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

Bell Potter rates ALQ as Buy

ALS Ltd’s 1H FY26 result delivered a 2% underlying earnings (EBIT) beat, which Bell Potter attributes to stronger Commodities and Life Sciences revenue alongside margin gains at Nuvisan (Pharmaceutical R&D services market).

The broker notes robust Geochem sample growth, offset by weaker legacy pricing, while Life Sciences exceeded its margin targets as cost-out progressed.

The broker's upgraded FY26 organic revenue growth of 6-8% reflects improving exploration activity, explain the analysts, with Commodities now expected to grow 12-14%.

Bell Potter retains a Buy rating, with target of $25.00, up from $23.50.

Citi rates NST as Neutral

Citi updated its model for Northern Star Resources, lifting Hemi development capex by $480m, resulting in expectations for a drawdown of $450m from the revolving credit facility in FY27-28.

The broker estimates total Hemi development capex of $1.2bn from FY27-29 and has retained the first production expectation for 4Q29.

The broker also trimmed FY26 production forecast by -5% to 1,694koz due to a slower-than-expected start to the year. This compares with guidance of 1,700-1,850koz.

Neutral. Target unchanged at $24.

UBS rates SKO as Buy

Serko reported 1H26 operating revenue and costs, meeting UBS' expectations, boosted by a robust A&NZ performance for managed travel volumes as well as North American pricing. Forex was an additional tailwind.

North American (GetThere) was generally in line with the analyst's forecast of around 1.8m bookings over 1H, with UBS thinking its 3.2m FY26 bookings estimate may be too low.

B2B is indicating a more challenging EU macro economy, with room nights per customer down -5%, which was offset by better forex effects and growth in customers of 18%.

The broker tweaks their operating revenue forecasts up 2% for FY26 and down -6% for FY27/FY28, which still suggests a CAGR of 18% sales growth over the next three years.

Retain Buy rating. Target price slips to NZ$4.35 from NZ$4.55.