Australian Broker Call

Citi rates A2M as Buy (1) -

Citi believes the 2024 result for Health and Happiness International Holdings (H&H) is a positive indication for a2 Milk Co's China infant formula milk sales.

The broker notes H&H reported a stabilisation in the super premium segment towards the end of the year, which suggests to the analyst the stronger birth rate in 2024 is now impacting.

Commentary from H&H on the super premium segment underwrites the upbeat view Citi has on a2 Milk's new Genesis line, which is rated above the Platinum premium product. A less competitive environment is also expected.

Target price remains at $8.20 with a Buy rating.

Target price is $8.20 Current Price is $7.98 Difference: $0.22
If A2M meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $7.30, suggesting downside of -9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.4

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

Macquarie rates ALL as Outperform (1) -

Macquarie highlights the growing discussion around whether Aristocrat Leisure's earnings will be impacted by a slowdown in the US consumer.

The company generates around 60% of its earnings from slot-based products, 31% from variable fee-per-day Gaming ops, with 9% of earnings at risk. The broker explains US casino gaming revenue has grown at 1.6% p.a. since 2007, with four slowdowns.

These were the GFC when revenues fell -9% in a two-year time frame, and covid, where casinos were shut down. Historically, US casino gaming revenues are often insulated from economic slowdowns, and regional gaming is stronger than destination markets like Las Vegas.

Macquarie lowers EPS estimates by -4% for FY25 for Plarium. No change to Outperform rating. Target price slips to $75 from $80 on a change in valuation ascribed.

Target price is $75.00 Current Price is $64.92 Difference: $10.08
If ALL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $77.36, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in September.

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

Morgan Stanley rates AUB as Overweight (1) -

Morgan Stanley is more confident about the prospect for AUB Group's Tyers business and international growth following meetings in the UK and EU finance conference.

The broker notes the premium rate cycle is slowing across 85% of Tysers' revenue but the business is able to protect revenues via higher commission or fee negotiations.

The broker lifted FY25 net profit forecast by 1% and FY26 by 2% on higher EBIT margins in the international business. Target price rises to $38.70 from $38.00.

Overweight maintained.

Target price is $38.70 Current Price is $30.87 Difference: $7.83
If AUB meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $35.76, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates AX1 as Buy (1) -

Citi explains the analyst is "incrementally" more upbeat on Accent Group following the 1H25 result, with forex expected to be less of a risk than originally anticipated, while the annual comps in the trading update appear more durable.

The broker points to the development of Accent running Sports Direct in Australia due to Frasers Group acquiring 15% of the stock in August 2024.

Management also highlighted in the earnings call they remain in discussions with Frasers for longer-term strategic agreements.

Target price $2.57 and Buy rating.

Target price is $2.57 Current Price is $1.83 Difference: $0.74
If AX1 meets the Citi target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 41.2% (ex-dividends)

The company's fiscal year ends in June.

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 BOE as Buy (1) -

Bell Potter attended Boss Energy's Honeymoon site visit and highlights operations appear to be performing well. Pre-released 3Q25 results of around 300klbs drummed are above consensus of 268klbs drummed and the broker's forecast of 336klbs.

Management stressed they are focusing on maximising steady volume through the plant and looking at cost controls.

The broker retains an upbeat view on the fundamentals for uranium despite the weakness in the U3O8 spot price and expects a strong 2H25 result from Honeymoon.

Bell Potter believes the company should exceed FY25 production guidance of 850klbs. The analyst lifts the FY25 EPS estimate by 79% and lowers FY26 by -28%.

Buy rating unchanged. Target price slips to $4.65 from $4.80.

Target price is $4.65 Current Price is $2.45 Difference: $2.2
If BOE meets the Bell Potter target it will return approximately 90% (excluding dividends, fees and charges).

Current consensus price target is $3.86, suggesting upside of 56.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Citi rates BOE as Buy (1) -

Citi is impressed with the ongoing ramp-up at Boss Energy's Honeymoon uranium mine following a recent site visit. The broker notes both production and costs are on track to meet the company's guidance, with cost management impressive.

The broker also commended the CEO Duncan Craib's leadership and the team's operational experience.

Buy rating with target price of $3.30.

Target price is $3.30 Current Price is $2.45 Difference: $0.85
If BOE meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $3.86, suggesting upside of 56.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Morgans rates CYL as Add (1) -

Morgans upgrades Catalyst Metals to Add from Speculative Buy with a higher target price of $5.69 from $4.56 post the agreed sale of non-core assets, Henty gold mine, to Kaiser Reef ((KAU)) for $33m, the broker explains.

The transaction will lower the company's costs and gives Catalyst the option to acquire 50% of the Maldon processing plant (250kt p.a.), which opens the pathway to monetising its 163koz of higher-grade resource.

Morgans notes drilling at Trident continues to support the higher growth prospects at Plutonic.

Target price is $5.69 Current Price is $5.51 Difference: $0.18
If CYL meets the Morgans target it will return approximately 3% (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

Ord Minnett rates DHG as Hold (3) -

Ord Minnett notes CoStar Group has revised its takeover offer for Domain Holdings to $4.43 per share, with up to 4c additional value via franking credits, lifting the offer from $4.20 previously.

Domain’s board has unanimously agreed to grant CoStar due diligence access, with Nine Entertainment ((NEC)) also supporting the process. The broker expects full ownership to remain CoStar’s objective, with Nine unlikely to retain a minority stake.

Ord Minnett sees the likelihood of deal completion rising following the revised bid and broad shareholder support.

The broker retains a Hold rating with a $4.20 target price.

Target price is $4.20 Current Price is $4.33 Difference: minus $0.13 (current price is over target).
If DHG meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.38, suggesting downside of -21.0% (ex-dividends)

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

Morgans rates EBR as Speculative Buy (1) -

EBR Systems reported 2024 results which were in line with expectations according to Morgans. The company reported a net loss of -US$40.8m, worse by -16% on the previous year, with growth in operating expenses of 11%.

Cash used increased by 26% to -US$41.2m, with year-end cash and equivalents at around US$66m — around six months of current cash burn.

The broker envisages little risk to FDA approval on or before April 13 due to the successful Solve-CRT trial.

Speculative Buy rating retained. Target price rises to $2.86 from $1.76.

Target price is $2.86 Current Price is $1.79 Difference: $1.07
If EBR meets the Morgans target it will return approximately 60% (excluding dividends, fees and charges).

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: 1.0

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

Morgan Stanley rates FPR as Overweight (1) -

In a business update for the first five months of FY25, FleetPartners Group guided to -20% y/y decline in 1H25 new business writings due to disruptions but expects to recoup the large backlog by the end of April.

Morgan Stanley notes the Accelerate program cost-out is now complete, and the company operates on a single system. The cost benefit is expected to be $3m in FY25, but the broker believes it is captured in the $91-92m operating expense guidance.

The company completed the $30m buyback. The broker sees scope for further capital management.

Target price of $3.90 and Overweight stays.

Target price is $3.90 Current Price is $2.73 Difference: $1.17
If FPR meets the Morgan Stanley target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $3.74, suggesting upside of 38.9% (ex-dividends)

The company's fiscal year ends in September.

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 HLS as Neutral (3) -

Healius announced a special dividend of 41.3c/share subject to the completion of the Lumus Imaging sale (delayed until May 1) and guided to a high single-digit EBIT margin for FY27.

The dividend was in line with Citi's expectation, but the EBIT guidance was above both the broker's and consensus forecast of around 4.3%.

The broker notes the EBIT margin is below those of competitors like Australian Clinical Labs ((ACL)) and Sonic Healthcare ((SHL)), but remains skeptical the company can achieve that given the false starts over the years.

No change to forecasts. Target price of $1.05 and Neutral rating are unchanged.

Target price is $1.05 Current Price is $1.46 Difference: minus $0.41 (current price is over target).
If HLS meets the Citi target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.27, suggesting downside of -11.4% (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

Ord Minnett rates HLS as No Rating (-1) -

Ord Minnett highlights Healius' strategy to achieve a high single-digit group EBIT margin by 2027, supported by a cost-out program and operational efficiencies following the sale of its Lumus imaging division.

The company has announced a fully franked special dividend of 41.3c per share, funded from $800m in net proceeds from the $965m Lumus sale, with the remainder used to maintain a net cash position.

Healius targets -$15-20m in annual savings through reduced corporate costs, streamlined pathology operations, and automation, with group earnings forecast to reach $133m by FY27, observes the analyst.

The company expects revenue to grow by 6%, though the broker suspects margin recovery may be challenging given potential cuts to Medicare rebates for Vitamin B12 and mid-stream urine testing.

Sell rating. Target 94 cents.

Target price is $0.94 Current Price is $1.46 Difference: minus $0.52 (current price is over target).
If HLS meets the Ord Minnett target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.27, suggesting downside of -11.4% (ex-dividends)

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 IPL as Buy (1) -

Recent weather disruptions in Australia are expected to negatively impact first-half results for Incitec Pivot, notes UBS.

For Dyno Nobel Asia Pacific (DNAP), Queensland rainfall will weigh on volumes, with recovery anticipated in the second half, explains the broker. The FY25 earnings (EBIT) split for Dyno Nobel is now expected to be 35%/65% from 40%/60%).

As the Fertilisers segment is experiencing delayed dispatches due to weather, explains UBS, management now expects an even steeper 10%/90% earnings skew from 20%/80%.

Nonetheless, overall earnings momentum appears in tact, and the broker maintains its $3.50 target and Buy rating.

Target price is $3.50 Current Price is $2.64 Difference: $0.86
If IPL meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.22, suggesting upside of 24.6% (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 KMD as Equal-weight (3) -

Morgan Stanley made more substantial revisions to KMD Brands' forecasts following the 1H25 result. The broker cut the FY25 EBITDA forecast by -40% and by -18% for FY26.

Target price lowered to 35c from 50c. Rating remains Equal-weight.

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KMD Brands' 1H25 EBITDA was in line with consensus, Morgan Stanley notes, but the company flagged gross margin pressure in the short term due to higher competition.

The broker notes direct customer sales for the Kathmandu brand rose 5.2% y/y in the first seven weeks of 2H25 and 0.7% y/y for the Rip Curl brand, but the wholesale market is taking longer to recover. The company is focusing on growing margins in the medium-term.

The broker made minor downward revision to FY25 EPS. Target price of 50c and Equal-weight remains.

Target price is $0.35 Current Price is $0.33 Difference: $0.025
If KMD meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

Ord Minnett rates NEU as Buy (1) -

Ord Minnett notes Neuren Pharmaceuticals has added a fifth indication for NNZ-2591, targeting hypoxic-ischemic encephalopathy (HIE), a rare neonatal brain injury with limited treatment options.

NNZ-2591, which has demonstrated a strong safety profile and promising preclinical data, aims to act as a chronic neuroprotective agent in a condition currently only treated with therapeutic hypothermia, explains the broker.

The analyst believes Neuren is well positioned in this space given its expertise in paediatric neurological disorders and views HIE as a favourable clinical setting compared to previous traumatic brain injury studies.

With a potential USD750m addressable market, clinical trials are expected to begin in 2026 following a pre-IND meeting with the FDA later this year.

Buy. Target $30.80

Target price is $30.80 Current Price is $12.26 Difference: $18.54
If NEU meets the Ord Minnett target it will return approximately 151% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

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

Macquarie upgrades Paladin Energy to Outperform from Neutral, with the broker highlighting the acquisition of Patterson Lake South via the Fission Energy purchase has raised the quality of the company's assets.

The discount in the share price relative to peers comes on the back of management withdrawing guidance for FY25 due to the wet weather event in Namibia, and production from Langer Heinrich has been "disappointing" this year, the broker explains.

Macquarie lowers EPS estimates by -USD15c for FY25, and the company is now expected to generate a loss due to lower production of 2.6mlbs versus 3.25mlbs prior to the floods, as well as higher costs. The FY26 EPS estimate is cut by -23% for lower production of 4.6mlbs against 5.05mlbs previously.

Target price is set at $8.25, down -9%.

Target price is $8.25 Current Price is $5.42 Difference: $2.83
If PDN meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 102.8% (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: 1.0

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

Morgan Stanley rates PDN as Overweight (1) -

Paladin Energy withdrew the FY25 production guidance following the resumption in operations after a 1-in-50 year rain event at the Langer Heinrich Mine in Namibia. 

Morgan Stanley notes production improvement is expected in 2H25, but the 6Mlbpa maximum sustainable capacity is not expected to be reached until the end of 2025. The broker's forecast already had the end-2025 timeline and mining restart of September 2025 that the company previously aimed to bring forward.

The broker ran a scenario of -10% lower production in 2H and FY26 that leads to FY25 and FY26 EBITDA decline of -2% and -11%, respectively.

Target price of $10 and Overweight rating are unchanged.

Target price is $10.00 Current Price is $5.42 Difference: $4.58
If PDN meets the Morgan Stanley target it will return approximately 85% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 102.8% (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: 1.0

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

Ord Minnett rates PDN as Buy (1) -

Paladin Energy has resumed operations at Langer Heinrich after heavy rainfall in Namibia, but has withdrawn FY25 production guidance of 3.0–3.6mlb U3O8 due to road damage and a flooded starter pit.

Ord Minnett now models a slower mining ramp-up, pushing the start of higher-grade ore extraction to the December quarter of 2025 and halving its FY26 earnings (EBITDA) forecast, with a -6% cut to FY27.

Paladin is expected to rely on lower-grade stockpiles in the interim, observes the analyst, which have delivered weaker performance than anticipated.

While the plant avoided major damage and costs are contained, the broker considers previous guidance overly optimistic, having now been downgraded for the third time. 

Ord Minnett lowers the target price to $9.00 from $9.60 and retains a Buy rating.

Target price is $9.00 Current Price is $5.42 Difference: $3.58
If PDN meets the Ord Minnett target it will return approximately 66% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 102.8% (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: 1.0

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

Bell Potter rates PME as Buy (1) -

Bell Potter is the latest broker to temper growth expectations around new contract wins for Pro Medicus.

The company signed eleven new deals from May 2024 to currently, with Trinity Healthcare revenues due to impact from 1H26, but installations will take some 18–24 months, with the full impact unlikely before 2H27.

There is scope for numerous high-profile renewals over the next couple of years for academic hospitals, the analyst explains, but the lumpiness and timing of the work onboarding and renewals could create share price volatility.

The broker lowers EPS forecasts by -6% for FY25 and -14% for FY26, with the target price slipping to $280 from $330.

No change to Buy rating.

Target price is $280.00 Current Price is $201.80 Difference: $78.2
If PME meets the Bell Potter target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $252.48, suggesting upside of 26.4% (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 QBE as Overweight (1) -

Following attendance at the EU finance conference and UK meetings, Morgan Stanley believes the insurance industry is in growth mode.

The broker expects mid-to-high single-digit premium growth for QBE Insurance's P&C and Speciality businesses and believes growth options in US E&S and global cyber are much larger.

Morgan Stanley's US analysts reckon cyber insurance gross written premiums will grow at a 15% annual compounded rate to US$24bn in FY27.

The broker lifted the topline growth forecast for FY25-26 by 1% and EPS forecasts by 1-1.5%.

Target price rises to $25.05 from $23.80. Overweight maintained.

Target price is $25.05 Current Price is $22.64 Difference: $2.41
If QBE meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $23.13, suggesting upside of 4.8% (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: 0.7

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

Ord Minnett rates SPG as Initiation of coverage with Buy (1) -

Ord Minnett analyst John Lawlor has initiated coverage of SPC Global with a Buy rating and target price of 90c.

The broker last month published an initiation on the stock with a Buy rating and target price of $1.00, which was a white-labeled research.

The analyst notes the company's turnaround story is reliant on management bringing down debt level, resolving bloating inventory and managing capacity utilisation.

The broker forecasts synergies from the initial acquisitions to rise to $4m in FY26 and further to $15m in FY27 from $0.7m in FY25.

Target price is $0.90 Current Price is $0.43 Difference: $0.475
If SPG meets the Ord Minnett target it will return approximately 112% (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

Shaw and Partners rates SX2 as Buy (1) -

Shaw and Partners has lifted the exploration target estimate for Southern Cross Gold's Sunday Creek Gold-Antimony Project following two mineralisation zones identified in recent drilling.

Target price rises to $6.03 from $3.69. Buy, high risk maintained.

Target price is $6.03 Current Price is $4.96 Difference: $1.07
If SX2 meets the Shaw and Partners target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in May.

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

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

Morgan Stanley notes Reject Shop has entered into a binding scheme implementation agreement with Canada's Dollarama where the latter is acquiring it at $6.68/share.

The broker highlights the price is a 112% premium to Reject Shop's pre-announcement price of $3.15.

Equal-weight rating and $3.80 target price.

Target price is $3.80 Current Price is $6.61 Difference: minus $2.81 (current price is over target).
If TRS meets the Morgan Stanley target it will return approximately minus 43% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.72, suggesting downside of -13.5% (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

Morgans rates TRS as Hold (3) -

The Reject Shop has entered a Scheme Implementation Agreement with Canadian-listed Dollarama, under which all shares will be acquired for $6.68 per share, representing a 112% premium to the previous close, notes Morgans.

The broker views the offer as compelling, representing a 95% premium to its previous target price of $3.50.

The Reject Shop board has unanimously recommended the scheme and its largest shareholder, Kin Group (20.8%), has pledged support. Dollarama intends to grow the Australian footprint to 700 stores from 392 by 2034, working with existing management.

If implemented, a fully franked special dividend of up to 77c is expected, in addition to the 12c interim dividend due on May 1.

Bell Potter raises the target price to $6.68 from $3.50 and retains a Hold rating.

Target price is $6.68 Current Price is $6.61 Difference: $0.07
If TRS meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.72, suggesting downside of -13.5% (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

Ord Minnett rates TRS as Downgrade to Hold from Buy (3) -

Ord Minnett notes Reject Shop will be acquired by Canada's Dollarama for $6.68/share, which is a 112% premium to the last closing price.

The company's board has recommended shareholders to vote in favor of the scheme of arrangement.

Target price lifted to the offer price of $6.68 from $5.00. Rating downgraded to Hold from Buy.

Target price is $6.68 Current Price is $6.61 Difference: $0.07
If TRS meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.72, suggesting downside of -13.5% (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

Morgan Stanley rates TUA as Overweight (1) -

Morgan Stanley reiterates a bullish outlook on Tuas following 1H25 result where EBITDA beat its forecast by 18% and the company generated net cash of S$73m.

The broker expects the company to grow mobile subscribers as many of its competitors are unprofitable and unlikely to keep up with the aggressive promotional activity.

The broker reckons unit economics and upside from government subsidy will support broadband business. The analyst also sees free cash flow growing due to efficient cost base and declining capex as a proportion to sales.

The broker lifted FY25 and FY26 EBITDA forecasts by 7.7%. Target price rises to $7.00 from $6.70. Overweight rating.

Target price is $7.00 Current Price is $5.49 Difference: $1.51
If TUA meets the Morgan Stanley target it will return approximately 28% (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

UBS rates WBC as Buy (1) -

UBS finds Westpac’s latest strategy update under new CEO Anthony Miller reassuring, with execution now key to unlocking value. The CEO outlined five priorities: customer, people, risk, transformation, and performance.

The broker sees delivery on targets, especially cost-to-income (CTI), market share, and return on tangible equity (ROTE), as critical for a re-rating.

Recent hires, including a new CFO and a Chief Transformation Officer, are signals of urgency and capability in implementing the strategy, suggests the analyst.

Management reaffirmed its cost reduction goals under Project UNITE, with FY25 investment of around -$600m, of which 75% will be expensed. 

Target $38. Buy.

Target price is $38.00 Current Price is $31.89 Difference: $6.11
If WBC meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $29.07, suggesting downside of -7.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Macquarie rates WES as Neutral (3) -

Macquarie observes the Wesfarmers' Bunnings investor day showcased the strength of the division and operations.

The broker notes the Bunnings "offering" is being supported by expansion into new product categories such as smart home, auto, and household consumables, as well as the traditional offerings — hardware, tools, decor, and home furnishings.

Management pointed to a total addressable market across the suite of offerings at around $110bn versus FY24 sales of circa $19bn.

Macquarie leaves earnings estimates unchanged but lowers its target price by -7% to $75 to align with valuation multiples ascribed to peers. Neutral rating unchanged.

Target price is $75.00 Current Price is $72.89 Difference: $2.11
If WES meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $70.29, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Morgan Stanley rates WES as Underweight (5) -

Morgan Stanley has retained its $66.70 target price and Underweight rating on Wesfarmers, following fresh insights from the investor day at Bunnings.

The broker notes the focus is on category expansion, with the pet category tracking towards a leadership position like tools and paints. The retailer sees scope for further category expansion after the recent national rollout of the auto range.

There's also an emphasis on store utilisation, productivity and investment in digital and e-commerce growth.

Target price is $66.70 Current Price is $72.89 Difference: minus $6.19 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $70.29, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Ord Minnett rates WES as Lighten (4) -

Ord Minnett notes there was no guidance at Bunnings' recent investor day and site tour, but it did bolster confidence in the retailer's growth potential.

Bunnings is focusing on expanding product categories by moving less-profitable categories online or to a subsidiary. There's also focus on productivity initiatives and more digital opportunties.

New stores are doing well, with significant sales growth at the Marsden Park location in Sydney.

Target price of $69 and Lighten rating remain.

Target price is $69.00 Current Price is $72.89 Difference: minus $3.89 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $70.29, suggesting downside of -2.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

UBS rates WES as Neutral (3) -

Following the investor day and site visits, UBS' analyst has returned more confident of Bunnings' growth prospects as the drivers highlighted were in line with what the analyst had previously flagged.

Wesfarmers didn't provide any quantitative guidance but pointed to category and commercial growth, and omni-channel and retail media growth as drivers, which UBS notes are capital-light.

The broker highlights strong fundamentals like rising population growth, housing-related demand and lifestyle as supportive of Bunnings' outlook.

Target price of $78 and Neutral rating are unchanged.

Target price is $78.00 Current Price is $72.89 Difference: $5.11
If WES meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $70.29, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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