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China Life Pension Company (CLPC) was the stand-out for AMP's 1H2026 profit guidance update and is now generating around 33% of underlying profits for the company, UBS highlights. This has now beaten all the other key growth segments at AMP.

The analyst believes CLPC can continue to grow earnings strongly, underpinning medium-term upside risk for the total group.

CLPC is forecast to grow AUM between around 15%-20% by FY30, having grown them at 23% p.a. over the last 10-years. Operating profits have grown at a faster rate of 35% p.a. due to operating leverage. Buy rated.

EPS forecasts are tweaked higher. The target price rises to $2.55 from $2.19 due to the lift in the China JV valuation to 15x, implying valuations for CLPC/CLAMP of $1.9bn, up from $1.4bn, previously.

Citi rates ORA as Neutral

Citi notes the re-opening of the RAK facility by Orora is contingent on the sustained opening of the Strait of Hormuz and consistent economic shipping capacity.

As a result, the broker has no obvious timeline for the company regaining around 15% of capacity.

Along with the reversal of premiumisation trends and an inevitable impairment for Saverglass, the broker envisages a difficult period in terms of risk/reward for the stock.

Neutral/High Risk maintained. Target is $1.80.

Morgans rates RPL as Buy

Morgans assesses Regal Partners delivered a strong preliminary first-half result. Normalised profit doubled from a year earlier and comfortably exceeded forecasts by the broker and consensus, driven by stronger-than-expected performance fees.

Management fee income was slightly softer due to lower funds under management (FUM) margins. The analyst views this outcome as immaterial given the strong investment performance and record net inflows underpinning future FUM growth.

The broker trims its target to $4.00 from $4.20 on lower earnings forecasts.

Commentary notes the stock's undemanding valuation and Morgans' confidence in continued FUM growth through investment performance and alternative strategy expansion. Buy retained.

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ANALYSIS & DATA

FNARENA'S MARKET CONSENSUS FORECASTS

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ANZ | ANZ GROUP HOLDINGS LIMITED

Abbreviated format - see the full version here

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$37.22 28 Jul 2026	0.330 OPEN $36.48	0.89% HIGH $37.54	3,455,218 LOW $36.62

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$37.22

28 Jul
2026

market green arrow 0.330

OPEN

$36.48

market green arrow 0.89%

HIGH

$37.54

3,455,218

LOW

$36.62

TARGET
$34.600-7.0% 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	246.9	xxx
DPS (cps)	xxx	166.0	166.8	xxx
EPS Growth	xxx	- 9.1%	24.6%	xxx
DPS Growth	xxx	0.0%	0.5%	xxx
PE Ratio	xxx	N/A	15.2	xxx
Dividend Yield	xxx	N/A	4.4%	xxx
Div Pay Ratio(%)	xxx	83.8%	67.6%	xxx

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RBC Capital on Greatland Resources $GGP : "Greatland delivered FY26 production of 329koz, above FY26 guidance of 260-340koz and in line with consensus of 326koz, while FY26 AISC of A$2,179/oz was a touch slower vs consensus of A$2,273/oz (RBCe A$2,292/oz). "FY27 will be a

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Morgans on Woodside Energy $WDS: "A good-looking 2Q26 operational and sales result from WDS, although roughly half of the ~14% revenue beat can be attributed to increased marketing activity (typically low margin), while the key driver of the remaining ~6-7% consensus beat can be

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RBC Capital on Atlas Arteria $ALX: "ALX has delivered another mixed toll revenue and traffic update. "For 2Q26 the core French assets (APRR/ADELAC) both delivered soft -3.9%/-3.9% yoy results as "higher fuel prices negatively impacted light traffic", with toll escalation during

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RBC Capital on Mineral Resources $MIN: "Mineral Resources (MIN) has released a positive 4Q FY26 (FY26) report with record annual Iron Ore and Lithium production and Mining Services volumes. "All three segments came in above FY26 guidance and slightly ahead of expectations.

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RBC Capital on $Rio Tinto: "RIO has reported 1H26 results with underlying EBITDA of $14,826m (+28% vs pcp), 2% below consensus of $15,131m (+1% vs RBCe of $14,656m). "With underlying earnings typically in line, a key focus for investors is the dividends. RIO declared an interim

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IG's Tony Sycamore: "Combined with this week’s fall in oil prices, the Australian interest rate market is now pricing in just 5bp of hikes for the August meeting, with a full 25bp hike not fully priced until March 2027. "This is a meaningful dovish shift from last week, when

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RBC Capital on $IGO: "IGO has reported underlying EBITDA of $286M for FY26, 10% below consensus of $316m (RBCe $321m). "The miss was largely due to the Kwinana lithium hydroxide refinery which suffered an EBITDA loss of $167M vs consensus of -$113M. In 4Q FY26, lithium

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RBC Capital on Web Travel Group $WEB: "Overall today's announcement is a net positive. "Trading/Earnings are slightly above expectations, a buy-back in place, but in our view, the biggest positive is an element of certainty has now been provided. "Based on the following

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RBC Capital downgrades Xero $XRO: "New $85/share PT, Downgrade to Sector Perform. FY27E/28E revenue unchanged and EBITDA adjusted +0%/-10% on cost and margin assumptions and estimate ~39% Rule of 40 for FY28E. "Reducing EBIT exit multiple from 16x to 10x reflecting the

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UBS on Macquarie Group $MQG: (...) we think it reads favourably with minor changes in their short term outlook related to the BFS division. "Based on our backed numbers and as a proxy for Q1 27 profitability the group is run rating at ~A$0.9B, up substantially on a weak Q1 26

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Click item/line to change chart

Australia
29 July 2026 Updated : 15:12 AEDT
SPI Overnight
8980.00
+74.00
0.83%
NZ50
13967.760
+105.830
0.760%
All Ordinaries
9211.60
+99.60
1.09%

S&P ASX 200
9049.60
+101.80
1.14%
S&P ASX 300
8971.40
+99.90
1.13%
Communication Services
1667.20
+30.90
1.89%
Consumer Discretionary
4105.60
+103.40
2.58%
Consumer Staples
13647.40
+310.20
2.33%
Energy
10532.20
+55.40
0.53%
Financials
9987.20
+36.90
0.37%
Health Care
27242.00
+1103.50
4.22%
Industrials
8408.00
+29.80
0.36%
Info Technology
1745.50
+19.70
1.14%
Materials
23254.90
+281.20
1.22%
Real Estate
3647.30
+26.90
0.74%
Utilities
9654.70
+60.10
0.63%
A-REITs
1699.00
+12.00
0.71%
All Technology Index
2933.20
+34.30
1.18%
Banks
4230.20
+11.10
0.26%
Gold Index
15435.90
+51.80
0.34%
Metals & Mining
7977.80
+103.20
1.31%

Click item/line to change chart

Australasia
29 July 2026 Updated : 15:12 AEDT

AUD/USD
0.6953
0.00
-0.16%
AUD/NZD
1.2014
-0.01
-0.55%
NZD/USD
0.5788
+0.00
0.40%
AUD/JPY
113.64
-0.50
-0.44%
SGD/AUD
1.11
+0.00
0.33%
AUD/EUR
0.6098
0.00
-0.59%
AUD/GBP
0.5228
0.00
-0.34%
AUDCAD
0.9797
0.00
-0.36%
World
29 July 2026 Updated : 15:12 AEDT
CAD/USD
0.7097
+0.00
0.18%
EUR/JPY
186.35
+0.26
0.14%
EUR/USD
1.1402
+0.00
0.41%
GBP/USD
1.3299
+0.00
0.17%
USD/JPY
163.42
-0.46
-0.28%

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World
29 July 2026 Updated : 15:12 AEDT
FTSE100
10871.02
+89.27
0.83%
DAX30
25464.01
+102.98
0.41%
Hang Seng
25647.58
+336.73
1.33%
Nikkei 225
61020.08
-1344.84
-2.16%
NZ50
13967.760
+105.830
0.760%
DJIA
52747.32
+537.24
1.03%

S&P500
7428.78
+15.60
0.21%
Nasdaq Comp
24876.91
-55.17
-0.22%
S&P500 VIX
18.21
-0.46
-2.46%
US 10-year yield
4.604
-0.037
-0.800%
USD Index
101.42
-0.11
-0.11%
Aus Stocks
29 July 2026 Updated : 15:12 AEDT
Amcor (US)
46.69
+1.45
3.21%
Newmont (US)
91.52
-1.95
-2.09%
Rio Tinto (UK)
6820.80
-11.20
-0.16%
BHP Group (US)
83.79
-0.14
-0.17%
Rio Tinto (US)
91.64
-0.31
-0.34%
ResMed (US)
208.96
+5.88
2.90%
South32 (UK)
236.60
+4.60
1.98%
James Hardie (US)
26.89
+0.23
0.86%
Janus Henderson (US)
51.95
-0.02
-0.04%

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Metals & Minerals
29 July 2026 Updated : 07:13 AEDT
Gold (oz)
4028.36
-48.04
-1.18%
Silver (oz)
57.12
-1.28
-2.19%
Copper (lb)
6.3000
-0.05
-0.79%
Aluminium (lb)
1.4483
+0.01
0.53%
Nickel (lb)
7.6497
-0.14
-1.78%
Zinc (lb)
1.6722
+0.02
1.44%
Copper (t)
13885.20
-110.20
-0.79%
Aluminium (t)
3192.00
+17.00
0.54%
Nickel (t)
16860.00
-305.00
-1.78%
Zinc (t)
3685.50
+52.50
1.45%
Uranium (lb) weekly
86.25
+0.75
0.88%
Iron Ore (t)
98.30
-0.12
-0.12%
Energy
29 July 2026 Updated : 07:13 AEDT

West Texas Crude
79.14
-2.71
-3.31%
Brent Crude
83.68
-4.02
-4.58%

CALENDAR

Wednesday, 29 July 2026

AU	2Q CPI
US	FOMC rates decision
ALX	Qtrly update
GGP	Qtrly update
MIN	Qtrly update
MST	Qtrly update
NIC	H1 earnings report
NST	Qtrly update
RIO	1H2026 earnings report
WDS	Qtrly report

Thursday, 30 July 2026

NZ	July ANZ business confidence
AU	June Building approvals

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Code	Company	Price
CAR	CAR GROUP LIMITED	$26.98
REA	REA GROUP LIMITED	$169.80
RMD	RESMED INC	$30.02
TNE	TECHNOLOGY ONE LIMITED	$30.70
WOW	WOOLWORTHS GROUP LIMITED	$40.83

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A-REITs	1699.00	+12.00	0.71%


CAD/USD	0.7097	+0.00	0.18%

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

UBS rates AMP as Buy

Citi rates ORA as Neutral

Morgans rates RPL as Buy

FNARENA'S MARKET CONSENSUS FORECASTS

ANZ | ANZ GROUP HOLDINGS LIMITED

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