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JB Hi-Fi's March Q sales update saw JBH Australia (71% of earnings) broadly tracking to Bell Potter's forecast, while JBH New Zealand's sales trend saw some easing as did The Good Guys.

While Bell Potter estimates the March Q to be the smallest contributor to the full year, the broker reiterates the significance of the seasonal June Q as the second largest and JB Hi-Fi is facing challenging comparables with the incremental benefit from Nintendo Switch 2 launch in the prior year.

While the broker expects the overall Discretionary sector to remain challenged through 2026, a preference for JB Hi-Fi is supported by a view as semi-discretionary characteristics seen in the name and ability to maintain market share over a longer term versus smaller competitors.

Target falls to $87 from $90, Buy retained.

Macquarie rates MFG as Underperform

Macquarie notes Magellan Financial has announced the transfer of investment responsibilities for two global funds to Vinva (FUM of $5.3bn).

Management fee for the two funds is expected to decline to 89bps from 135bps, with Vinva eligible for a 34bps sub advisory fee.

The analyst estimates a -11% FY27 EPS headwind and an additional -6% headwind if around 50% of FUM transferred to Vinva is redeemed.

EPS forecasts are lowered by -12.3% for FY27 and -14.8% for FY28. Target price is downgraded by -10% to $7.65 from $8.50.

No change in Underperform rating.

Citi rates SUL as Buy

Super Retail announced lower than expected 2H26 trading update, with Citi highlighting both sales and gross margin missed its own estimates and consensus forecasts.

Notably, trading conditions have weakened since the start of the war in the Middle East with group sales up 1.9% for the first 18 weeks of 2H26, below the broker's forecast for 2H26 sales of 2.3% and consensus at 4.4%.

Rebel is performing slightly better while Auto and BCF are weaker. Management pointed to higher cost guidance to -$66m from -$60m as prior spend for FY27 has been pulled forward.

Citi expects consensus earnings forecasts to come down and the analyst is reviewing current estimates.

Buy. Target $15.

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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
$37.07 06 May 2026	1.120 OPEN $36.20	3.12% HIGH $37.19	6,718,669 LOW $36.08

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$37.07

06 May
2026

market green arrow 1.120

OPEN

$36.20

market green arrow 3.12%

HIGH

$37.19

6,718,669

LOW

$36.08

TARGET
$35.175-5.1% 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	248.2	xxx
DPS (cps)	xxx	166.0	166.8	xxx
EPS Growth	xxx	- 9.1%	25.2%	xxx
DPS Growth	xxx	0.0%	0.5%	xxx
PE Ratio	xxx	N/A	15.0	xxx
Dividend Yield	xxx	N/A	4.5%	xxx
Div Pay Ratio(%)	xxx	83.8%	67.2%	xxx

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Citi disagrees with Jarden on Westpac $WBC: "WBC reported 1H26 cash earnings of $3,483m, ~2% ahead of CitiE but in-line with VA consensus expectations of $3,500m. "To the extent that consensus has some stale estimates, we note that ~60% of street estimates are sitting below

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Jarden reports Westpac's $WBC H1 result today misses forecasts on key items by -1% or -2%, with statutory profit -5% below market consensus.#banks #investing #XJO #equities #stocks

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Click item/line to change chart

Australia
07 May 2026 Updated : 18:42 AEDT
SPI Overnight
8895.00
+98.00
1.11%
NZ50
13270.610
+125.420
0.950%
All Ordinaries
9107.00
+90.90
1.01%

S&P ASX 200
8878.10
+84.50
0.96%
S&P ASX 300
8813.60
+86.80
0.99%
Communication Services
1732.80
-1.80
-0.10%
Consumer Discretionary
3376.70
+8.80
0.26%
Consumer Staples
11869.80
+77.70
0.66%
Energy
10393.60
-314.90
-2.94%
Financials
9732.50
+35.40
0.37%
Health Care
24932.10
-281.60
-1.12%
Industrials
8255.50
+38.70
0.47%
Info Technology
1803.70
+4.30
0.24%
Materials
24409.60
+865.20
3.67%
Real Estate
3619.60
+24.10
0.67%
Utilities
10239.40
-166.50
-1.60%
A-REITs
1676.20
+11.40
0.68%
All Technology Index
2831.20
-2.50
-0.09%
Banks
4224.20
+17.90
0.43%
Gold Index
17730.20
+792.70
4.68%
Metals & Mining
8488.80
+297.90
3.64%

Click item/line to change chart

Australasia
07 May 2026 Updated : 18:42 AEDT

AUD/USD
0.7258
0.00
-0.03%
AUD/NZD
1.2148
0.00
-0.12%
NZD/USD
0.5975
+0.00
0.08%
AUD/JPY
113.42
+0.22
0.20%
SGD/AUD
1.09
+0.00
0.18%
AUD/EUR
0.6168
+0.00
0.03%
AUD/GBP
0.5330
+0.00
0.02%
AUDCAD
0.9891
+0.00
0.24%
World
07 May 2026 Updated : 18:42 AEDT
CAD/USD
0.7338
0.00
-0.26%
EUR/JPY
183.91
+0.32
0.17%
EUR/USD
1.1769
0.00
-0.04%
GBP/USD
1.3618
0.00
-0.04%
USD/JPY
156.27
+0.33
0.21%

Click item/line to change chart

World
07 May 2026 Updated : 18:42 AEDT
FTSE100
10390.07
-48.59
-0.47%
DAX30
24955.39
+36.70
0.15%
Hang Seng
26626.28
+412.50
1.57%
Nikkei 225
62833.84
+3320.72
5.58%
NZ50
13270.610
+125.420
0.950%
DJIA
49910.59
+612.34
1.24%

S&P500
7365.12
+105.90
1.46%
Nasdaq Comp
25838.94
+512.82
2.02%
S&P500 VIX
17.54
+0.16
0.92%
US 10-year yield
4.356
-0.060
-1.360%
USD Index
97.89
-0.48
-0.49%
Aus Stocks
07 May 2026 Updated : 18:42 AEDT
Amcor (US)
40.21
+2.57
6.83%
Newmont (US)
115.10
+6.09
5.59%
Rio Tinto (UK)
7805.00
+85.00
1.10%
BHP Group (US)
84.33
+5.09
6.42%
Rio Tinto (US)
105.51
+5.01
4.99%
ResMed (US)
209.64
+1.76
0.85%
South32 (UK)
226.60
+1.20
0.53%
James Hardie (US)
21.42
+1.27
6.30%
Janus Henderson (US)
51.71
+0.11
0.21%

Click item/line to change chart

Metals & Minerals
07 May 2026 Updated : 07:09 AEDT
Gold (oz)
4703.10
+135.55
2.97%
Silver (oz)
77.83
+4.56
6.23%
Copper (lb)
6.1933
+0.20
3.41%
Aluminium (lb)
1.5998
-0.02
-1.39%
Nickel (lb)
8.8249
+0.07
0.80%
Zinc (lb)
1.5469
+0.02
1.19%
Copper (t)
13650.03
+450.28
3.41%
Aluminium (t)
3526.00
-49.75
-1.39%
Nickel (t)
19450.00
+155.00
0.80%
Zinc (t)
3409.45
+40.15
1.19%
Uranium (lb) weekly
86.25
0.00
0.00%
Iron Ore (t)
110.86
+2.28
2.10%
Energy
07 May 2026 Updated : 07:09 AEDT

West Texas Crude
96.20
-6.48
-6.31%
Brent Crude
101.98
-8.48
-7.68%

CALENDAR

Thursday, 7 May 2026

AU	March Trade Bal
EZ	March retail sales
US	March Qtr Nonfarm Productivity
US	May Jobless Claims
AAI	AGM
HLI	AGM
NAB	ex-div 85.00c (100%)
OMH	ex-div 1.00c
OMH	ex-div 1.00c
ORI	1H26 earnings report
XYZ	Qtrly Update