Australian Broker Call

Citi rates 360 as Buy (1) -

Post the Life360 earnings call, Citi believes the upgraded earnings guidance is conservative, with opex not expected to rise significantly, while the company is achieving ongoing advertising and market penetration in the US and internationally.

Ahead of the back-to-school period, a multi-national advertising campaign has been launched with ads across YouTube and social media. No meaningful impact on FY25 revenue is anticipated, but it is expected to boost user acquisition.

Ad revenue rose around US$1m in the June quarter on the March quarter, and ad revenue was flagged to come through from Aura from 3Q2025 onwards.

A QSR proof of concept is in train, with a new pet tracker launch planned for the upcoming 4Q, with subsidised pricing. Tile orders growth was due to robust Amazon sales.

Commentary points out international average revenue per paying circle grew strongly with higher-yielding triple-tier markets, i.e. Silver, Gold, and Platinum.

Target price is $46.20 Current Price is $37.82 Difference: $8.38
If 360 meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $40.68, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates ACE as Initiation of coverage with Speculative Buy (1) -

Morgans has initiated coverage of Acusensus with Speculative Buy rating and target price of $1.20.

The company has a strong position in Australia (number 2) and New Zealand, with potential for more market share gains in Australia via unit growth and expansion into new states. 

In the US and UK, the entry is in early stages and over 40 pilot programs have been completed. The forecast is for over $4m revenue growth from international business in FY25 but the broker sees potential to exceed local market revenue (over $50m now).

FY25 revenue growth is estimated at 21% in line with company guidance and FY26 at 31%.

Target price is $1.20 Current Price is $0.93 Difference: $0.27
If ACE meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates AGL as Buy (1) -

Citi anticipates a robust FY25 earnings result for AGL Energy on August 13, with both core earnings (EBITDA) and net profit after tax to exceed consensus by 1% and 2%, respectively.

Notably, wholesale operations have performed well considering the Bayswater April outage. The analyst believes there is around 4% upside to consensus FY26 forecasts on better pool prices and higher pricing volatility.

The company is expected to commit -$5bn in capex for FY26-FY30, with around 1.4GW of final investment decisions across FY25/FY26. Circa -$10bn in capex is flagged by Citi out to FY35, which is considered necessary and value accretive.

AGL shares are trading on circa 10 times price-to-earnings, which is well below the historical average of 14 times, the report highlights. Buy rating maintained. Target $12.

Target price is $12.00 Current Price is $10.04 Difference: $1.96
If AGL meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $11.70, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates ANZ as Equal-weight (3) -

Morgan Stanley reminds ANZ Bank is not scheduled to provide 3Q25 earnings so the Strategy Day in September or October will likely be a key influence on near-term earnings and medium-term outlook.

Among the issues, the broker sees management change as a key one, expecting replacements for retail banking and technology roles to come from outside.

Accelerated cost cutting, productivity initiatives and lower investment spending announcements would be positives. Details on ANZ Plus strategy, including plan for one or two retail banking platforms will be important.

The broker reckons a dividend cut is possible and desirable, and growth targets for institutional banking will be looked at positively.

Equal-weight. Target price $26.50. Industry View: In-Line.

Target price is $26.50 Current Price is $31.24 Difference: minus $4.74 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.00, suggesting downside of -15.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates AZJ as Underweight (5) -

Morgan Stanley notes a newspaper report suggesting Aurizon Holdings has appointed advisers to divest or demerge up to -49% of its network business.

While the company didn't comment on the report, the broker notes a share buyback is possible if such a sell-down occurs, and it could be around -15% EPS dilutive.

A successful sell-down is a risk to the broker's Underweight rating. Target unchanged at $3.03. Industry View: In-Line.

Target price is $3.03 Current Price is $3.25 Difference: minus $0.22 (current price is over target).
If AZJ meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.14, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates BM1 as Initiation of coverage with Speculative Buy (1) -

Bell Potter initiates coverage on Ballard Mining, recently spun out of Delta Lithium ((DLI)), with a Speculative Buy rating and a 65c target.

Operations are centred on the Mt Ida Gold project’s 10mt resource at 3.3g/t for 1.1moz gold, mostly in the high-grade Baldock Deposit, explain the analysts.

Management is aiming to develop Baldock into a standalone operation, while simultaneously growing resources and reserves to underpin future development, highlights the broker.

Bell Potter's notional development scenario for Baldock assumes -$250m capex, first production in FY28, 94koz annual output over 10 years, and life-of-mine (LOM) costs (AISC) of -$2,241/oz.

Ballard Mining trades at $109/oz EV/Resource, below the $133/oz peer average, points out the broker, offering re-rating potential.

Upside drivers, according to Bell Potter, include resource expansion, a maiden reserve by mid-2026, regional exploration, and de-risking via technical studies. 

Target price is $0.65 Current Price is $0.44 Difference: $0.21
If BM1 meets the Bell Potter target it will return approximately 48% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates CAR as Buy (1) -

CAR Group reported underlying net profit after tax of $377m, a rise of 10% on the prior year and in line with Citi's and consensus expectations.

The company had already pre-reported FY25 financials, but it did book a further -$10m of costs below the line from M&A and restructuring.

Post meeting, the analyst highlights the company is seeing improvements in both Australia and the US, as well as Korea.

Webmotors is continuing to generate 20%-plus growth, and Citi views the guidance as conservative, but it is too early in the year given uncertainty around the US economy.

Citi reiterates a Buy rating, with the target tweaked lower by -1% to $42.55. The analyst's net profit after tax forecasts slip by -2% for FY26 and -3% for FY27 due to a higher-than-expected effective tax rate, along with increased investment in TI and Encar.

Target price is $42.55 Current Price is $37.20 Difference: $5.35
If CAR meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $41.81, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates CAR as Neutral (3) -

Following CAR Group's FY25 results, of which the headline numbers were pre-reported, Macquarie is focusing on FY26 guidance which was provided through ranges.

The broker forecasts FY26 net profit of $417m, marginally higher than previously and up 11% y/y vs the company's guidance of 9-13% growth. Guidance of revenue growth outpacing EBITDA, given investments, is sensible, the broker reckons.

The broker believes the CEO transition should not impact the organic or inorganic growth strategy, or culture.

EPS forecast for FY26 left unchanged while FY27 was lifted by 1%. Neutral. Target unchanged at $39.

Target price is $39.00 Current Price is $37.20 Difference: $1.8
If CAR meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $41.81, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates CAR as Overweight (1) -

Morgan Stanley reiterates its Overweight rating on CAR Group, with FY25 results and FY26 guidance reinforcing confidence in double-digit earnings (EBITDA) and EPS growth from FY25–28.

The broker highlights the new C2C payments product as a potential earnings driver and a way to strengthen the group's competitive moat in both private and dealer markets.

C2C is expected to support high single- to low double-digit private yield growth, provide accurate sales data, and enhance Autogate’s dataset for dealers.

Morgan Stanley estimates potential upside of $29–43m in revenue and $20–28m in EBITDA (at 65% margin) if rolled out globally.

The product has received strong customer feedback and may be replicated in key offshore markets such as South Korea and Brazil, suggests the broker. It's noted management has a track record of successfully scaling innovations internationally.

Target rises to $43 from $42.50. Industry view: Attractive.

Target price is $43.00 Current Price is $37.20 Difference: $5.8
If CAR meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $41.81, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates CAR as Accumulate (2) -

CAR Group had pre-released key FY25 numbers, so there was little surprise in the FY25 headline numbers, with Morgans describing it as strong overall.

The FY26 guidance implied EBITDA growth of 10-13% and revenue growth is expected to be higher than EBITDA growth, all else equal. The broker notes offshore performance was solid, with LatAm the highlight and the company expects continued operating leverage in FY26. 

Encar saw strong revenue growth but is expected to see margin compression in FY26 due to continued investment, whileTrader Interactive saw slight margin improvement.

The broker cut FY26-27 EBITDA forecasts by -1% but the impact on net profit was larger due to D&A and tax rate.

Accumulate. Target unchanged at $40.80.

Target price is $40.80 Current Price is $37.20 Difference: $3.6
If CAR meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $41.81, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates CAR as Buy (1) -

Despite challenging operating conditions, UBS sees another good earnings result from CAR Group, with resilience in the US and robust momentum in LatAm the standouts.

Tempering concerns around a possible US slowdown, the analyst highlights a rise of 63% in Premium Select uptake and RV inventory over 4Q25, with momentum retained into the start of FY26. Management also expects TI price rises in FY26, the same as FY25.

High interest rates have not impacted LatAm, commentary suggests, with FY25 constant currency revenue up 26% on a year earlier.

Investments in TI's Boatmart and Korea's Dealer Direct will impact forecast earnings (EBITDA) for FY26 but are considered positive, given the size of the US total addressable boat market, some $1bn.

UBS likes the story around CAR Group and believes the stock is attractive at 18.2 times forward EV/EBITDA, with forecast EBITDA and net profit after tax growth of 12% and 13%, respectively, over the next three years on a compound basis.

Buy rating retained. Target lifts to $46.50 from $46.

Target price is $46.50 Current Price is $37.20 Difference: $9.3
If CAR meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $41.81, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates CSC as Outperform (1) -

Macquarie notes Capstone Copper approved the Mantoverde-Optimised project following a nod from the Board and DIA permit. The capital cost is, however, US$30m higher than previously indicated at -US$176m.

The higher cost is due to scope changes and -US$10m for inflationary impacts. Separaretly, the company is expected to announce final outcome on the Santo Domingo partnership process in 3Q25, where the broker reckons a 30% sale is a possibility.

FY26 EPS forecast cut by -8% to account for higher capex. Outperform. Target trimmed to $12.50 from $13.30.

Target price is $12.50 Current Price is $10.17 Difference: $2.33
If CSC meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $11.90, suggesting upside of 21.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates CU6 as Speculative Buy (1) -

Bell Potter highlights Clarity Pharmaceuticals’ $203m capital raise as a strong shareholder endorsement.

The raising leaves the company with circa $288m in cash to complete its clinical program and prepare for commercialisation without needing a partner for its upcoming therapeutic trial, explain the analysts.

First diagnostic imaging revenues are expected in 2H 2027, with supply agreements in place with Spectron, Nusano, and Northstar Medical Isotopes to produce commercial isotopes.

The distribution model is being developed alongside the clinical program to support launch readiness, with balance sheet strength a key enabler, suggests Bell Potter.

Upcoming Co-PSMA data is expected to differentiate 64Cu SAR bis-PSMA from current Ga-68 and F-18 agents, whose shorter half-lives limit performance, explain the analysts.

Bell Potter raises its target to $5.70 from $5.00 and retains a Buy (Speculative) rating.

Target price is $5.70 Current Price is $3.73 Difference: $1.97
If CU6 meets the Bell Potter target it will return approximately 53% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates DXC as Buy (1) -

Dexus Convenience Retail REIT’s FY25 funds from operations (FFO) per share of 20.7c was in line with Bell Potter's expectations. FY26 guidance is for 20.9c FFO and DPS.

Net tangible assets (NTA) rose 2% half-on-half, marking the first portfolio valuation growth in four years, highlight the analysts. Evidence of cap rate compression emerged in 2H25 with the portfolio weighed average valuation (WAV) cap rate down -9bps to 6.32%.

Gearing sits at 29.4%, observes the broker, below the midpoint of the target range, leaving -$50–60m deployment capacity after completing the Glass House Mountains development in early 2026.

Management’s growth focus is on development and adjacent opportunities such as convenience retail hubs and highway truck stop sites.

The Buy rating is maintained, with the analysts citing defensive earnings, high yield, resuming valuation growth, and a still-large discount to NTA and net asset value (NAV). Target rises to $3.45 from $3.35.

Target price is $3.45 Current Price is $3.09 Difference: $0.36
If DXC meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates IGO as Sell (5) -

UBS has raised its forecast spodumene SC6 CFR China prices for 2025-2028 by 17%, 27%, 27%, and 16%, respectively, to US$838/US$950/US$1050 and US$1,100/t, respectively, against the spot price of US$820/t, underpinned by Chinese supply disruptions.

Recent lithium quarterly reports offered few surprises, the analyst highlights, with miners moving to operational and cost management.

UBS lowers IGO Ltd's FY26 EPS estimate by -47% due to updated production and cost assumptions, but raises FY27 by 84%.

Target price is increased by 33% to $4.80. Sell.

Target price is $4.80 Current Price is $5.43 Difference: minus $0.63 (current price is over target).
If IGO meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.38, suggesting downside of -19.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates IRE as No Rating (-1) -

Macquarie believes Iress' core business is performing well enough to offset lost revenue from divested units and higher R&D spending. 

The company reaffirmed FY25 guidance despite divestments and provided FY28 targets, expecting 6% revenue growth per year, increasing to 8% over time.

Non-recurring revenue growth is expected to support revenue growth in future periods.

The broker cut FY25 EPS forecast by -9.4%, FY26 by -7.5% and FY27 by -4.9% after updating revenue and margins forecasts, and divestments.

No rating or target price as the broker is under research restriction.

Current Price is $8.72. Target price not assessed.

Current consensus price target is $9.73, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates IRE as Downgrade to Accumulate from Buy (2) -

Iress' 1H25 underlying EBITDA and net profit were broadly in line with Morgans' forecasts while the 11c interim dividend was higher than expected.

Continuing operations EBITDA was impacted by investment costs and cash flow was weaker, but on the brighter side the outlook was mostly in line. FY25 EBITDA guidance was reaffirmed at $127-135m, and the broker's updated forecast is $129.8m.

Overall, the broker reckons the company is set up well for reasonable growth during an investment phase, with potential takeover interest providing an additional risk/reward lever.

Target price cut to $9.69 from $10.50, though the broker sees over $10.50 as more appropriate in a takeover scenario.

Rating downgraded to Accumulate from Buy.

Target price is $9.69 Current Price is $8.72 Difference: $0.97
If IRE meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.73, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates IRE as Buy (1) -

Iress reported 1H2025 net profit and dividend per share that was a miss against consensus expectations.

The company also announced the deputy CEO was standing down, as the role is now not relevant post management restructuring.

The 2025 guidance was a positive, with the financial data vendor and stockbroking platform operator earnings outlook at $127m-$135m, representing an upgrade according to the analyst by $4m-$5m.

Iress also pointed to ongoing savings of -$12m-$13m annually by 2027 from corporate cost cutting and the removal of stranded costs from asset sales.

Ord Minnett lowers its EPS estimates by -4.2% for 2025 and -12.5% for 2026.

Buy rating maintained with a $10.40 target. Reported M&A is seen as unlikely, with the company seeking $15 per share against private equity offers at $10.50 per share to date.

Target price is $10.40 Current Price is $8.72 Difference: $1.68
If IRE meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $9.73, suggesting upside of 13.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates JBH as Buy (1) -

JB Hi-Fi’s FY25 revenue, gross profit, and dividends beat Bell Potter's expectations, though earnings (EBIT) missed.

The broker highlights July trading showing strong comparable sales growth of 5% in JB Hi-Fi Australia, 24% in New Zealand, and 4% in The Good Guys.

Management announced CEO Terry Smart’s retirement this October, with long-time executive and current COO Nick Wells to succeed, ensuring a smooth leadership transition, in Bell Potter's view.

The broker's FY26 revenue forecasts are lifted to 7% growth in JB Hi-Fi Australia, 15% in NZ, and 3.5% in The Good Guys, supported by strength in PCs, handsets, small appliances, and other hardware.

Gross profit margins are expected to remain stable, underpinning consistent margin assumptions and operating leverage from FY26, with a more meaningful shift by FY28.

Bell Potter raises its target price 4% to $119, retains a Buy rating, and sees valuation support, along with catalysts from operating leverage ahead.

Target price is $119.00 Current Price is $107.83 Difference: $11.17
If JBH meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $104.94, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates JBH as Buy (1) -

Citi notes JB Hi-Fi delivered FY25 underlying earnings (EBIT) of $708m, about 1% ahead of consensus, with both JB Hi-Fi Australia and The Good Guys outperforming expectations.

A 100c special dividend and 105c final dividend were declared, alongside a higher FY26 payout ratio target of 70–80%.

Inventory rose 13% year-on-year, signaling to the broker confidence ahead of Black Friday, with July like-for-like sales up 5.1% for JB Hi-Fi Australia and 3.8% for The Good Guys.

Gross margin trends diverged, with JB Hi-Fi Australia down -28bps in 2H25 and The Good Guys up 87bps, a notable turnaround from 1H25 declines, highlight the analysts.

Citi does not view the CEO transition as an indication the company has "topped out," with a history of successful CEO transitions.

Looking ahead, the analyst expects better consumer spending, electrical to outperform the overall retail sector, and ongoing market share gains. Citi lifts its EPS estimate for FY25/FY26 by circa 2%.

Buy rating retained with $120 target price.

Target price is $120.00 Current Price is $107.83 Difference: $12.17
If JBH meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $104.94, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates JBH as Upgrade to Outperform from Neutral (1) -

The highlight of JB Hi-Fi's FY25 result for Macquarie was the special dividend of 100c which beat its 80c estimate. The broker reckons the increase in payout ratio to 70-80% from 65% is a prudent move given cash generation and balance sheet strength.

FY25 result broadly met the broker's forecast and was 1% higher than the consensus. Trading details for 4Q and update for July showed solid growth was maintained after the outsized 8.2% y/y growth in 4Q boosted by Nintendo Switch 2 pre-orders.

The broker lifted medium-term sales forecast to an average 5% growth over the next three years. EPS forecasts lifted by up to 2% over FY26-28.

Target lifted to $118 from $112. Rating upgraded to Outperform from Neutral.

Target price is $118.00 Current Price is $107.83 Difference: $10.17
If JBH meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $104.94, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates JBH as Underweight (5) -

JB Hi-Fi delivered slight underlying earnings (EBIT) and profit beats versus consensus (excluding a -$13.7m one-off  ACCC fine re The Good Guys), notes Morgan Stanley.

The broker explains outperformance was driven by stronger-than-expected JBH Australia sales (+0.7%) and higher The Good Guys gross margin.

Key category growth came from mobile phones, small appliances, computers, and games hardware, particularly in Q4 with the Nintendo Switch 2 launch, highlights Morgan Stanley.

Sales at The Good Guys were in line, with higher wages lifting cost-of-doing-business (CODB) to 14.6% (up 65bps year-on-year) but offset by a 28bps gross margin gain, explain the analysts.

Newly acquired E&S saw comparative sales rise 4.2%, driven by commercial, with EBIT of $4.2m.

July trading updates showed JB Hi-Fi Australia's comparative sales up 5.1%, in line with the broker's expectation, and The Good Guys up 3.8%, slightly below expectation.

The payout ratio will lift to 70–80% from FY26 (versus 65%), while management succession will see COO Nick Wells replace CEO Terry Smart in October.

Regarding FY26 sales growth, management (at the later conference call) expected the covid replacement cycle and AI adoption will remain a tailwind.

Underweight rating. Target $73.60. Industry View: In-line.

Target price is $73.60 Current Price is $107.83 Difference: minus $34.23 (current price is over target).
If JBH meets the Morgan Stanley target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $104.94, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates JBH as Upgrade to Trim from Sell (4) -

JB Hi-Fi’s FY25 result was broadly in line with Morgans' expectations, with underlying profit up 8.5% to $476.1m,. Its felt share price weakness in reaction reflects high expectations after a strong run-up.

Fourth-quarter sales in JB Hi-Fi Australia were boosted by the Nintendo Switch 2 launch, explain the analysts, with similar momentum in New Zealand and solid growth at The Good Guys. Less positively, the broker notes July trading showed some slowing.

Gross margins were stable overall, with The Good Guys delivering a standout 2H improvement, and costs were well managed, according to Morgans.

The payout ratio will rise from 65% to 70–80% from FY26, likely ending special dividends, suggests the broker, after a strong year of cash generation and a 100c final special dividend.

Morgans raises its target price to $95 from $92. While noting the business is fully valued, the broker upgrades its rating to Trim from Sell. 

Target price is $95.00 Current Price is $107.83 Difference: minus $12.83 (current price is over target).
If JBH meets the Morgans target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $104.94, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates JBH as Lighten (4) -

JB Hi-Fi delivered strong FY25 revenue and earnings growth, in line with consensus, despite a challenging retail backdrop, highlights Ord Minnett.

JB Hi-Fi Australia posted around 8% growth in both revenue and earnings, boosted by the Nintendo Switch 2 launch, explains the analyst. The Good Guys also experienced a strong 2H25 rebound in gross margins to near pandemic-era highs.

July FY26 trading remained positive, notes the broker, with like-for-like sales growth of 5.1% for JB Hi-Fi Australia and 3.8% for The Good Guys, though management maintained cautious guidance.

CEO Terry Smart will step down in October, with COO and former CFO Nick Wells to take over, a move Ord Minnett expects will maintain strategic continuity.

Dividend policy changes include lifting the payout ratio to 70–80% from 65% while ending special dividends, effectively lowering total payout versus recent years, highlights the broker.

The target price increases to $97.00 from $88.00, but the broker's Lighten rating is retained due to valuation.

Target price is $97.00 Current Price is $107.83 Difference: minus $10.83 (current price is over target).
If JBH meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $104.94, suggesting downside of -7.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates JBH as Upgrade to Neutral from Sell (3) -

UBS upgrades JB Hi-Fi to Neutral from Sell, with a higher target price of $112 from $109.

The analyst attributes the fall in the share price of -8.4% on the FY25 results to confusion around reported earnings, including the ACCC cost of -$13.7m not reflected in market estimates. Underlying earnings came in above both consensus and the analyst's estimate.

Growth in like-for-like sales in July for both JB Australia and The Good Guys needs to come in above the two-year average to achieve 1H26 consensus expectations, which UBS believes the company can achieve.

The CEO transition was announced earlier than expected. Equally, the share price has advanced 27% in 2025 versus the ASX200, which was up 8% up until August 8.

The analyst raises its EPS forecast by 1% for FY26 and 2% for FY27.

Target price is $112.00 Current Price is $107.83 Difference: $4.17
If JBH meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $104.94, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates JHX as Buy (1) -

UBS remains cautious around the reporting season for the Building Materials sector, noting short-term conditions are challenging and growth prospects are negative due to headwinds from the US housing cycle.

Longer term, earnings growth for the sector is supported by favourable fundamentals, including a structural housing under-supply and an ageing housing stock, note the analysts.

Positive demographic trends such as millennials entering peak home-buying years, record household equity levels, and heightened consumer focus on the home post-covid, are also expected to lend support.

For James Hardie Industries, the broker forecasts 1Q underlying profit of US$155m, below the consensus estimate of US$159m, and a North America earnings (EBIT) margin of 28.7%.

Unchanged Buy rating and $50 target.

Target price is $50.00 Current Price is $43.72 Difference: $6.28
If JHX meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $46.97, suggesting upside of 8.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates LFS as Equal-weight (3) -

Morgan Stanley expects Latitude Group’s interim result to show progress on management's strategy, including an around 20% half-on-half earnings lift driven by margin expansion in a lower interest rate environment.

Lower funding costs from recent RBA rate cuts and further repricing actions are expected to sustain margin growth through FY25, with volume momentum supported by new partnerships and broker channel expansion.

Delinquencies are expected to gradually normalise, suggest the analysts, without major credit quality surprises. However, the broker sees revenue downside from FY26 as proposed interchange fee cuts by the RBA and NZ Commerce Commission take effect.

The broker's cash EPS forecasts are reduced by -9% for FY25 and -6% for FY26–27, as softer volume growth and fee pressure outweigh margin gains.

Target falls to $1.25 from $1.30. Equal-weight rating unchanged. Industry view: In-Line. 

Target price is $1.25 Current Price is $1.14 Difference: $0.11
If LFS meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates MIN as Downgrade to Sell from Neutral (5) -

UBS downgrades Mineral Resources to Sell from Neutral on mild valuation grounds.

The June quarter update presented several positives for the company, including improved governance, a decline in net debt to $5.3bn at end of FY25, and mining services expected to achieve the bottom end of guidance at 84mt.

Onslow 1Q26 volumes are around 35mtpa, and Wodgina saw robust June quarter shipments with FY25 costs at the midpoint of guidance. Mt Marion June quarter shipments were also strong, with FY25 costs at the low end of guidance.

With an upgraded lithium price forecast and a better June quarter result, the analyst increases the FY26 EPS forecast by 36%.

The target price is raised to $37.40 from a decline in the weighted average cost of capital assumption to 9.3% from 10.3%, due to a lower cost of debt on Mineral Resources' bonds and upgraded earnings.

Target price is $37.40 Current Price is $38.12 Difference: minus $0.72 (current price is over target).
If MIN meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.63, suggesting downside of -13.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Shaw and Partners rates MMI as Buy, High Risk (1) -

Shaw and Partners observes bauxite exports from Guinea are down -35% from the highs in May due to a combination of wet season and licence invalidation by the Guinean authorities.

The broker reckons the bauxite market is going through a structural change which is good news for companies like Metro Mining.

Commentary posits strong Chinese demand plus the move to a spot market is likely to lead to higher volatility and potentially higher prices.

The company's bauxite exports in July were down -100kt below expected due to barge constraints, but it remains on track to meet the FY25 guidance of 6.5-7.0Mt (the broker is estimating 6.5Mt).

Buy, High Risk. Target unchanged at 17c.

Target price is $0.17 Current Price is $0.07 Difference: $0.1
If MMI meets the Shaw and Partners target it will return approximately 143% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates NEU as Buy (1) -

Bell Potter notes Neuren Pharmaceuticals's 2Q25 Daybue update from US partner Acadia showed ongoing US growth.

Second quarter sales of US$96.1m beat the consensus forecast by 2%, and 1H25 sales of US$181m are tracking in line with full-year guidance of US$380–405m, observe the analysts.

Sales momentum is expected to continue in 2H25 from increased sales force activity, boosting confidence in the US growth trajectory.

Patient persistency remains above 50% after 12 months, highlights the broker, and 45% after 18 months, with more physicians prescribing Daybue and up-titration aiding tolerability.

Up-titration refers to the gradual increase of a drug’s dosage over time to reach the desired therapeutic effect while monitoring for tolerance and side effects.

European Medicines Agency (EMA) approval is reaffirmed for Q1 2026, with some EU patients already receiving treatment under a named patient program, though not yet triggering milestone payments, explains Bell Potter.

Target rises to $22.00 from $20.00. Buy rating maintained. 

Target price is $22.00 Current Price is $17.62 Difference: $4.38
If NEU meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $23.83, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates PLS as Sell (5) -

UBS has raised its forecast spodumene SC6 CFR China prices for 2025-2028 by 17%, 27%, 27%, and 16%, respectively, to US$838/US$950/US$1050 and US$1,100/t, respectively, against the spot price of US$820/t, underpinned by Chinese supply disruptions.

The recent lithium quarterly reports offered few surprises, the analyst highlights, with miners moving to operational and cost management.

UBS lifts Pilbara Minerals' EPS forecasts by over 100% for FY25 and FY26.

Target price is raised to $1.60 from $1.10. No change in Sell rating, with the stock having gone up over 100% since the June lows.

Target price is $1.60 Current Price is $2.31 Difference: minus $0.71 (current price is over target).
If PLS meets the UBS target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.83, suggesting downside of -20.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates PMT as Buy (1) -

UBS has raised its forecast spodumene SC6 CFR China prices for 2025-2028 by 17%, 27%, 27%, and 16%, respectively, to US$838/US$950/US$1050 and US$1,100/t, respectively, against the spot price of US$820/t, underpinned by Chinese supply disruptions.

The recent lithium quarterly reports offered few surprises, the analyst highlights, with miners moving to operational and cost management.

UBS notes Patriot Battery Metals' Shaakaatchiwan is not sensitive to changes in short-term pricing, as it is a long-dated project, but it is sensitive to longer-term pricing.

Target price is raised to 65c from 33c. Buy rating unchanged.

Target price is $0.65 Current Price is $0.49 Difference: $0.16
If PMT meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $0.71, suggesting upside of 42.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates QBE as Overweight (1) -

Following on from yesterday's research on QBE Insurance, Morgan Stanley believes management can continue near-term 1% percentage point reserve releases.

The analysts cite a more consistent approach of holding long-tail reserves for up to three years before release, and recent de-risking of over US$3bn legacy reserves via loss portfolio transfers.

The broker also notes management’s confidence that reserve settings are “better than they have ever been.”

No changes to Morgan Stanley's target or rating, but see changes in yesterday's summary of research below.

Morgan Stanley notes QBE Insurance's 1H25 adjusted net profit beat its forecast by 15% and the consensus by 18%, with combined operating ratio (COR) of 92.8% also beating by 30bps.

The broker believes reserves release aided the better-than-expected COR but it is still a welcome development and indicative of rising reserve strength. The broker is forecasting 92.3% COR in FY25 and 92.0% in FY26.

Overall, the insurer is well-positioned for profitable growth, even with slower rate of COR improvement. FY25 EPS forecast upgraded by 7% and marginal changes made for FY26.

Overweight. Target lifted to $25.00 from $24.80. Industry View: In-Line.

Target price is $25.00 Current Price is $21.00 Difference: $4
If QBE meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $24.71, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates REH as Sell (5) -

UBS remains cautious around the reporting season for the Building Materials sector, noting short-term conditions are challenging and growth prospects are negative due to headwinds from the US housing cycle.

Longer term, earnings growth for the sector is supported by favourable fundamentals, including a structural housing under-supply and an ageing housing stock, note the analysts.

Positive demographic trends such as millennials entering peak home-buying years, record household equity levels, and heightened consumer focus on the home post-covid, are also expected to lend support.

For Reece, the broker forecasts revenue  and earnings (EBIT) of $8,727m and $552m, respectively, and underlying profit of $322m below the consensus estimate of $325m. Unchanged Sell rating and $13.50 target.

Target price is $13.50 Current Price is $14.19 Difference: minus $0.69 (current price is over target).
If REH meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.76, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates RWC as Neutral (3) -

UBS remains cautious around the reporting season for the Building Materials sector, noting short-term conditions are challenging and growth prospects are negative due to headwinds from the US housing cycle.

Longer term, earnings growth for the sector is supported by favourable fundamentals, including a structural housing under-supply and an ageing housing stock, note the analysts.

Positive demographic trends such as millennials entering peak home-buying years, record household equity levels, and heightened consumer focus on the home post-covid, are also expected to lend support.

For Reliance Worldwide, the broker forecasts FY25 revenue of US$1.31bn, earnings (EBITDA) of US$282m, and underlying profit of US$149m, above the consensus estimate of US$145m.

Unchanged Neutral rating and $4.50 target.

Target price is $4.50 Current Price is $4.38 Difference: $0.12
If RWC meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.06, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates S32 as Neutral (3) -

Previewing the upcoming materials sector earnings results, UBS expects South32 and BHP Group ((BH)) could announce weaker-than-consensus expectation earnings.

UBS remains Neutral acroos the bulk of diversifieds and considers Fortescue ((FMG)) offers the highest upside risk to earnings results.

For South32, the analyst's FY25 earnings (EBITDA) forecast is in line with the market, with forecast EPS and DPS sitting below consensus by -6% and -3%, respectively.

The analyst lowers South32's EPS forecasts by -7.4% for FY25 and -4.5% for FY26.

Neutral rating and $3.10 target retained.

Target price is $3.10 Current Price is $3.07 Difference: $0.03
If S32 meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.57, suggesting upside of 16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SGH as Buy (1) -

At first glance, SGH Ltd reported FY25 earnings before interest and tax growth of 8%, which met guidance and consensus.

Management's FY26 guidance for earnings before interest and tax at 5% is lower than consensus and below the analyst's forecast at the midpoint, with commentary suggesting the likely culprit is Beach Energy ((BPT)) production.

WesTrac earnings were -2% below consensus, with machine sales rising 12%, which offset flat services revenue on lower Caterpillar pricing.

Coates earnings were down -11% and below consensus by -6%, with volumes remaining flat and some pricing strength. Energy earnings rose 24%, a slight 1% beat on consensus, and Media delivered a strong beat on consensus.

Commentary suggests the more conservative FY26 earnings guidance likely reflects Beach and Coates missing previous expectations, offset by growth at WesTrac and Boral.

Buy. $60 target.

Target price is $60.00 Current Price is $51.86 Difference: $8.14
If SGH meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $57.30, suggesting upside of 20.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates SNT as Speculative Buy (1) -

The US Food and Drug Administration has advised Syntara to run a randomised Phase 2b trial of amsulostat plus ruxolitinib versus a control before moving to Phase 3. Bell Potter explains this replaces the prior plan for an integrated Phase 2/3.

Unfortunately, this change extends the expected time to potential approval to around four-to-five years from circa three years, explain the analysts. Trial size, design, and cost details are expected at an End-of-Phase-2 meeting in 1Q 2026.

Amsulostat is now considered Phase 2b-ready rather than Phase 3-ready, though Bell Potter maintains the Phase 2a data is highly compelling for myelofibrosis.

While the change delays time-to-market, it also provides regulatory clarity that may aid partnering discussions, highlights Bell Potter.

Speculative Buy. The broker's target is lowered to 6c from 12c due to timing changes.

Target price is $0.06 Current Price is $0.03 Difference: $0.03
If SNT meets the Bell Potter target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates SOM as Initiation of coverage with Speculative Buy (1) -

Morgans re-initiates coverage on SomnoMed with a Speculative Buy rating and a $1.00 target price.

The world’s largest oral appliance therapy provider for obstructive sleep apnoea is now positioned for both operational and strategic upside, believe the analysts.

Following an 18-month turnaround involving debt elimination, a refreshed board and management, and manufacturing improvements, SomnoMed is now at breakeven, highlights the broker. It's felt there is potential to leverage the cost base into moderate profitability.

Morgans sees the core business as an early-stage turnaround with scope for operating leverage, but the greater long-term value lies in M&A.

Value may be achieved by acquiring smaller complementary assets to scale or becoming a target for a larger sleep-health player seeking synergies, explain the analysts.

With annual sales now exceeding $100m, Morgans believes SomnoMed is of a size that could attract strategic interest.

While risks include reimbursement changes, product substitution, and low liquidity, the broker sees the current valuation as below fair value, with further upside if M&A materialises. The stock is also viewed as a hedge against CPAP-focused peers.

Target price is $1.00 Current Price is $0.76 Difference: $0.24
If SOM meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates SWM as Sell (5) -

On first take, UBS notes Seven West Media announced a -3% miss on 2H25 earnings (EBITDA) due to weaker TV, with management guiding to FY26 earnings (EBITDA) of $161m.

Revenue for 2H25 fell -2% below consensus, and earnings (EBITDA) were up 6% on a year earlier, but still a miss. Net profit after tax rose 26% compared to last year and was slightly lower than consensus.

The analyst views the result as "soft," with ad spend post-election weakening in 4Q25. The focus for management will be to deliver a rise in earnings above $161m in FY26.

Sell. Target price 14c.

Target price is $0.14 Current Price is $0.15 Difference: minus $0.01 (current price is over target).
If SWM meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.18, suggesting upside of 26.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates TPG as Outperform (1) -

Macquarie has moved out of research restriction on TPG Telecom, assigning an Outperform rating and target price of $5.80.

Following recent business update, the broker notes growth in postpaid subscriber in operation is encouraging as this follows three consecutive halves of decline.

While current growth is partly promotion-driven, growth without dilution in average revenue per unit remains the goal.

The broker reckons certainty on free cash flow growth over the next few years is a positive, and sees mid-single-digit operating free cash flow growth as achievable. The company is also favourably exposed to falling interest rates.

EPS forecasts for FY25-26 cut by -5% and -10%, respectively, reflecting EGW sale, lower cost growth and revised capex.

Target price is $5.80 Current Price is $5.34 Difference: $0.46
If TPG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.35, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates TUA as Buy (1) -

Citi is positive on the plan to acquire Singapore-based telecommunications provider M1 from Keppel Corporation, a Singapore-based multinational conglomerate.

This is considered an attractive, EPS-accretive deal, strengthening Tuas' Singaporean footprint, with an estimated increase in FY26 EPS to 17.1c from 3.7c post acquisition and before synergies.

The -S$1.43bn purchase price will be funded by a $416m equity raising and S$1.1bn in debt, taking pro-forma net debt to circa 4 times EBITDA, with scope to delever quickly, highlights the broker.

The acquisition lifts the combined entity’s Singapore market share to around 15% prepaid, 38% postpaid, and 16% broadband, observes Citi.

It will also add an established enterprise platform generating circa S$65m in revenue, 44% of the broker's FY25 forecast for Tuas.

Overall, the broker sees the transaction as highly synergistic, enhancing the company's position in both retail and enterprise segments.

Citi expects FY25 mobile growth of over 200k customers and highlights the strong momentum. Buy rating. Target $7.10.

Target price is $7.10 Current Price is $5.51 Difference: $1.59
If TUA meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates WDS as Neutral (3) -

Ahead of Woodside Energy's 1H25 result on August 19, Macquarie believes US50c dividend at 80% payout ratio will be a highlight. Consensus is US51c.

The broker is forecasting US$1.21bn underlying net profit vs the consensus of US$1.24bn. Update commentary on Louisiana LNG selldown, Bass Strait sole-risk gas opportunities and increase in restoration provision will be watched.

FY25 EPS forecast trimmed by -8.6% after accounting for higher corporate costs in line with 2Q guidance, while FY26 was lifted by 0.5% on higher capitalised interest cost.

Neutral. Target rises to $27.50 from $26.00.

Target price is $27.50 Current Price is $27.02 Difference: $0.48
If WDS meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $26.83, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates WTC as Buy (1) -

Citi has confirmed there is no expected churn risk from customer DSV in the near term, post clarifying the situation with the company.

The analyst also views the Schenker integration onto CargoWise as a potential boost its revenue in FY26, contrary to initial thoughts.

DSV is expected to transition 85% of Schenker volumes onto CargoWise, with a country-by-country rollout which has already commenced.

DSV is retaining 15% of the volumes on the existing Targo solution, as it assesses the potential platform over a period of time. The analyst views the churn risk as not 0% over the medium term, but the probability is low.

WiseTech Global is Buy rated. Target $127.40.

Target price is $127.40 Current Price is $115.85 Difference: $11.55
If WTC meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources