncorp's 11.9%, reflecting growing competitive pressures in Commercial Lines, the analyst explains.

Macquarie expects further pricing moderation across SME and commercial insurance over the next 12 months. Home and Personal Motor account for around 53% of IAG's gross written premiums, providing support from continued repricing and claims-cost pressures.

Macquarie retains Neutral with a $8.20 target.

UBS rates NXG as Buy

UBS lowers its target for Buy-rated NexGen Energy to $17.50 from $18.50 following its third-quarter update, reflecting higher operating costs and less favourable funding assumptions.

The broker notes construction at the Rook I uranium project remains on schedule, with ground freezing expected from March 2027 and shaft development commencing mid-year.

NexGen's liquidity exceeds CA$820m, sufficient to fund expenditure until around the September quarter of 2027, the analysts suggest, although additional project financing remains a key catalyst.

Macquarie rates SLC as Upgrade to Outperform from Neutral

Macquarie upgrades Superloop to Outperform from Neutral following a -10% share price decline, with a mixed FY27 trading update.

FY27 underlying EBITDA guidance of $148m–$156m, up 21%–27% y/y, was in line with expectations at the midpoint but -2.6% below consensus.

Wholesale subscribers declined -6,800 YTD, impacted by a cyber-security incident and reduced Origin Energy ((ORG)) promotional activity.

Consumer subscribers increased by 23k despite tougher competition and price-related churn. Smart Communities added 10k lots.

The analyst expects wholesale subscriber growth to recover in 2Q27 as Origin resumes promotions, with Smart Communities providing an additional earnings growth catalyst.

FY27/FY28/FY29 EPS forecasts are lowered by -4%/-4%/-2%, reflecting higher interest costs. Target price slips to $3.60 from $3.65.