Weekly Reports | Jul 18 2025
Broker Rating Changes (Post Thursday Last Week)
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ORA BANDA MINING LIMITED ((OBM)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0
Moelis upgrades Ora Banda Mining to Buy from Hold with a 92c target price due to the fall in the share price and a de-risked target for higher capital and operating costs in future forecasts, not just the June quarter update.
The analyst explains the downgrade in the miner's production and cost outlook for the balance of FY25, which is now over, and notes it could raise further risks to the FY26 outlook, which is flagged for next week in the quarterly update (no date given).
The broker's EPS estimate for FY25 falls by -48.5% and lifts by 5.8% for FY26.
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HUB24 LIMITED ((HUB)) Downgrade to Hold from Buy by Moelis.B/H/S: 0/0/0
Moelis downgrades Hub24 to Hold from Buy due to the stock's valuation, but the analyst acknowledges robust market conditions will most likely underscore a strong share price.
The platform's 4Q25 update continued to reflect strong momentum, with net flows of $5.3bn, higher than both the analyst's and consensus forecasts, excluding large transitions of $1.2bn, above Moelis' forecast of $0.9bn.
The Equity Trustees ((EQT)) migrations have now been completed.
The most recent Plan for Life data in March showed HUB had achieved the largest quarterly and annual market share gains of all the platform providers, up to 8.7% from 7.2% in March.
Adviser growth rose 12.6% on a year earlier, which is considered a good indicator of future flows.
Moelis lifts EPS forecasts by 4.4% for FY25 and 11% for FY26, with an accompanying rise in the target price to $107.94.
IKEGPS GROUP LIMITED ((IKE)) Downgrade to Hold from Buy by Moelis.B/H/S: 0/0/0
Moelis notes ikeGPS Group raised $18m via share placement and plans to raise an additional $2m through share purchase plan. The offer price was at a -4.7% discount to the last close.
The funds will support working capital, new product development and related costs, providing a financial buffer until the company generates positive cash flow, Moelis observes.
The company reiterated guidance for 35% or higher subscription revenue growth for FY26. Target price cut to $0.93 from $1.01 on equity dilution. Rating downgraded to Hold from Buy.
NICK SCALI LIMITED ((NCK)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0
In an update on furniture and home stocks, Jarden notes online continues to outperform. Turnover was down -5.1% in 2025 year-to-date, with homeware likely outperforming while furniture sales may be mixed.
The broker notes discounting was deeper and broader than in previous years, but expects pricing to become more rational in FY26.
The broker reckons Nick Scali could disappoint expectations on written sales orders and gross profit margins. The analyst cut net profit forecasts for FY25-27 by -1% to -2%.
Target cut to $17.71 from $18.50. Rating downgraded to Neutral from Overweight.
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