Australian Broker Call

Macquarie rates AGI as No Rating (-1) -

Ainsworth Game Technology is expected to announce 1H2026 underlying profit before tax of $1m, down -93% y/y and -90% below Macquarie's previous forecast.

The analyst points to North America where operations have been affected by organisational changes including the departure of the prior CEO in October.

EPS forecasts are lowered by -60% for FY2026 and -22% for FY2027.

The company has been subject to takeover offers from Novomatic and Kjerulf David Hastings Ainsworth. As at early May, Novomatic holds 67% of the shares and members of the Ainsworth Family around 20%.

The broker is currently on research restriction.

Current Price is $1.50. Target price not assessed.

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

UBS rates AGL as Buy (1) -

UBS believes softer near-term wholesale electricity prices reflect temporary conditions rather than structural change. The analysts' electricity price forecasts are reduced over FY27 and FY28.

The broker cites strong generation reliability, mild weather, softer domestic gas prices, limited gas-powered generation demand and continued uptake of rooftop solar and battery systems as key contributors to weaker pricing.

UBS argues the longer-term outlook for electricity prices remains supported by coal plant retirements and rapidly rising demand from AI, cloud computing and data centres.

While lower electricity price forecasts reduce near-term earnings expectations for AGL Energy, UBS sees the current valuation as attractive. Target falls to $10.40 from $11.00. Buy rating maintained.

Origin Energy remains the broker's preferred Australian utilities exposure.

Target price is $10.40 Current Price is $8.78 Difference: $1.62
If AGL meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $10.45, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Bell Potter rates APE as Buy (1) -

At its AGM, Eagers Automotive signalled turnover was up 5% and orders were at record levels. The company expects underlying operating pre-tax profit for the core business in the first half to be in line or slightly ahead of the prior corresponding period.

The company expects an uplift in deliveries in the second half, supported by improved Toyota supply. There will also be the benefit from a six-month contribution from CanadaOne.

Bell Potter reduces underlying pre-tax forecasts by -4% and -2% for 2026 and 2027, respectively, driven by a reduction in revenue forecasts --largely because of higher AUD/CAD exchange rate-- and a modest reduction in margin assumptions.

A Buy rating is retained. Target is reduced to $28.75 from $29.25.

Target price is $28.75 Current Price is $22.76 Difference: $5.99
If APE meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $28.45, suggesting upside of 36.5% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Outperform (1) -

Eagers Automotive offered a trading update at its AGM. At the end of April turnover was up 5% y/y with order book growth of 70% y/y since Dec 2025, Macquarie notes.

Profit before tax lifted 40% y/y "so far", with May and June seen as important trading months. Guidance implies flat net profit after tax in 1H2026 which infers weaker results in May/June or, as the analyst posits, margin pressure.

The broker flags a 2H2026 earnings skew and highlights robust EV demand with BYD expected to increasingly focus on export markets.

EPS forecasts are trimmed by -8% for 2026 and lifted by 3% for 2027. Target price is downgraded to $27.10 from $30.70. Outperform rating is retained.

Target price is $27.10 Current Price is $22.76 Difference: $4.34
If APE meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $28.45, suggesting upside of 36.5% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Overweight (1) -

In the first analysis of the AGM update, Morgan Stanley finds the underlying trajectory for Eagers Automotive robust, albeit the first half has been held back by supply constraints.

Order intake is at record levels with orders exceeding deliveries by more than 29%. The outlook for the second half is considered positive, supported by unwinding of the backlog.

Overweight rating. Industry View: In-Line. Target is $30.

Target price is $30.00 Current Price is $22.76 Difference: $7.24
If APE meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $28.45, suggesting upside of 36.5% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Buy (1) -

Morgans assesses a "mixed" AGM update by management at Eagers Automotive with OEM supply constraints weighing on first-half expectations despite record order intake and a growing order bank.

It's thought guidance may ultimately prove conservative given the peak May-June trading period still lies ahead and supply shortages remain across key manufacturers.

The analyst remains positive on the second-half outlook, supported by order bank conversion, acquisition contributions, ongoing new energy vehicle demand and benefits from strategic partnerships.

Attractive medium-term growth opportunities are seen across consolidation, used vehicles and offshore expansion.

Morgans retains a Buy rating and $27.25 target, down from $30.00.

Target price is $27.25 Current Price is $22.76 Difference: $4.49
If APE meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $28.45, suggesting upside of 36.5% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates APE as Buy (1) -

Ord Minnett highlights a robust year-to-date trading update from Eagers Automotive including a lift in turnover of around 5% for the first four months on last year.

The order book is up around 70% over the same period compared to the prior period and the used car business has commenced briskly.

Management guided to 1H2026 earnings "in line with, or slightly ahead of the 1H2025 across A&NZ".

Commentary posits the outlook for the 2H2026 looks positive with a rise in deliveries anticipated, specifically Toyota which has experienced notable challenges.

Buy rating retained with a lower target of $29, down from $31 previously.

Target price is $29.00 Current Price is $22.76 Difference: $6.24
If APE meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $28.45, suggesting upside of 36.5% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Neutral (3) -

UBS notes Eagers Automotive's trading update and guidance point to around -2% to -4% weaker earnings for 1H2026 versus consensus on a profit before tax basis and depending on CanadaOne assumptions.

The order bank up 70% for the first four months of 2026 y/y was a positive and stands at record levels, which is attributed to BYD and EV orders.

Commentary suggests the cautious outlook from management infers supply constraints are underpinning some uncertainty around the 2H2026 outlook.

There are also possible headwinds from the interest rate rises post period and the changes to the Budget.

Target $28.60 and Neutral rated, post first glance of the AGM update.

Target price is $28.60 Current Price is $22.76 Difference: $5.84
If APE meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $28.45, suggesting upside of 36.5% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates BXB as Buy (1) -

Brambles' trading update revealed an earnings downgrade due to issues with Chep pallets where the company pointed to "repair capacity constraints" in its central and north-eastern US service centres.

Ord Minnett has downgraded EPS estimates accordingly by -5% to -8% for FY26-FY27, respectively to reflect the guidance downgrade.

The broker views the cause as short term in nature rather than a structural problem, thereby retaining a Buy rating on the stock.

Management has also launched an additional US$400m share buy back which should offer some support to the price.

Brambles continues to be viewed as an "appealing" investment underpinned by stable earnings and cashflows.

Target price remains at $24.50.

Target price is $24.50 Current Price is $16.98 Difference: $7.52
If BXB meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $21.36, suggesting upside of 29.1% (ex-dividends)

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: 0.5

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

Morgan Stanley rates CHC as Overweight (1) -

Morgan Stanley explains the listed AREITs in their coverage are trading at an average circa -11% discount to NTA with a wide dispersion range between different segments.

Office REITS including Centuria Office ((COF)) and Dexus ((DXS)) are trading at a -45% and -32% discount, respectively. Scentre Group ((SCG)) and Vicinity Centres ((VCX)) are at a 0% discount and the remaining REITS somewhere in between, the analyst details.

The long term average Price/NTA across the REITS analysed stands at 0.97x which infers the sector on average has traded at NTA over the last 10-15 years.

The sector is viewed as looking at an "interesting valuation" and the broker believes asset devaluations like 2022-2024 are unlikely to emerge over the next 6-12 months.

Charter Hall is not viewed as offering "strong" value but the stock, along with Centuria Capital Group ((CNI)), is seen as "high-beta" stocks which can benefit from a change in sentiment from the market's over-cautious stance on asset valuations.

Target is $26.89. Overweight. Industry View: In-Line.

Target price is $26.89 Current Price is $19.73 Difference: $7.16
If CHC meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $23.47, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgan Stanley rates CNI as Overweight (1) -

Morgan Stanley explains the listed AREITs in their coverage are trading at an average circa -11% discount to NTA with a wide dispersion range between different segments.

Office REITS including Centuria Office ((COF)) and Dexus ((DXS)) are trading at a -45% and -32% discount, respectively. Scentre Group ((SCG)) and Vicinity Centres ((VCX)) are at a 0% discount and the remaining REITS somewhere in between the analyst details.

The long term average Price/NTA across the REITS analysed stands at 0.97x which infers the sector on average has traded at NTA over the last 10-15 years.

The sector is viewed as looking at an "interesting valuation" and the broker believes asset devaluations like 2022-2024 are unlikely to emerge over the next 6-12 months.

Charter Hall is not viewed as offering "strong" value but the stock, along with Centuria Capital Group ((CNI)), is seen as "high-beta" stocks which can benefit from a change in sentiment from the market's over-cautious stance on asset valuations.

Target $2.05. Overweight rating. Industry View: In-Line.

Target price is $2.05 Current Price is $1.81 Difference: $0.245
If CNI meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates DBI as Buy (1) -

Post company updates, UBS compares its forecasts against the consensus outlook.

Distributions are in line with consensus median for FY26 and 2% higher for FY27. From FY28, the analyst's forecasts are at the upper end of guidance range due to higher than consensus investment assumptions in NECAP which raises the TIC rate.

The analyst also expects a higher payout ratio above the company's target range once the bulk of the capex is spent (some 80% or more from FY28) and above the current range of 60%-80%.

Buy rating retained with a target of $5.75 unchanged.

Target price is $5.75 Current Price is $5.48 Difference: $0.27
If DBI meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.73, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in December.

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 DDR as Neutral (3) -

In a trading update, year-to-date earnings (EBITDA) for Dicker Data are up 32% to $58.2m which annualises to around $174.6m. This compares to Macquarie's estimate of $175.2m.

While tracking slightly below expectations, the analyst points out the 45.5% growth in profit before tax which more than offsets the slight miss and is tracking above the broker's 2026 forecast.

The seasonally stronger May-June trading period could offer potential upside to 1H2026 earnings. Management has pointed to 2H2026 supply shortages but overall demand is guided to remain strong despite supply chain and pricing changes in the 2H.

Macquarie indicates there may have been some pull forward of demand. Earnings forecasts are unchanged. Neutral rating and $10.35 maintained.

Target price is $10.35 Current Price is $9.68 Difference: $0.67
If DDR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $10.62, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

At first glance, Morgan Stanley observes Dicker Data had a strong first four months of 2026 with the risk to earnings revisions to the upside. Revenue was up 13%, gross profit up 19% and pre-tax profit up 46%.

Commentary complaints there was very little information about AI-related revenue that should accelerate. The outlook is considered positive across all categories while endpoint solutions such as PCs will likely moderate as AI/data centre projects accelerate.

Equal-weight. Target is $10.30. Industry-view: In-line.

Target price is $10.30 Current Price is $9.68 Difference: $0.62
If DDR meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $10.62, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates DDR as Buy (1) -

Dicker Data's trading update at the AGM revealed the trading momentum from 2H2025 had continued into 1H2026. Revenues rose 13% y/y for the first four months with margins up 40bps y/y.

The analyst points to higher end-point demand for software and a data centre refresh as coming in stronger than management expected at the Feb FY2025 results.

With leverage to the historical cloud data centre refresh cycle, as well as AI-driven data centre demand and AI-linked software revenues from Microsoft copilot, the analyst expects ongoing robust sales. 1H2026 sales are forecast to grow 13%.

The 2H2026 is expected to be flat due to the pull forward of orders in the first half as well as pricing upcycle pressure.

EPS estimates are raised by 7% for 2026 and 5% for 2027. Target price slips -1% to $11.20. Buy rating is retained.

Target price is $11.20 Current Price is $9.68 Difference: $1.52
If DDR meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $10.62, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates EDV as Underperform (5) -

At Endeavour Group's Strategy Day management announced a three-phase plan to be implemented across FY26-FY30 for a strategic reset of the operations.

On retail, the aim is to re-build price leadership and market share which could pose downside risks to earnings in FY27, the analyst states.

Re hotels, the aim is to lift renewals and improve portfolio returns. While cap investment is positive, in the near term higher spend could weigh on returns which could be deferred until FY29 onwards.

EPS forecasts are downgraded by -8% for FY26 and -15% for FY27 due to a weaker outlook, higher interest costs and operating "de-leverage" in retail and hotels.

Target price falls -18% to $2.80. Underperform retained. With downside risk to earnings, the broker sees the valuation as unattractive before any turnaround.

Target price is $2.80 Current Price is $2.93 Difference: minus $0.13 (current price is over target).
If EDV meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.21, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

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

Endeavour Group delivered a clear strategy reset at its investor briefing, Morgan Stanley asserts, although several key issues were not addressed. Execution will be critical to success but limited financial targets were disclosed so progress may be difficult to track.

The focus is on driving top-line growth in liquor retail, largely independent of broader market trends. The company plans to accelerate investment in hotels leading to more than 70 renewals per annum over the next three years from around 35 renewals currently.

The broker incorporates $300m in cost reductions by FY29, a reduction in the payout ratio to 50%, an acceleration in hotel expenditure and higher retail price investment to support growth. FY26-FY28 estimates for EPS are reduced by an average of -9%.

Target is lowered to $3.20 from $3.70. Equal-weight. Industry View: In Line.

Target price is $3.20 Current Price is $2.93 Difference: $0.27
If EDV meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Ord Minnett rates EDV as Lighten (4) -

Endeavour Group announced a cut to its dividend policy to 50%-75% of underlying net profit from 75%-80% previously as part of management's restructuring program.

Cost savings of around $300m of which one third were announced previously are aimed at simplifying the business. Retail liquor will focus on different customer bases with management noting the focus on margins over market share has not worked.

The seven wineries and vineyards are to be sold with three retained which are viewed as essential to premium customers. Investment in hotels will be accelerated including refurbishment and renewal of the portfolio.

EPS forecasts are trimmed and the target price is lowered to $2.60 from $2.90. Lighten rating retained.

Target price is $2.60 Current Price is $2.93 Difference: minus $0.33 (current price is over target).
If EDV meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.21, suggesting upside of 11.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

UBS rates EDV as Neutral (3) -

UBS noted Endeavour Group hosted a well attended Investor Day where cost savings of $300m were highlighted as expected with $100m in FY27, previously announced.

Capex guidance was lowered for FY26 but is still expected to lift over the next few years with ongoing spend on hotel renewals, the analyst points out.

The dividend payout ratio guidance was downgraded to 50%-75% from 70%-75% with higher net debt, albeit the new leverage target ratio is under 2.0x versus 3.0x-3.5x previously.

Price leadership was reintroduced in 1H26 resulting in a major cost to gross profit which is not viewed as sustainable. Revenue growth is noted as the priority to improve retail fundamentals.

Neutral rating retained. Target slips to $3.25 from $3.45. EPS forecasts are trimmed.

Target price is $3.25 Current Price is $2.93 Difference: $0.32
If EDV meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

UBS rates GGP as Initiation of coverage with Buy (1) -

UBS initiates coverage on Greatland Resources with a Buy rating and $16.50 target, viewing the company as a compelling emerging gold and copper producer following consolidation of the Telfer and Havieron assets.

The broker expects the Havieron project in WA to underpin long-life, low-cost production growth, with group output forecast to exceed 500,000 ounces annually from FY33 at sector-leading cost levels.

UBS also highlights nearby Telfer's existing infrastructure and cash flow as materially de-risking Havieron's development. Ongoing exploration success is also seen as supporting mine life extension opportunities.

Target price is $16.50 Current Price is $13.55 Difference: $2.95
If GGP meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $16.63, suggesting upside of 30.2% (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 GMG as Buy (1) -

UBS believes Goodman Group's 3Q26 update contained several positives despite no FY26 guidance upgrade or major data centre leasing announcement.

Guidance was maintained for at least 9% FY26 operating EPS growth, while management indicated performance fees could support stronger growth depending on final valuations.

Ongoing progress across Goodman's data centre strategy was evident to the broker, including ongoing leasing negotiations and expansion of the Australian data centre partnership model. A growing global power bank now totaling 6.4GW is noted.

The analysts believe earnings visibility continues to improve, supported by accelerating industrial development activity and the depth of Goodman's global data centre pipeline.

UBS retains a Buy rating and unchanged $33.92 target.

Target price is $33.92 Current Price is $31.13 Difference: $2.79
If GMG meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $34.68, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Bell Potter rates GNP as Buy (1) -

GenusPlus Group will acquire MPC Kinetic, an Australian infrastructure and energy services provider, operating in the onshore gas, water and renewable energy sectors.

Total cash consideration is up to $400m, comprising an upfront payment of $325m and a $25m deferred payment. An earnout consideration of up to $50m is based on FY27 EBIT.

Bell Potter considers the transaction attractive, while the company's PE of 19.2x appears undemanding. Further upside is envisaged to consensus earnings expectations amid potential contract awards for large transmission developments and further accretive acquisitions.

A Buy rating is retained and the target is lifted to $12.00 from $10.50.

Target price is $12.00 Current Price is $10.10 Difference: $1.9
If GNP meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates GPT as Overweight (1) -

Morgan Stanley explains the listed AREITs in their coverage are trading at an average circa -11% discount to NTA with a wide dispersion range between different segments.

Office REITS including Centuria Office ((COF)) and Dexus ((DXS)) are trading at a -45% and -32% discount, respectively. Scentre Group ((SCG)) and Vicinity Centres ((VCX)) are at a 0% discount and the remaining REITS somewhere in between the analyst details.

The long term average Price/NTA across the REITS analysed stands at 0.97x which infers the sector on average has traded at NTA over the last 10-15 years.

The sector is viewed as looking at an "interesting valuation" and the broker believes asset devaluations like 2022-2024 are unlikely to emerge over the next 6-12 months.

Morgan Stanley likes GPT Group for its diversified portfolio noting a circa 30% exposure to office of which half is in Melbourne.

Target $5.83. Overweight. Industry view: In-Line.

Target price is $5.83 Current Price is $4.86 Difference: $0.97
If GPT meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $5.44, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in December.

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 MPL as Neutral (3) -

Macquarie's proprietary index monitoring hospital admission volumes and outlays shows outlays growth above pre-pandemic levels. Outlays grew 9% in April, which compares with 4.7% pre-pandemic.

Claims volume growth continues to be volatile and the broker concludes the first two months of the half-year were favourable for insurance but March and April justify being cautious as higher hospital indexation is annualised.

Neutral retained for Medibank with a $4.80 target price.

Target price is $4.80 Current Price is $4.87 Difference: minus $0.07 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.12, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates NHF as Underperform (5) -

Macquarie's proprietary index monitoring hospital admission volumes and outlays shows outlays growth above pre-pandemic levels. Outlays grew 9% in April, which compares with 4.7% pre-pandemic.

Claims volume growth continues to be volatile and the broker concludes the first two months of the half-year were favourable for insurance but March and April justify being cautious as higher hospital indexation is annualised.

Underperform maintained for nib Holdings with a target of $6.10.

Target price is $6.10 Current Price is $6.87 Difference: minus $0.77 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.30, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Bell Potter rates NUF as Buy (1) -

Nufarm delivered first half underlying EBITDA that tallied with guidance of $242.7m. Revenue was slightly lower than Bell Potter expected. Earnings from seeds of $58.2m were up sharply, reflecting lower losses in the Omega-3 platform.

Strong FY26 underlying EBITDA growth is expected as positive trading trends continued into April and May. Crop protection earnings are improving on the first half growth rate. The company is also on track to deliver an annualised $50m in cost savings by the end of FY26.

Buy rating. Target is unchanged at $3.60.

Target price is $3.60 Current Price is $2.91 Difference: $0.69
If NUF meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates NUF as Neutral (3) -

Citi is encouraged by improving earnings in Nufarm's Seed Technologies division and management's increasing focus on higher-margin products. These developments are expected to support further margin expansion.

The broker also highlights from Nufarm's interim results ongoing cost-out initiatives. Despite revenue declines, it's noted Crop Protection margins expanded 170bps due to both cost-out and a shift to higher value products.

Caution is warranted, the broker states, given ongoing concerns around earnings quality, competitive intensity, elevated raw material input costs and the potential impact of El Nino weather conditions.

Citi retains a Neutral rating. Target rises by 40c to $2.95.

Target price is $2.95 Current Price is $2.91 Difference: $0.04
If NUF meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates NUF as Neutral (3) -

Macquarie notes Nufarm's 1H26 net profit after tax missed expectations on higher interest costs, while seeds performed better than expected and offset a softer result from crop protection.

The market liked the beat in the high-value added seeds business versus crop protection, the analyst highlights.

Strategically, the focus on better margins and value over a volume-based approach was apparent with the earnings (EBITDA) margin up 160bps.

Recent rains in Australia are positive but a looming El-Nino is a potential headwind in coming months, commentary warns. The company is noted for positive trading "momentum" in April and May.

Ag-chem prices are expected to rise more in 2H26 while fish oil prices have improved.

EPS forecasts are tweaked lower for FY26 on higher interest and tax and lower in FY27 for a higher AUD. Neutral retained. Target rises to $3 from $2.70 due to better results from value-added seeds.

Target price is $3.00 Current Price is $2.91 Difference: $0.09
If NUF meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates NUF as Buy (1) -

Nufarm's turnaround strategy is gaining traction, Morgans feels after reviewing interim results. Earnings landed at the upper end of guidance and Seed Technologies delivered a particularly strong performance, in the analyst's view.

The broker highlights Nufarm's strategic shift toward higher-margin products over volume growth, which drove meaningful margin expansion despite lower sales.

Management also upgraded Seed Technologies guidance, supported by stronger Hybrid Seeds earnings and improving contributions from emerging platforms including Omega-3 and bioenergy, commentary notes.

Morgans expects further earnings growth, stronger cash generation and balance sheet deleveraging over coming years.

The broker reiterates its Buy rating and lifts its target to $4.15 from $4.05.

Target price is $4.15 Current Price is $2.91 Difference: $1.24
If NUF meets the Morgans target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates NUF as Upgrade to Buy from Neutral (1) -

UBS upgrades Nufarm to Buy from Neutral with a higher target price of $3.50 from $2.80.

First half results show Crop protection revenue missing consensus by -10% but higher than expected margins moderated the miss to -4%, the analyst explains. A focus on higher value products instead of going after volumes boosted the result.

The broker states Seed Tech continued to turnaround in emerging platforms which was underpinned by Omega-3 and solid growth in hybrid seeds which delivered over a 30% earnings beat.

Against weather impacts in some geographies, Nufarm pointed to more "normalised" trading conditions.

EPS forecasts are lowered by -23% for FY26 and raised 26% for FY27.

Target price is $3.50 Current Price is $2.91 Difference: $0.59
If NUF meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 18.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates NUZ as Speculative Buy (1) -

Morgans views Neurizon Therapeutics' expanded Healey amyotrophic lateral sclerosis (ALS)/MND trial cohort as a net positive, improving the statistical robustness and commercial relevance of the dataset while potentially accelerating timelines.

The broker highlights unusually strong enrolment momentum, with recruitment tracking materially ahead of schedule despite the larger cohort size, and topline results now expected in 3Q 2027.

Importantly, the Healey Center will fund most incremental trial costs, leaving Neurizon's funding requirements unchanged.

While Morgans notes clinical risk remains high given ALS's poor history of late-stage trial success, the broker retains a Speculative Buy rating and 20c target, down from 28c.

Target price is $0.20 Current Price is $0.07 Difference: $0.134
If NUZ meets the Morgans target it will return approximately 203% (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

UBS rates ORG as Buy (1) -

UBS believes softer near-term wholesale electricity prices reflect temporary conditions rather than structural change. The analysts' electricity price forecasts are reduced over FY27 and FY28.

The broker cites strong generation reliability, mild weather, softer domestic gas prices, limited gas-powered generation demand and continued uptake of rooftop solar and battery systems as key contributors to weaker pricing.

UBS argues the longer-term outlook for electricity prices remains supported by coal plant retirements and rapidly rising demand from AI, cloud computing and data centres.

While lower electricity price forecasts reduce near-term earnings expectations for Origin Energy, UBS sees the current valuation as attractive. Target falls by -20c to $13.60. Buy rating maintained.

Origin Energy is preferred over AGL Energy for Australian utilities exposure.

Target price is $13.60 Current Price is $10.96 Difference: $2.64
If ORG meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $11.85, suggesting upside of 9.3% (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 RHC as Neutral (3) -

UBS believes recently introduced bulk-billing incentives are beginning to support stronger GP attendance trends, with Medicare service volumes improving across March and April.

Incentive payments rose 83% year-on-year in April, contributing to around 5% growth in GP visits over the two-month period.

Diagnostic imaging volumes were also particularly strong, the broker observes, driven by ongoing MRI growth following deregulation. Increased CT demand linked partly to the National Lung Cancer Screening Program also assisted.

Hospital procedure volumes improved through March and April, which UBS views as encouraging for Ramsay Health Care. Unchanged $42.90 target and Neutral rating.

Target price is $42.90 Current Price is $37.49 Difference: $5.41
If RHC meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $39.86, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgan Stanley rates SCG as Overweight (1) -

Morgan Stanley explains the listed AREITs in their coverage are trading at an average circa -11% discount to NTA with a wide dispersion range between different segments.

Office REITS including Centuria Office ((COF)) and Dexus ((DXS)) are trading at a -45% and -32% discount, respectively. Scentre Group ((SCG)) and Vicinity Centres ((VCX)) are at a 0% discount and the remaining REITs somewhere in between the analyst details.

The long term average Price/NTA across the REITS analysed stands at 0.97x which infers the sector on average has traded at NTA over the last 10-15 years.

The sector is viewed as looking at an "interesting valuation" and the broker believes asset devaluations like 2022-2024 are unlikely to emerge over the next 6-12 months.

Scentre Group is the preferred exposure in the Retail REITS but at around 1x Price/NTA there may not be much upside the analyst argues.

Target $4.41. Overweight rated. Industry view: In-Line.

Target price is $4.41 Current Price is $3.75 Difference: $0.66
If SCG meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.96, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates SDR as Buy (1) -

In an early take, Citi views today's announcement of SiteMinder's partnership with cloud-based property management system (PMS) provider Mews as strategically positive.

The arrangement reinforces the strength and complexity of SiteMinder's channel management technology, the analysts suggest, despite growing perceptions software is becoming easier to replicate using AI.

The partnership embeds SiteMinder's channel manager natively within the Mews PMS and creates a potential cross-sell opportunity across around 12,000 Mews properties not currently using SiteMinder, Citi explains.

Buy rated with a $6.60 target.

Target price is $6.60 Current Price is $3.02 Difference: $3.58
If SDR meets the Citi target it will return approximately 119% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 96.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates STO as Buy (1) -

UBS suggests Santos' investor briefing day reinforced the company's focus on more capital-efficient growth while supporting stronger shareholder returns.

The broker highlights Santos' decision to constrain capital spending across its Australian domestic oil and gas portfolio. Management is prioritising investment into its three strategic Tier 1 growth regions of Northern Australia, PNG and Alaska.

UBS expects lower Cooper Basin spending and reduced net debt to support stronger dividends from 2027 onwards. Near-term growth projects such as Papua LNG and Pikka Phase 2 are viewed as offering materially higher returns than prior developments.

UBS retains Santos as its preferred Australian energy exposure with an unchanged $8.60 target and Buy rating.

Target price is $8.60 Current Price is $7.89 Difference: $0.71
If STO meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.28, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in December.

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

Bell Potter rates TRJ as Buy (1) -

Trajan Group has signalled that revenue and earnings are likely to be affected amid the strengthening of the Australian dollar since the first half.

Bell Potter observes operating conditions otherwise appear to be in line with expectations set out at the first half result and translation effects will impact the full year.

The vast majority of the company's sales are generated outside Australia and costs are circa 50% domiciled outside Australia. Hence there is no natural hedge. Target falls to $0.75 from $1.05. Buy rating retained.

Target price is $0.75 Current Price is $0.27 Difference: $0.485
If TRJ meets the Bell Potter target it will return approximately 183% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates WEB as Buy, High Risk (1) -

Following yesterday's FY26 results for Web Travel, Citi lowers its target by -20c to $3.70. Buy, High Risk retained as the analysts are cautiously optimistic Web Travel will return to a stronger position.

A summary of the broker's initial research follows.

Today's Web Travel FY26 result was stronger than expected by Citi, despite disruption from the Middle East conflict. Earnings (EBITDA) of around $148m came in modestly ahead of consensus expectations.

At first glance, Bookings and sales both exceeded the broker's forecasts, while the revenue margin improved to 6.8%. A particularly strong second-half exit rate is highlighted, driven by direct contracting and a favourable European mix.

Cash conversion of 107% is also viewed positively, supported by normalising working capital and stronger operating cash flow.

While FY27 visibility remains limited amid ongoing uncertainty, Citi believes management is "controlling the controllables" effectively and notes revenue margin momentum remains encouraging.

Target price is $3.70 Current Price is $2.43 Difference: $1.27
If WEB meets the Citi target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 63.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.8

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

Morgans rates WEB as Upgrade to Buy from Accumulate (1) -

Morgans highlights the resilience of Web Travel's FY26 result despite disruption from the Middle East conflict. Earnings came in near the lower end of guidance but ahead of the consensus expectations.

The broker highlights strong cash conversion, market share gains and improving revenue margins driven by higher direct contracting and pricing benefits.

Commentary notes trading has slowed materially into FY27 amid ongoing geopolitical uncertainty and adverse foreign exchange movements, prompting significant forecast downgrades by the analysts.

Morgans lowers its target to $3.75 from $5.20 but upgrades to Buy from Accumulate following recent share price weakness. The broker expects a weak first half followed by recovery in 2H27.

Target price is $3.75 Current Price is $2.43 Difference: $1.32
If WEB meets the Morgans target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 63.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.8

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

Ord Minnett rates WEB as Buy (1) -

Web Travel's FY26 result showed earnings (EBITDA) growth up 23% which was a slight miss on Ord Minnett's forecast, albeit the company continued to win market share against a challenging macro backdrop.

Management offered a trading update for the first eight weeks of FY27 including total transaction value growth of around 6% or 4% on a constant currency basis. FX has been a circa -10% headwind over the period.

EPS forecasts are downgraded by -18% for FY27 and -15% for FY28 with a lower target of $4.82 from $6.15, previously.

Post the $250m convertible note issuance in April, Web Travel has a net cash position of around $200m. Buy rated.

Target price is $4.82 Current Price is $2.43 Difference: $2.39
If WEB meets the Ord Minnett target it will return approximately 98% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 63.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.8

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

UBS rates WEB as Buy (1) -

UBS assesses a credible FY26 result by Web Travel despite a challenging finish to the year. Second-half revenue-to-total transaction value (TTV) margins of 7.1% materially exceeded the broker's expectation.

The success of management's strategy to increase directly contracted hotels was evident to the analysts, particularly in the US. This win helped offset geographic mix shifts and competitive pricing pressure, UBS explains.

Web Travel also continues to materially outgrow the broader market, driven by stronger conversion rates, customer growth and expansion into new markets, the broker notes.

While short-term uncertainty remains around the Middle East conflict, UBS continues to see valuation support.

Target falls -65c to $4.60. Buy rating maintained.

Target price is $4.60 Current Price is $2.43 Difference: $2.17
If WEB meets the UBS target it will return approximately 89% (excluding dividends, fees and charges).

Current consensus price target is $4.16, suggesting upside of 63.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.8

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