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Morgan Stanley rates CTD as No Rating

Morgan Stanley, in the absence of reliable accounts and insufficient clarity on company financial statements, Corporate Travel Management is not rated and there are no targets or estimates.

The stock has been suspended from the ASX since August 26, 2025 after the company revealed accounting irregularities in its UK operations.

The broker expects the next update on June 30, 2026 and would look to reinstate a rating target and estimates once financial statements are clarified.

Morgans rates JHX as Buy

James Hardie Industries' FY26 result was broadly in line with market expectations, with growth largely driven by the Azek acquisition while underlying market conditions remain subdued, Morgans observes.

Adjusted earnings of US$381m came in above guidance, the analyst highlights.

Management assumes no housing market recovery in FY27, instead targeting earnings growth through pricing, cost control and synergy delivery.

Siding operations are expected to return to organic growth, while free cash flow (FCF) improvement should support deleveraging.

Morgans believes FY26 represents a financially dilutive transition year, with FY27 likely to mark an inflection point as synergies accelerate and margins recover.

Buy rating maintained. Target falls to $39.00 from $45.75.

Macquarie rates STO as Outperform

At the upcoming Investor Day on May 26, Macquarie expects Santos to management to outline its priorities in growth for LNG and backfill as well as Alaska oil.

The energy producer has indicated it is considering lowering capex to de-gear the company and boost dividends with a focus on higher return opportunities overseas. The broker points to PNG, Barossa/Darwin LNG and Alaska oil with Beetaloo the next growth engine.

EPS forecasts are tweaked lower for 2026 and 2027. Target price is lifted 6% to $9.15 with no change to Outperform rating.