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

Citi rates CKF as Neutral

Citi views AmRest 1H26 result as offering a cautious read-through for Collins Foods, which remains Neutral rated.

The data points emphasise the challenges for KFC in the German market, including weak traffic, cautious spending, and value becoming more competitively important for the consumer.

Slower sales are viewed as underpinning deleveraging across an essentially fixed cost base.

A combination of the Collins Foods AGM update and the AmRest result are giving the broker some concern that a deterioration in German economics will moderate the rollout pace in the near-to-medium term.

Neutral rated. Target $9.12.

Macquarie rates FCL as Outperform

Macquarie points out Fineos Corp's peer Guidewire has reported FY26 annual recurring revenue (ARR) and revenue growth of 19% and 23%, respectively. Free cash flow (FCF) rose 28% and the margin expanded by 100bps to 24.3%.

Fineos Corp trades at 2.9 times trailing enterprise value-to-sales, a -74% discount to Guidewire, observes the broker. A part explanation by the analyst is that Fineos' software growth is slower and capitalised research and development is materially higher.

Macquarie sees upside if Fineos achieves its medium-term revenue-mix targets, with contract wins, earnings delivery and expanding positive cash flow providing catalysts.

Macquarie retains its $3.50 target and Outperform rating for Fineos Corp.

Citi rates SKG as Upgrade to Buy from Neutral

Citi highlights its Self Storage Website Tracker has continued to register robust growth momentum over July. Storage King has evidenced 19.2% y/y growth against a peer average of 20.8%, the analyst points out.

In the first 7 months of the year ending July, Storage King's website traffic lifted 48.1% y/y, compared to the peer average of 37.7%.

The broker upgrades the stock to Buy from Neutral with a new target of $1.40 from $1.60, due to a higher beta factor assumption and slower growth into FY27.

Storage King trades at a circa -36% discount to NTA which is considered a good "entry point" by the analyst.