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

Bell Potter rates CWP as Buy

Post Cedar Woods Properties's 1Q27 update, Bell Potter lowers EPS forecasts slightly on reduced settlement volume expectations due to the current weak residential sector.

The analyst lowers settlement forecasts by -1% for FY27 and -6% for FY28, with over 90% of revenue secured for FY27, the lag between sales and settlements means the current weak market conditions will not impact until FY28.

Forecast settlements are still expected to grow by 5% to 1,220 in FY28 and up 2.5% in FY29.

Target price eases to $9.45 from $9.60 with no change in Buy rating.

Morgans rates DYL as Speculative Buy

Despite Deep Yellow deferring FID for Tumas, Morgans notes the project is advancing, with detailed engineering now 85% complete and civil works underway.

Detailed design on the 220kV grid connection and development agreements with NamPower and NamWater are being negotiated.

The broker believes the market is underappreciating the value of a development-ready uranium asset with significant leverage to improving fundamentals.

Speculative Buy rating. Target is $1.50.

Macquarie rates NHF as Neutral

Macquarie highlights mixed first-quarter FY27 visa trends affecting nib Holdings' international health insurance (IHI) business.

Regulatory changes allowing more insurers into the Pacific Australia Labour Mobility scheme are expected to constrain future growth.

The broker estimates student visa grants relevant to nib declined -10% year-on-year, while worker visa holders increased 13%.

Commentary notes nib's student insurance is now the market's most expensive, while its worker insurance remains competitively priced.

Neutral rating and $6.60 target maintained.