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

Morgans rates IMB as Speculative Buy

Intelligent Monitoring raised $20m via an institutional placement following the Tyco NZ and Red Wolf acquisitions, to restore leverage to pre-deal levels.

Morgans factored the equity raise into its forecasts, leading to a cut in FY26-27 EPS forecasts.

Target price unchanged at $1 on higher peer multiples. Speculative Buy remains.

Bell Potter rates L1G as Hold

L1 Group announced FUM for Dec 31 2025 at $17.6bn which is marginally in excess of what Bell Potter expected and represented a rise in FUM over 2Q26 by circa $700m although no breakdown was offered.

The analyst estimates performance fees around $36-$38m in 2H2025 and notes Julian Russell has been made CEO and the group has raised $330m in a November equity issue to support growth plans.

No change to Hold rating. Target lifted to $1 from 90c. Bell Potter highlights the shares are relatively highly valued for an asset manager going into a merger but believes there is robust investor demand for the stock with restricted supply of shares.

Citi rates WDS as Neutral

Citi notes global gas prices are weakening due to a lower JKM (benchmark Japan-Korea marker) outlook, pressuring LNG-exposed stocks. Stronger oil prices in 1Q2026 provide a partial offset, before further easing.

Santos and Karoon Energy are standouts in the broker's view, Woodside Energy faces rising Scarborough timing risks and Beach Energy is constrained by execution and balance-sheet risks.

In the near term, the broker expects Woodside to deliver a solid December quarter performance.

Overall, the broker believes sector performance is likely to hinge on commodity price exposure and the ability to execute projects as planned.

Neutral rating for Woodside. Target price $25.50.