Australian Broker Call

Citi rates ALQ as Buy (1) -

Citi highlights surging mining exploration activity, with further upside likely as drilling metrics accelerated in January and junior financings remained elevated.

The broker's industry feedback suggests northern hemisphere momentum persisted through seasonally weaker December and January, with juniors increasingly deploying capital into Australian exploration ahead of 2026.

ALS Ltd is expected to benefit not only from rising sample volumes but also firmer pricing, as incremental industry capacity utilisation supports margin expansion.

Target $27.30. Buy.

Target price is $27.30 Current Price is $23.85 Difference: $3.45
If ALQ meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $25.09, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in March.

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 AZJ as Downgrade to Neutral from Outperform (3) -

Aurizon Holdings delivered a surprise with first half net profit well ahead of Macquarie's estimates.

Guidance for FY26 of $1.68-75bn reflects an unusual coal yield impact on EBITDA, while the broker points out FY27-28 will have some challenges with the loss of Whitehaven ((WHC)) volumes, the repricing of the KML contract and the end of the GAPE premium.

The focus will turn to the realisation of network policy and capital management while Macquarie believes the core issue is the company's industries are not growing and its market share is flat.

Rating is downgraded to Neutral from Outperform and the target rises to $3.91 from $3.77.

Target price is $3.91 Current Price is $3.94 Difference: minus $0.03 (current price is over target).
If AZJ 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 $3.50, suggesting downside of -12.0% (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

Morgans rates AZJ as Trim (4) -

Morgans describes Aurizon Holdings' interim results as mixed, with dividend and buyback upgrades outweighing unchanged earnings guidance and the non-sale of the Network business.

The broker notes earnings beat consensus and FY26 dividend guidance lifted to 22-23c from 19-22c, implying a circa 6% yield, alongside a $100m buyback addition.

Coal and Bulk improved, yet the analyst cautions on contract risk, rising costs and a FY28 Network revenue reset.

Morgans retains a Trim rating, given medium-term earnings headwinds combined with high capital intensity. The target is raised to $3.23 from $2.89 on updated forecasts and a valuation roll-forward.

Target price is $3.23 Current Price is $3.94 Difference: minus $0.71 (current price is over target).
If AZJ meets the Morgans target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.50, suggesting downside of -12.0% (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

Citi rates BAP as Neutral (3) -

Genuine Parts Company (GPC) is a US-listed automotive and industrial parts distributor. In Australasia, this company owns Repco and NAPA Auto Parts, making it a key competitor to Bapcor in both trade and retail automotive aftermarket segments.

GPC’s strong 4Q25 result suggests to Citi ongoing share losses for Bapcor across trade and retail.

The analysts caution Bapcor faces elevated gearing, board turnover and limited signs of a credible turnaround, while GPC’s planned Automotive and Industrial separation could intensify competition.

Target $2.28. Neutral.

Target price is $2.28 Current Price is $1.72 Difference: $0.565
If BAP meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.15, suggesting upside of 24.7% (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 BBN as Buy (1) -

Baby Bunting’s pro forma 1H26 profit of $5m was broadly in line with Citi's forecast and guidance. It’s felt management is excelling at driving growth via self-help initiatives, thereby making earnings growth less reliant on the macro environment.

The broker explains earnings momentum is supported by store refurbishments and large-format rollout, with over 50% of the network yet to be upgraded.

Expansion remains underpenetrated, the analysts observe, as 35% of Australians lack nearby access. New Zealand is seen inflecting toward profitability, with the media business offering upside.

Buy rating retained and target increased to $4.20 from $3.52.

Target price is $4.20 Current Price is $2.39 Difference: $1.81
If BBN meets the Citi target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $3.30, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

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

Baby Bunting outperformed Macquarie's expectations in the first half amid an improved gross margin and despite a retail environment heavy with promotions. Like-for-like sales growth of 4.7% beat targets and online continues to outperform.

Underlying net profit of $5m was within guidance but missed estimates as cost pressures weighed. The broker points out the business will undergo a riskier period of weaker free cash flow during refurbishments but long-run returns are considered sizeable.

Rating is upgraded to Outperform from Neutral. Target rises to $3.30 from $3.15.

Target price is $3.30 Current Price is $2.39 Difference: $0.91
If BBN meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.30, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgan Stanley rates BBN as Overweight (1) -

Morgan Stanley lifts sales, earnings and capex forecasts for Baby Bunting following a result that saw comparable growth acceleration over 1H26 to 4.7%, exiting at above 6.7% in early 2H25.

The key driver was a refurbishment program that is proving more capital intensive, but nevertheless is producing compelling return, Morgan Stanley notes. The operating performance continues to be delivered at or above plan.

Although capex is higher, the returns remain strong with sales uplift and return on invested capital at the top end of management's expectations.

Gearing is higher, but commentary highlights Baby Bunting was proactive in terms of cutting the dividend.

Overweight and $3.60 target retained. Industry view: In Line.

Target price is $3.60 Current Price is $2.39 Difference: $1.21
If BBN meets the Morgan Stanley target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $3.30, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgans rates BBN as Hold (3) -

Baby Bunting’s 1H26 pro-forma profit rose 4% to $5m, mid-guidance, supported by like-for-like growth and margin expansion, explains the analyst at Morgans.

The result is seen as positioning refurbished stores as a key driver. The broker explains nine refurbished stores delivered 25% sales growth, while FY26 NPAT guidance narrowed to $17.5-19.5m and capex increased.

Gross margins reached 41%, up 124bps on the prior year, yet the analyst cautions higher operating costs temper near-term leverage, and makes only modest forecast revisions.

Driven by lower peer multiples, Morgans' target falls to $2.60 from $2.70. Hold retained.

Target price is $2.60 Current Price is $2.39 Difference: $0.21
If BBN meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.30, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates BBN as Upgrade to Accumulate from Hold (2) -

Ord Minnett lowers its target to $2.80 from $2.95 for Baby Bunting, but upgrades to Accumulate from Hold following a solid 1H26 result.

Profit rose 4% to $5.0m on sales of $271.4m, with gross margin expanding 124bps to 41%, though higher costs limited upside, explains the analyst.

Full-year profit guidance was narrowed to $17.5-19.5m, implying a stronger second half, while comparable sales momentum continued into 2H26, highlights the broker.

Ord Minnett's FY26 profit forecasts are largely unchanged, with FY27 and FY28 lifted by 5% and 3%, respectively. 

Target price is $2.80 Current Price is $2.39 Difference: $0.41
If BBN meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.30, suggesting upside of 40.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates BHP as Neutral (3) -

BHP’s interim earnings (EBITDA) of $15.5bn and free cash flow (FCF) of $4.3bn beat consensus forecasts, highlights Citi, though EPS missed by -6% on higher tax. Overall, the result is seen as supportive of earnings momentum.

The broker highlights upgraded copper guidance at Escondida for FY26 and FY27, with unit costs expected at the lower end.

The dividend of US73c exceeded the consensus expectation for US63c, the analysts note, implying a 60% payout ratio.

The analysts see potential for positive earnings revisions by consensus in FY26 and FY27 for underlying earnings.

Buy rating. Target rises to $52 from $48.

Target price is $52.00 Current Price is $52.74 Difference: minus $0.74 (current price is over target).
If BHP meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $51.58, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Macquarie rates BHP as Neutral (3) -

Further to the first half result from BHP Group, Macquarie incorporates the Filo technical report outcomes and integrates the latest infrastructure and streaming deals.

Estimates for FY26 EPS are lifted 2% and a Neutral rating is reiterated. Target edges up to $52 from $51.

The broker considers the result a significant milestone in the evolution of the company, showing a growth pathway in copper with the longer-term growth trajectory and funding pathways apparent.

Yield investors needs were also met via a higher payout ratio.

Target price is $52.00 Current Price is $52.74 Difference: minus $0.74 (current price is over target).
If BHP 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 $51.58, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Morgan Stanley rates BHP as Overweight (1) -

BHP Group's dividend of US0.73c beat consensus by 21.7% as the payout rose to 59.7%, Morgan Stanley notes. BHP has paid an extra US$800m supported by asset sales.

BHP has sold its stream of silver from Antamina (33.75% owned) up to 100Moz. Along with the recent infrastructure sale, the silver streaming sale will unlock some US$6bn cash to focus on shareholder returns and growth, Morgan Stanley notes.

Jansen Stage 1 is 75% complete with mid-2027 first production intact. Escondida optimisation is improving throughput and timing. Copper growth phases are progressing and Vicuna studies advancing toward potential Stage 1 sanction.

Overweight and $55.50 target retained. Industry view: Attractive.

Target price is $55.50 Current Price is $52.74 Difference: $2.76
If BHP meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $51.58, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Morgans rates BHP as Hold (3) -

Morgans highlights BHP’s "strong" 1H26 result, driven by copper and a "savvy" US$4.3bn Antamina deal. This silver transaction is seen as offsetting Jansen (potash) cost overruns and supporting capital management flexibility.

Management announced a US$4.3bn upfront silver streaming agreement with Wheaton Precious Metals over its 33.75% Antamina stake, the largest upfront streaming deal to date, highlight the analysts.

Wheaton will also pay 20% of prevailing spot silver prices per ounce.

Returning to results, revenue, earnings and profit beat the broker's forecasts, while the US73c interim dividend exceeded expectations, implying a 60% payout.

Combined with the Global Infrastructure Partners (GIP) power deal, the analysts expect over US$6bn in 2H cash inflows, strengthening balance sheet flexibility and copper growth funding.

Morgans retains a Hold rating and raises its target to $49.00 from $48.60.

Target price is $49.00 Current Price is $52.74 Difference: minus $3.74 (current price is over target).
If BHP meets the Morgans target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $51.58, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

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: 0.3

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

Ord Minnett rates BHP as Accumulate (2) -

Ord Minnett increases its target for BHP Group to $54.00 from $51.00 and retains an Accumulate rating following a strong 1H26 result.

The broker highlights copper earnings rose 59% year-on-year, overtaking iron ore as the largest earnings contributor, while the interim dividend beat expectations.

Guidance for FY26 copper production was tightened to 1.9-2.0Mt, with iron ore guidance unchanged. The US$4.3bn Antamina silver streaming deal is estimated to add circa $0.45c to the share price.

The broker's EPS forecasts rise by 4.9%, 4.0% and 4.4%, respectively, across FY26-28.

Target price is $54.00 Current Price is $52.74 Difference: $1.26
If BHP meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $51.58, suggesting downside of -1.4% (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: 0.3

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

Macquarie rates BSL as Outperform (1) -

The SGH Ltd ((SGH))/Steel Dynamics bid for BlueScope Steel has been raised today to $32.35 cents per share.

Reversing recent dividends, the offer equates to $34 per share, explains Macquarie, up 14% from an adjusted initial bid.

The revised offer, effectively adds $4 per share to the prior $30 bid, to more appropriately reflect  the latent value of BlueScope's property portfolio, according to the broker.

Outperform. Target $33.80.

Target price is $33.80 Current Price is $28.00 Difference: $5.8
If BSL meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $28.58, suggesting downside of -0.6% (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

Citi rates CGF as Buy (1) -

In the wake of Challenger's interim results, Citi lowers its target to $10.00 from $10.25 and retains a Buy rating.

A summary of yesterday's research by Citi follows.

Citi's early assessment is Challenger's H1 represents a "small miss" with lower CoE margin and weaker quality sales to blame, but a $150m share buyback and bigger picture are more positive, the broker adds.

Tighter credit spreads translates into significantly lower investment yields in the half, commentary highlights. Luckily, stronger transaction and placement fees in Funds Management tempered the impact.

Management has reaffirmed FY26 guidance of $455m-$495m.

Target price is $10.00 Current Price is $8.22 Difference: $1.78
If CGF meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $9.76, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

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

Challenger's 1H26 normalised earnings were -3% below consensus and grew just 2% year on year on lower margins, Morgan Stanley notes. Challenger maintained FY26 guidance of 4% growth at the mid-point. Consensus is at 4.5%.

The cost of equity (COE) margin fell -31bps half on half to 2.95% and missed consensus by -20bps, but Challenger wrote larger volumes of one-year business to compensate. Higher rates should help the COE margin, Morgan Stanley suggests.

Annuity net book growth of 7.4% was well ahead of 2.5% consensus on shorter duration sales. Funds Management saw -$5bn of 2Q outflows, offset by $12.4bn acquisitions.

Morgan Stanley retains Equal-weight and an $8.70 target. Industry view: In Line.

Target price is $8.70 Current Price is $8.22 Difference: $0.48
If CGF meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.76, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates CGF as No Rating (-1) -

UBS notes Challenger's 1H26 normalised NPAT of $229m was -2.6% below consensus, which the broker attributes to Life margin compression from lower credit spreads, while statutory NPAT of $339m was ahead on stronger investment gains.

Life earnings (EBIT) was -4% below consensus as cash operating margins fell -16bps y/y to 2.95%, reflecting tighter credit spreads and a higher allocation to liquid assets.

UBS highlights strong sales momentum, with 1H26 Life sales of $5.1bn 12% ahead of consensus and annuity sales of $3.8bn, 23% ahead, supported by institutional fixed term and Japan sales.

Management's FY26 basic EPS guidance of 66–72c was maintained, with the implied 1H/2H split broadly consistent with prior years and Life maturity guidance reaffirmed at 23%.

A 15.5c interim dividend was declared and a $150m buyback announced, which UBS views as an initial signal of ongoing surplus capital management.

UBS is on research restrictions.

Current Price is $8.22. Target price not assessed.

Current consensus price target is $9.76, suggesting upside of 9.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates DRR as Outperform (1) -

Macquarie found the first half result from Deterra Royalties mixed, as earnings were somewhat weak but net debt was better and the distribution was strongly ahead of estimates at 12.4c per security, with an implied payout ratio of 75%.

The company is targeting first production in 2027 from Thacker Pass which has been de-risked with US$435m first draw on a US loan. Macquarie retains an Outperform rating and $4.70 target.

Target price is $4.70 Current Price is $4.31 Difference: $0.39
If DRR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.47, suggesting upside of 3.2% (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

Citi rates DXS as Neutral (3) -

On first look, Dexus reaffirmed FY26 adj funds from operations guidance of 44.5–45.5cps, broadly in line with Citi and  consensus expectations.

The broker notes 1H26 adj funds from operations of 23.6cps was in line, while the 19.3cps distribution was 2% ahead of consensus.

Citi highlights a 1.0% uplift in portfolio valuations over the half, with office up 0.7% and industrial up 1.6%, while occupancy remained stable at 92.2% for office and improved slightly to 97.0% for industrial.

Improved platform momentum, including a -$1bn reduction in the redemption queue supported by $1.4bn of divestments, alongside an ongoing share buyback was highlighted.

 Neutral rating and $7.80 target price.

Target price is $7.80 Current Price is $6.31 Difference: $1.49
If DXS meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $7.36, suggesting upside of 9.3% (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

Macquarie rates DXS as Outperform (1) -

Today, management at Dexus delivered an interim adjusted funds from operations (AFFO) beat, up 3.6% versus Macquarie forecasts, driven by stronger trading profits.

The company reaffirmed FY26 AFFO guidance of 44.5-45.5cps and launched a new on-market buyback of up to 10%.

Office occupancy improved to 92.2% from 91.2% in the September quarter of 2025, while industrial effective income growth rebounded to 8.7% from -1% in FY25, explains the broker in an early analysis.

Target $7.38. Outperform.

Target price is $7.38 Current Price is $6.31 Difference: $1.07
If DXS meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.36, suggesting upside of 9.3% (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 DXS as Neutral (3) -

In an early glance, UBS notes Dexus today delivered a slight 1H26 beat versus consensus, with funds from operations (FFO) of $352.2m and management reaffirmed FY26 guidance.

The broker highlights stable office occupancy at 92.2%, solid industrial net operating income (NOI) growth of 8.7% and a $36.2bn funds under management (FUM) base, alongside a proposed 10% buyback.

Office incentives rose, observe the analysts, limiting effective growth, while gearing increased to 33.9%.

Neutral rating and $7.34 target.

Target price is $7.34 Current Price is $6.31 Difference: $1.03
If DXS meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.36, suggesting upside of 9.3% (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

Citi rates FBU as Neutral (3) -

At first glance, Citi notes Fletcher Building has reported a softer 1H26 result, with adjusted earnings (EBIT) of NZ$145m around -3% below consensus after adjusting for discontinued construction operations.

Citi notes Light Building Products outperformed with earnings (EBIT) of NZ$108m versus NZ$97m expected, offset by material misses in Distribution, earnings( EBIT) down -NZ$4m versus NZ$3m expected, and Residential earnings (EBIT) NZ $12m versus NZ$22m expected.

Net debt rose to NZ$1.2bn from NZ$1.0bn at 2H25, reflecting Residential land purchases, while FY26 capex guidance was trimmed to -NZ$290m–NZ$310m from -NZ$320m–NZ$340m previously.

The broker highlights ongoing market share gains in Light Building Products and potential construction sale proceeds of around NZ$300m–NZ$315m, but sees limited evidence of broader recovery with improvements not expected until calendar 2027. 

Neutral. Target NZ$3.50.

Current Price is $3.01. Target price not assessed.

Current consensus price target is $2.89, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in NZD. 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

Shaw and Partners rates GHM as Buy (1) -

Golden Horse Minerals has hit visible gold in its first diamond drill hole of 2026 at Hopes Hill, intersecting mineralisation 200m down-dip beneath the historic pit.

Shaw and Partners notes the discovery sits in a footwall quartz-sericite schist previously discounted as a primary gold target, supporting an updated structural model and implying meaningful upside across the 1.3km strike of Hopes Hill Main.

Initial assays returned 4.0m at 4.6 g/t Au, including 1.1m at 8.6 g/t Au, while deeper drilling also extended the system with 17.0m at 1.30 g/t Au, including 6.62m at 2.58 g/t Au, at 345m vertical depth.

The broker highlights Golden Horse is scaling activity with the onsite fleet lifted to five rigs to accelerate its 125km 2026 drilling program across infill and regional targets.

Buy is maintained with a $1.50 target, and Shaw also reiterates its gold price forecasts of US$6,000/oz in 2026 and US$6,500/oz in 2027.

Target price is $1.50 Current Price is $0.69 Difference: $0.81
If GHM meets the Shaw and Partners target it will return approximately 117% (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

Macquarie rates GNC as Neutral (3) -

In an initial assessment, Macquarie notes GrainCorp provided limited new information at its AGM. Management reiterated FY26 earnings (EBITDA) guidance of $200-240m and underlying profit of $20-50m.

The broker notes subdued supply chain margins amid global grain oversupply, with structural market share pressures weighing on volumes.

A $75m buyback has been extended to March 2027, supported by a strong balance sheet, highlights the analyst.

Target $6.60. Neutral rating.

Target price is $6.60 Current Price is $5.86 Difference: $0.74
If GNC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.19, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in September.

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

Ord Minnett rates GPT as Accumulate (2) -

Ord Minnett retains its Accumulate rating and $5.35 target on GPT Group following a solid 2025 result.

The broker highlights group net property income (NPI) growth of 6.3% and a 14% rise in external assets under management (AUM), despite higher gearing and a -90bps fall in occupancy to 98.5%.

Retail and logistics delivered 5.1% NPI growth, observes the analyst, while office led with 8.5%, supported by improved leasing spreads.

Ord Minnett's forecasts for fund from operations (FFO) are trimmed by -0.8% for 2026 and by around -2% across 2027-28.

Target price is $5.35 Current Price is $5.03 Difference: $0.32
If GPT meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.85, suggesting upside of 15.1% (ex-dividends)

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

Bell Potter rates HCW as Buy (1) -

HealthCo Healthcare & Wellness REIT announced its 1H26 result with funds from operations -13% below  consensus.

No FY26 is guidance provided given the ongoing Healthscope receiver-led process, but it is expected distributions will recommence once this is resolved.

The Healthscope receiver-led process remains the key determinant in potential pathways ahead, Bell Potter notes, particularly in regards to the Unlised Healthcare Fund equity investment and the REIT's distribution’s recommencing.

The REIT trades at a material -50% discount to net tangible asset valuation which is the widest in Bell Potter's sector coverage, notwithstanding 26bps of cap rate expansion at the result and additional detail on potential asset devaluations which implies a higher valuation.

Target falls to 95c from $1.00, Buy retained.

Target price is $0.95 Current Price is $0.70 Difference: $0.25
If HCW meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 12.7% (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 HCW as Neutral (3) -

HealthCo Healthcare & Wellness REIT completed $77m in asset sales at a -5% discount to the June 2025 book value in the first half, resulting in gearing of 28.5%.

The company does not anticipate further disposals and Macquarie estimates gearing would be around 32% if the upper end of the flagged -10-15% Healthscope asset valuations occurs.

The broker calculates the share price is implying a -40% fall in the asset value of Healthscope, suggesting a binding agreement is required to drive a re-rating.

Uncertainty around the potential outcome of the process keeps Macquarie on a Neutral footing, while the target edges down to $0.77 from $0.79.

Target price is $0.77 Current Price is $0.70 Difference: $0.07
If HCW meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 12.7% (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 HCW as Underweight (5) -

Morgan Stanley notes the key overhang for HealthCo Healthcare & Wellness REIT remains post the 1H26 result - the uncertainty as to the longer-term well-being of its leases to Healthscope. 

To date, the REIT has only had correspondence with Healthscope's Receivers, and is yet to receive a formal rent proposal from the restructured hospital operator.

HealthCo Healthcare & Wellness reported 1H26 funds from operations of $12.3m, with its unlisted healthcare fund not paying a distribution.

Morgan Stanley acknowledges the REIT has a strategy to put in alternate tenants across its Healthscope assets, but the timing of resolution remains uncertain.

Underweight retained, target falls to 73c from 89c. Industry view: In-Line.

Target price is $0.73 Current Price is $0.70 Difference: $0.03
If HCW meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 12.7% (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 HSN as Buy (1) -

Today's interim results by Hansen Technologies showed a 4% increase in cash earnings (EBITDA) and profit (NPATA) rising by 19%, both ahead of consensus, highlights UBS.

In an early assessment, the broker notes margin expansion and strong Support & Maintenance revenue growth of 16% year-on-year despite softer licence sales.

Guidance implies to the analysts 2H26 revenue growth of circa 14% half-on-half and a FY26 earnings margin of around 30%, above market expectations. 

Buy rating and $7.50 target.

Target price is $7.50 Current Price is $4.40 Difference: $3.1
If HSN meets the UBS target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $7.12, suggesting upside of 38.8% (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

Citi rates IMD as Buy (1) -

Citi highlights surging mining exploration activity, with further upside likely as drilling metrics accelerated in January and junior financings remained elevated.

The broker's industry feedback suggests northern hemisphere momentum persisted through seasonally weaker December and January, with juniors increasingly deploying capital into Australian exploration ahead of 2026.

Imdex is expected to benefit, potentially more than in prior cycles, given its expanding service suite is lifting share of wallet.

Target $4.20. Buy.

Target price is $4.20 Current Price is $3.80 Difference: $0.4
If IMD meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting downside of -2.3% (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

Macquarie rates JDO as Outperform (1) -

Judo Capital is guiding to a 3.15% margin in the second half, with the results due August 18, and Macquarie suspects there is further upside to this number, supported by sustained favourable deposit spreads.

The company's key differentiation versus peers is underwriting, yet the broker envisages greater opportunities to improve returns via the deposit book.

Macquarie increases the target to $2.05 from $2.00 and forecasts ROTE of more than 10% by FY28. Outperform maintained.

Target price is $2.05 Current Price is $1.90 Difference: $0.155
If JDO meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.19, suggesting upside of 21.0% (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 JDO as Overweight (1) -

Judo Capital posted a solid result, Morgan Stanley suggests, broadly in line with consensus, and incremental upgrades to loan and margin guidance should support the earnings outlook and share price in the broker's view.

Judo met expectations in 1H26, delivering a 1.4ppt half on half lift in return on equity, and reaffirmed FY26 profit growth guidance. Trends in key operating metrics also give Morgan Stanley confidence in the FY27 outlook.

The broker has an Overweight rating due to the combination of strong earnings growth, a rising return on equity and attractive multiples. Target unchanged at $2.20. Industry view is In-Line.

Target price is $2.20 Current Price is $1.90 Difference: $0.305
If JDO meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.19, suggesting upside of 21.0% (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

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

Following Judo Capital's interim results, Morgans raises its target by 7c to $2.09 and downgrades to Accumulate from Buy given recent share price strength.

Judo delivered strong 1H26 profit growth, highlighting to the broker expanding operating leverage. This performance is seen as supporting double-digit return on equity (ROE) potential into FY27.

FY26 profit (PBT) guidance is unchanged.

The analyst notes improved loan originations and higher net interest margin (NIM) guidance of circa 3.15%, though rising attrition and impairment trends warrant monitoring.

Target price is $2.09 Current Price is $1.90 Difference: $0.195
If JDO meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.19, suggesting upside of 21.0% (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

Ord Minnett rates JDO as Buy (1) -

Ord Minnett increases its target for Judo Capital to $2.40 from $2.20 after raising EPS forecasts by 2.6%, 2.0% and 3.1%, respectively, across FY26-28, and reiterates a Buy rating following a strong 1H26 result.

The broker highlights 15% loan growth, 22% revenue growth and a 48% rise in pre-provision profit, though notes the $13.4bn loan book remains short of scale targets.

Elevated 33% annualised attrition and cost pressures are seen by the broker as key hurdles to achieving a 13% return on equity (ROE).

Target price is $2.40 Current Price is $1.90 Difference: $0.505
If JDO meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.19, suggesting upside of 21.0% (ex-dividends)

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

UBS rates JDO as Buy (1) -

On further inspection, UBS retains a Buy rating and lifts the target to $2.25 from $2.20 with earnings forecast tweaked slightly, up 0.8% for FY26 and down 0.2% for FY27.

****

Upon first glance, 1H26 is in line, and considered a positive, and UBS expects stronger earnings momentum into 2H26.

Commentary highlights PPOP $127m (in line), loan impairment -$40m (below UBS), cash NPAT $60m with diluted EPS 5.0cps (in line with consensus).

As far as banking metrics go, NII rises 9.9% hoh to $236m on loan growth, while NIM is 3.03% (-1bp hoh) and remains above management’s at least 3% target.

UBS notes CET1 is 12.6% and management tightens FY26 guidance to GLA $14.4–14.7bn with NIM 3.00–3.10%, CTI smaller than 50%, cost of risk 60–65bps and PBT $180–190m.

UBS keeps its rating on Buy with price target of $2.20; forecasts are broadly unchanged aside from reflecting the tighter guidance ranges.

Target price is $2.25 Current Price is $1.90 Difference: $0.355
If JDO meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.19, suggesting upside of 21.0% (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 KYP as Buy (1) -

Kinatico's 1H26 earnings were -10% below Bell Potter's forecast  but consistent with consensus. The key driver of the miss was lower capitalised R&D than forecast. There was no interim dividend and the broker did not expect any.

Kinatico does not provide guidance. The company highlighted that its early adoption of AI makes it an AI disruptor and its competitive position is protected by multiple reinforcing layers including having AI at the core of its new Kinatico Compliance (KC) product.

Potential catalysts include the Q3 update in April where Bell Potter expects further growth in SaaS revenue but the key catalyst is more likely to be the Q4 update where the broker expects more significant growth driven by the successful conversion of some large customers to the new KC platform.

Target falls to 40c from 45c, Buy retained.

Target price is $0.40 Current Price is $0.19 Difference: $0.21
If KYP meets the Bell Potter target it will return approximately 111% (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

Shaw and Partners rates KYP as Buy (1) -

Kinatico's 1H26 earnings (EBITDA) and cash earnings (EBITDA) beat Shaw and Partners' forecasts by $400k and $500k, respectively driven by lower costs than expected.

Management had already flagged financial metrics with annual recurring revenue of $19.7m, up 41% y/y, SaaS revenue of $9.7m, up 50% y/y and total revenue of $17.6m, up 13% y/y.

The company has now estimated to have been cash positive for two consecutive halves and early traction in the new Kinatico Compliance platform, with around 35 SMB customers signed and the large customer pipeline up 50% to circa $10m.

Kinatico is viewed as using AI to disrupt rather than be disrupted, pointing to agent-enabled platform architecture, a pricing model not tied to admin users, and over 50% uplift in development velocity.  

Shaw and Partners reiterates its Buy rating with a $0.46 target.

Target price is $0.46 Current Price is $0.19 Difference: $0.27
If KYP meets the Shaw and Partners target it will return approximately 142% (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

Macquarie rates LOT as Outperform (1) -

Macquarie resumes coverage of Lotus Resources after a short restriction with an Outperform rating and $3 target. The business has strengthened its balance sheet with another injection of equity and can now focus on the Kayelekera ramp up.

The processing plant is performing well and completion of the asset plant should be positive, helping to optimise cost structures and reduce reliance on  third-party supply. An implied uranium price of US$55/l b provides room for a re-rating and/or M&A appeal, Macquarie suggests.

Target price is $3.00 Current Price is $1.93 Difference: $1.07
If LOT meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $3.53, suggesting upside of 79.4% (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

Macquarie rates MFG as Underperform (5) -

In an initial take, Macquarie highlights Magellan Financial's 1H26 underlying EPS of 48.6cps beat the consensus expectation by 23%, driven by stronger associate profits.

Associate earnings, particularly from Barrenjoey, contributed around 31% of profit and materially outperformed, explains the analyst.

The broker highlights Investment Management revenue of $106.9m and profit (PBT) of $54.5m both missed its own forecasts on weaker margins and no performance fees.

Underperform rating and $8.30 target.

Target price is $8.30 Current Price is $8.13 Difference: $0.17
If MFG meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.29, suggesting upside of 1.7% (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

Citi rates MGR as Buy (1) -

At first glance, Mirvac Group has reported 1H26 EPS of 6.3c, which Citi notes was 8% ahead of consensus, driven by capital partnering profits, including the Harbourside joint venture.

Management's FY26 EPS guidance of 12.8–13.0c is unchanged, while 835 residential settlements missed expectations and the analyst expects deliveries to be skewed to 2H26.

Commentary highlights strong residential sales momentum, with 1,304 lots exchanged in 1H26, up 38% y/y. Mirvac maintains guidance for 2,000–2,300 settlements in FY26 with more than 90% of target lots secured.

Citi also points to margin improvement excluding impaired lots, with underlying gross margin of 22.5% versus reported 17.3%

Buy. Target $2.60.

Target price is $2.60 Current Price is $1.93 Difference: $0.67
If MGR meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 18.1% (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

Macquarie rates MGR as Outperform (1) -

Today's interim result by Mirvac Group revealed operating EPS of 6.3cps, 9% above consensus and 14.5% ahead of Macquarie's forecast, driven by stronger Development and Funds earnings.

In an early analysis, the broker notes residential sales momentum improved and 90% of FY26 settlements were secured. Gearing fell to 25.8% from 26.6% at June 2025, while office, retail and industrial occupancy remained resilient. 

FY26 operating EPS guidance of 12.8-13.0 was reaffirmed.

Outperform. Target $2.65.

Target price is $2.65 Current Price is $1.93 Difference: $0.72
If MGR meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 18.1% (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 MGR as Neutral (3) -

Mirvac Group's 1H26 result (released today) beat UBS' expectations, with operating profit after tax of $248m and operating EPS of 6.3c ahead of consensus.

In an early assessment, the analysts note stronger residential and commercial development earnings (EBIT) and lower interest costs, while retail and industrial portfolios performed in line.

Guidance for FY26 operating EPS of 12.8–13.0c and a dividend of 9.5c was reaffirmed. 

Target $2.15. Neutral rating.

Target price is $2.15 Current Price is $1.93 Difference: $0.22
If MGR meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 18.1% (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 MPL as Neutral (3) -

UBS has reviewed the approved 1-Apr-26 private health insurance premium rate rises and estimates the premium-weighted average increase of 4.47% is around -20bps below the 4.7% required to sustain industry margins, implying moderate margin compression ahead.

However, the analyst believes larger-than-expected rises for Medibank Private at 5.1% versus 4.25% expected and nib Holdings ((NHF)) at 5.47% versus 5.0% expected reduce margin compression risks for the listed insurers.

The broker suggests Medibank can sustain net margins of around 9.0% and nib can maintain ARHI margins within its 6-7% target range despite potential hospital benefits ratio pressure. 

UBS has a Neutral rating and $5.15 target price on Medibank Private.

Target price is $5.15 Current Price is $4.52 Difference: $0.63
If MPL meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates NAB as Sell (5) -

On first inspection, National Australia Bank has delivered 1Q26 cash earnings of $2.02bn, which Citi notes was around 10% ahead of consensus run-rate expectations, driven by stronger revenue and lower bad debts.

Total revenue of circa $5.6bn was around 6% ahead of Citi, with Markets and Treasury revenue around 30% above the 2H25 average, while ex-M&T revenue was also 2%-3% ahead on stronger deposit outcomes and volume growth.

Costs of -$2.5bn were in line, while the bad and doubtful debt charge of -$170m, or -8bps of GLA, was well below Citi’s -$249m estimate.

Citi estimates that excluding the M&T upside and lower bad debts, the underlying result was still a 4%-5% beat versus implied consensus expectations.

Sell. Target $38.

Target price is $38.00 Current Price is $45.34 Difference: minus $7.34 (current price is over target).
If NAB meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.66, suggesting downside of -16.1% (ex-dividends)

The company's fiscal year ends in September.

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

UBS rates NHF as Neutral (3) -

UBS has reviewed the approved 1-Apr-26 private health insurance premium rate rises and estimates the premium-weighted average increase of 4.47% is around -20bps below the 4.7% required to sustain industry margins, implying moderate margin compression ahead.

However, the analyst believes larger-than-expected rises for Medibank Private ((MPL)) at 5.1% versus 4.25% expected and nib Holdings at 5.47% versus 5.0% expected reduce margin compression risks for the listed insurers.

The broker suggests Medibank can sustain net margins of around 9.0% and nib can maintain ARHI margins within its 6-7% target range despite potential hospital benefits ratio pressure. 

UBS has a Neutral rating and $7.60 target price on nib Holdings.

Target price is $7.60 Current Price is $6.38 Difference: $1.22
If NHF meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 12.2% (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

Macquarie rates NIC as Outperform (1) -

Macquarie highlights from today's operating update, Nickel Industries has secured a 2026 Rencana Kerja dan Anggaran Biaya (RKAB) quota of 14.3mt for Hengjaya in Indonesia, up around 60% on 2025.

In an early assessment, the broker notes the allocation supports both RKEF and HPAL operations, exceeding subdued market expectations amid broader Indonesian quota cuts.

Tightened national quotas are seen as supportive of higher nickel prices, with January earnings for Nickel Industries of around US$50m signaling upside to the analyst's forecasts.

Target $1.10. Outperform.

Target price is $1.10 Current Price is $0.96 Difference: $0.14
If NIC meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.19, suggesting upside of 17.8% (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: 0.8

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

Citi rates NWL as Buy (1) -

At first look, Netwealth Group reported underlying NPAT of $68m, up 20% y/y and 5% ahead of Citi and consensus, driven by stronger revenue and a lower effective tax rate.

The analyst notes revenue was 1%–2% ahead of expectations despite a slightly lower revenue margin of 31.1bps, supported by transaction revenue growth of 21% y/y.

The broker highlights progress in the broker and private wealth opportunity, with a soft launch of individual HIN capability underway and a public launch expected this quarter.

Earnings (EBITDA) margin of 49.5% was down -30bps y/y but marginally ahead of forecasts, while operating cash flow missed due to higher cash tax payments.

Buy-rated with $28.90 target.

Target price is $28.90 Current Price is $22.32 Difference: $6.58
If NWL meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $30.67, suggesting upside of 19.8% (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 NWL as Neutral (3) -

Netwealth Group's 1H26 underlying profit of $96.7m beat consensus expectations by 8%, notes UBS. 

In a first reaction to today's release, the broker explains the positive outcome was driven by stronger platform revenues, revaluation gains for financial planning and client engagement Flux Software, and a lower tax rate.

The analysts highlight an earnings (EBITDA) margin of 49.9%, though guidance implies moderation to around 49% in FY26 amid increased investment.

FY26 net flows are expected to broadly match FY25’s $15.4bn, with funds under administration (FUA) reaching $127.3bn.

Neutral rating and $28.50 target price.

Target price is $28.50 Current Price is $22.32 Difference: $6.18
If NWL meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $30.67, suggesting upside of 19.8% (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

Morgan Stanley rates OML as Overweight (1) -

oOh!media's 2025 revenue and earnings growth were pre-announced and in line with consensus.

Advertising expenditure in Australia has never been more competitive, Morgan Stanley notes. Every Outdoor, TV, radio and print company must fight the large global digital players like Google, Meta, etc.

To do so requires increasingly sophisticated data and analytics, just to match the more measurable return on investment for advertisers which big tech promises.

For oOh!media's shares to outperform, Morgan Stanley believes the company needs to deliver positive surprise in revenue growth and earnings revisions.

Target falls to $1.55 from $1.80, Overweight retained. Industry view: Attractive.

Target price is $1.55 Current Price is $1.07 Difference: $0.485
If OML meets the Morgan Stanley target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting upside of 44.0% (ex-dividends)

The company's fiscal year ends in December.

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

Macquarie rates QAL as Outperform (1) -

Qualitas delivered first half earnings that were in line with forecasts. FY26 net profit guidance has been reiterated at $60-66m with EPS guidance edging down -0.7% to 13.9-15.3c per security.

Macquarie is positive regarding the structural drivers that underpin the business as well as the quality of the platform. Opportunities are seen shifting towards larger investments, with around 78% of deals in the year to date at over $100m.

Target is raised to $4.16 from $4.04 and an Outperform rating is maintained.

Target price is $4.16 Current Price is $3.28 Difference: $0.88
If QAL meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).

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

Citi rates QRI as Buy (1) -

Following interim results for Qualitas Real Estate Income Fund, Citi notes the business continues to benefit from its portfolio generating strong margins above the RBA cash rate with no interest arrears or impairments.

With a 65% loan-to-value ratio and short maturities, the analysts see downside protection, requiring a -35% portfolio decline to breach net asset value (NAV).

Buy. Target $1.60. The broker anticipates an attractive dividend yield for the fund in FY26.

Target price is $1.60 Current Price is $1.58 Difference: $0.02
If QRI meets the Citi target it will return approximately 1% (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

Macquarie rates RWC as Outperform (1) -

First half results from Reliance Worldwide missed Macquarie's expectations. Guidance is also considered soft (flat revenue growth in FY26 and lower EBITDA margin) as market conditions remain weak across all regions.

The business is well-positioned for a recovery in volume alongside improvements in pricing so the broker believes any signs of a recovery will be positive for the stock.

Valuation is considered attractive given the leverage to an improvement in the outlook and an Outperform rating is retained. Target is reduced to $4.75 from $5.20.

Target price is $4.75 Current Price is $3.50 Difference: $1.25
If RWC meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.2

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

Morgans rates RWC as Hold (3) -

Reliance Worldwide’s interim result missed Morgans' expectations amid weak housing markets and tariff-related cost pressures. It’s felt results are unlikely to improve materially in 2H26.

Sales fell -5% and earnings declined -23%, prompting FY26-28 earnings forecast downgrades by the broker of between -4% to -5%. Tariff mitigation is expected to aid margins.

While copper substitution and new Poland and Mexico facilities aim to lower volatility, the analyst cautions recovery timing remains uncertain.

Morgans retains a Hold rating and lowers its target to $3.65 from $4.50.

Target price is $3.65 Current Price is $3.50 Difference: $0.15
If RWC meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.2

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

Ord Minnett rates RWC as Hold (3) -

Ord Minnett retains its Hold rating on Reliance Worldwide following a weaker 1H26 result, with profit down -31% to US$52.2m and revenue -5% to US$645.4m, slightly below the analyst's forecasts.

The broker highlights earnings (EBITDA) fell -23% to US$111.4m, with the earnings margin contracting by -400bps to 17.3%.

FY26 tariff impacts of -US$25-30m were reaffirmed. Management expects 2H26 trading to mirror 1H26, with flat FY26 revenue and ongoing tariff and commodity pressures.

The broker's FY27 and FY28 earnings forecasts are reduced by -9% and -5%, respectively. The target is reduced to $4.00 from $4.55.

Target price is $4.00 Current Price is $3.50 Difference: $0.5
If RWC meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.2

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

UBS rates RWC as Neutral (3) -

UBS labels Reliance Worldwide's 1H26 result mixed, with group EBITDA -5% below consensus as APAC and EMEA softness offsets an Americas margin beat, while US and UK housing volumes remain muted.

Commentary notes group sales declined -5% to US$645m, underlying EBITDA fell -23% to US$111m and UNPAT by -31% to US$52m; with an interim dividend of 2.0cps (unfranked).

UBS highlights Americas EBITDA at US$69m (4% above consensus) but margins are down on tariffs/weaker end markets and customer destocking, while APAC (US$13m) and EMEA (US$33m) miss on competition/mix and higher UK labour plus manufacturing investment.

Management has guideed to 2H sales growth at mid-single digits and FY26 sales broadly flat, but FY26 adjusted EBITDA margin lower y/y; the group tariff impact is guided at -US$25–30m with capex -US$25–30m.

UBS notes the 2H EBITDA outlook looks a touch below its own forecast and below consensus and lowers its target price to $3.90 from $4.15 while retaining a Neutral rating.

Target price is $3.90 Current Price is $3.50 Difference: $0.4
If RWC meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.13, suggesting upside of 20.6% (ex-dividends)

The company's fiscal year ends in June.

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: 0.2

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

Citi rates SEK as Buy (1) -

Share price weakness for Seek post the conference call with analysts likely reflects management’s commentary on flat Australian job volumes, suggests Citi.

While comments implied a circa -2% A&NZ volume decline in 2H26, the broker explains the company confirmed current guidance already assumes job ad volumes remain at present levels.

The analysts reiterate their Buy rating with a target price of $26.00, down from $29.55, primarily due to lower peer multiples.

A summary of yesterday's research by Citi follows.

Citi's early response is Seek's reported core NPAT of $104m is -6% below its own forecast, though it is up 35% yoy and in-line with consensus.

The "miss" was driven by lower A&NZ revenue, as well as higher-than-expected share-based payments, commentary explains.

Management upgraded revenue and EBITDA guidance, the broker notes. As the share price has been weak of late, there might well be a positive response, the report concludes.

Target price is $26.00 Current Price is $16.54 Difference: $9.46
If SEK meets the Citi target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $26.82, suggesting upside of 66.6% (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

Macquarie rates SEK as Outperform (1) -

Further to its initial view on the Seek, Macquarie asserts it has become a better business with platform unification supporting operating leverage as revenue is yield driven and should grow in the high single digits through the cycle.

This is supported by the "ad ladder" that was launched in April 2025 with further scope for advanced penetration overlaid by dynamic pricing.

Macquarie moves to a PE valuation, based on 22x for the underlying business and including investments at a -20% discount to carrying value. As a result the target is reduced to $19.50 from $32.50. Outperform.

Target price is $19.50 Current Price is $16.54 Difference: $2.96
If SEK meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $26.82, suggesting upside of 66.6% (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 SEK as Overweight (1) -

Morgan Stanley views Seek's in-line 1H26 results and modest lift to full-year FY26 guidance as supportive of a positive investment thesis. 

The standout feature to the broker was the reported 1H yield growth of 17% year on year for A&NZ – the highest growth in over a decade.

It's becoming clearer to Morgan Stanley how an increasing number of AI features, tools and insights are incorporated/interwoven with Seek's suite of Job Listing products, contributing to the record yield growth.

Seek's leadership position and continued new product/feature development pipeline gives the broker confidence that double-digit yield growth is sustainable over FY26-28.

Target falls to $28.00 from $32.50, Overweight retained. Industry View: Attractive.

Target price is $28.00 Current Price is $16.54 Difference: $11.46
If SEK meets the Morgan Stanley target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $26.82, suggesting upside of 66.6% (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

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

Morgans retains its $27.50 target for Seek following broadly in-line interim results and upgrades to Buy from Accumulate.

Revenue rose by 12%, earnings (EBITDA) 19% and profit 35%. Strong yield growth offset softer volumes, explains the analyst.

The broker notes 17% A&NZ yield growth. FY26 guidance was reaffirmed toward the top of ranges. Operating leverage improved post technology investment, points out Morgans.

AI risks remain a key question, the analyst cautions.

Target price is $27.50 Current Price is $16.54 Difference: $10.96
If SEK meets the Morgans target it will return approximately 66% (excluding dividends, fees and charges).

Current consensus price target is $26.82, suggesting upside of 66.6% (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

UBS rates SEK as Buy (1) -

On further inspection UBS lowers its target to $24.30 from $27.20 to reflect a lower valuation multiple as global price-to-earnings ratios are de-rated for online classifieds, while retaining a Buy rating.

EPS forecasts are lifted 1% for FY26 and lowered by -1% for FY27.

****

Upon first assessment, UBS calls Seek's 1H26 a good, in-line result, with yields the standout and FY26 guidance tightened to the top end, while also flagging volume downside risk.

The report notes Net revenue (ex Sidekicker) of $601m (+12% y/y), EBITDA $267m, adjusted NPAT $104m and dividend 27cps (all broadly in line with consensus).

FY26 guidance is tightened to revenue $1.19–1.23bn, EBITDA $530–550m and adjusted NPAT $195–215m (with opex -$660–680m and capex -$150–160m).

Seek is also looking to divest its stake in Employment Hero.

Buy. Price target $27.20. Thes broker sits slightly below consensus on FY26 revenue because of projected negative -1.5% volume growth versus company guidance still assuming flat volumes.

Target price is $24.30 Current Price is $16.54 Difference: $7.76
If SEK meets the UBS target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $26.82, suggesting upside of 66.6% (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

Macquarie rates SGH as Neutral (3) -

The SGH Ltd /Steel Dynamics bid for BlueScope Steel has been raise to $32.35 cents per share today.

Reversing recent dividends, the offer equates to $34 per share, explains Macquarie, up 14% from an adjusted initial bid.

The revised offer, effectively adds $4 per share to the prior $30 bid, to more appropriately reflects the latent value of BlueScope's property portfolio, according to the broker.

While the split of economics between SGH Ltd and Steel Dynamics is unclear, Macquarie believes the revised offer should deliver high single-digit earnings accretion for SGH Ltd.

Neutral. Target $54.30.

Target price is $54.30 Current Price is $46.82 Difference: $7.48
If SGH meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $54.10, suggesting upside of 13.9% (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

Macquarie rates SGM as Outperform (1) -

First half results from Sims showed a beat to operating estimates, but net profit was below Macquarie's forecasts because of an abnormally high tax rate.

The broker suggests investors are still coming to terms with the growth profile of the business and the economics of its model.

Commentary highlights SLS delivered the key performance improvement, becoming an increasingly important part of the business.

The non-ferrous market conditions remain a robust backdrop for the metals businesses. Macquarie believes earnings momentum will remain positive for a while.

Outperform. Target raised by 26% to $22.80.

Target price is $22.80 Current Price is $20.42 Difference: $2.38
If SGM meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $18.56, suggesting downside of -14.2% (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 SGM as Buy (1) -

On further inspection, UBS lifts EPS forecasts by 8% for FY26 and FY27 while retaining a Buy rating and raising its target price to $26.50 from $25.00.

***

It is UBS' first impression Sims released a strong 1H26 performance, with group EBIT $121m (16% above consensus) as SLS momentum continues and Metals outperforms.

The standout is identified as Metals, where ANZ Metals implied EBIT/t jumps to $30/t (vs UBS $15/t) and North America Metals also beats on a firmer EBIT/t despite lower volumes, while the NAM turnaround reflects volume discipline under the new strategy.

SLS beats consensus on stronger-than-expected DDR4 pricing, and UBS expects the structural supply-demand imbalance in DDR4 chips to persist.

UBS sees non-ferrous markets staying strong and the domestic shred premium supporting NAM/SAR margins, but flags record Chinese steel exports keeping ferrous prices muted outside the US as the key sector headwind.

Buy. Target $25.

Target price is $26.50 Current Price is $20.42 Difference: $6.08
If SGM meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $18.56, suggesting downside of -14.2% (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

Bell Potter rates SHV as Buy (1) -

Select Harvests will provide a crop update at mid-year. However, the AGM noted that it was a quick and fast bloom, with a successful bee acquisition program and no major frost damage, Bell Potter reports.

The Californian harvest is coming in well below the USDA forecast and the Sierra-Nevada snowpack is currently 53% of normal (a lead indicator of California water recharge).

Bell Potter sees valuation as undemanding, with recent orchard transactions supportive of the market value as reported. Target falls to $5.30 from $5.80, Buy retained.

Target price is $5.30 Current Price is $3.94 Difference: $1.36
If SHV meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $5.22, suggesting upside of 40.6% (ex-dividends)

The company's fiscal year ends in September.

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 SLC as Buy (1) -

In an early take on today's interim results released by Superloop, the analysts at Citi assess a "strong" outcome (as expected), with revenue of $318m and EBITDA of $56m beating the broker's forecasts.

Ongoing continued market share gains and Consumer momentum are noted.

The broker highlights 805k total customers, ahead of expectations, and notes Wholesale net-add strength, partly offset by softer reported Business revenue.

FY26 EBITDA guidance was lifted by circa 3% to $112-120m, while capex remains -$32-35m.

A separate ASX release involves the Lightning Broadband acquisition for -$165m, supporting further growth, in Citi's view. Progressive guidance upgrades are expected.

Buy. Target $3.75.

Target price is $3.75 Current Price is $2.42 Difference: $1.33
If SLC meets the Citi target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 18.2% (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

Macquarie rates SLC as Outperform (1) -

Macquarie highlights Superloop’s strong 1H26 result (released today) with subscriber growth materially ahead of the broker's expectation, driving an earnings beat.

At first glance, the broker views the separately-announced -$165m Lightning Broadband acquisition as strategically sound and EPS accretive, adding 54k fibre to the premises (FTTP) lots at around 15x EV/EBITDA.

FY26 EBITDA guidance of $112-120m is considered conservative given momentum and typical 2H skew, with scope for upgrades.

Outperform rating and $3.30 target.

Target price is $3.30 Current Price is $2.42 Difference: $0.88
If SLC meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 18.2% (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

UBS rates SLC as Buy (1) -

At first look, UBS notes Superloop has upgraded FY26 earnings (EBITDA) guidance to $112–120m from $109–117m following a strong 1H26 result.

Revenue rose 24% to $320.7m, earnings (EBITDA) increased 46% to $55.8m and gross profit grew 28%, with customer numbers up 21% to 804.9k.

UBS highlights accelerating wholesale subscriber momentum and 31% consumer gross profit growth, with earnings (EBITDA) margins expanding 260bps despite a $5m increase in marketing spend.

The company also announced the -$165m acquisition of Lightning Broadband at 15x FY27 EV/EBITDA, expected to be EPS accretive in FY27.

Buy. Target $3.40.

Target price is $3.40 Current Price is $2.42 Difference: $0.98
If SLC meets the UBS target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 18.2% (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

Shaw and Partners rates SPZ as Buy (1) -

Smart Parking has delivered 85%  underlying earnings (EBITDA) growth for 1H26, accelerating from 56% growth in the 1Q26, with the result broadly in line with Shaw and Partners' forecasts.

The broker notes the uplift was driven by yield-enhancing initiatives in the UK and the first-time inclusion of the US.

In the UK, yield increased 58% versus the previous period following the rollout of new debt recovery procedures, prompting the broker to lift FY26 UK earnings forecasts up 42% on FY25, albeit with some margin caution given the cost of recovery activity.

The US business is now expected to deliver 30% EPS accretion in FY26, with 12 automated number plate recognition sites installed and a maiden full-year earnings (EBITDA) contribution of $8.2m forecast, while NZ continues to post strong site growth and market share gains.

Shaw and Partners retains a Buy and the target price increases to $1.55 from $1.50.

Target price is $1.55 Current Price is $1.42 Difference: $0.13
If SPZ meets the Shaw and Partners target it will return approximately 9% (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

Bell Potter rates SRG as Buy (1) -

SRG Global reported underlying earnings up 20% year on year and -3% below Bell Potter's forecast. Upgraded earnings guidance implies a 1H/2H split of 43%/57% for FY26 (versus 46%/54% in FY24 and FY25).

A greater TAMS earnings contribution in the second half (compared with two months in first) helps bridge the variance in FY26 half year earnings splits with prior years, Bell Potter notes.

The upgraded FY26 guidance reinforces the broker's confidence in second half group performance following the modest first half miss to consensus expectations. Target rises to $3.15 from $3.00, Buy retained.

Target price is $3.15 Current Price is $2.79 Difference: $0.36
If SRG meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 10.2% (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

Morgans rates SRG as Accumulate (2) -

SRG Global delivered a strong 1H26, suggets Morgans, with revenue, EBITDA, and EPS each rising 20% year-on-year, demonstrating diversification.

The Maintenance division offset softer Engineeering & Construction, with organic Maintenance growth remaining solid, the analyst observes.

FY26 EBITA guidance was upgraded by 1-4% to $126-130m, while net debt of $21m supports further growth initiatives, in the broker's opinion.

Target rises to $3.20 from $3.00. Accumulate rating maintained.

Target price is $3.20 Current Price is $2.79 Difference: $0.41
If SRG meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 10.2% (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

Shaw and Partners rates SRG as Buy (1) -

SRG Global delivered a solid 1H26 result with revenue and earnings (EBITDA) both up 20% y/y, while earnings (EBITDA) were broadly in line with Shaw and Partners' forecasts.

The analyst highlights the contribution from the recent TAMS and Diona acquisitions, estimating organic earnings (EBITDA) growth of around 8.5% once these are backed out.

The broker notes TAMS has started strongly, with revenue run-rating at circa $227m versus $200m pro forma at acquisition and earnings (EBIT) run-rating at around $42m versus $30m pro forma.

Management also upgraded FY26 guidance, lifting earnings (EBITDA) expectations to $164m–$168m.

Buy, High risk rating retained with unchanged target of $3.15 while flagging the prospect of S&P/ASX200 inclusion in March 2026 rebalancing.

Target price is $3.15 Current Price is $2.79 Difference: $0.36
If SRG meets the Shaw and Partners target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 10.2% (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

Citi rates STO as Buy (1) -

Citi notes management at Santos has effectively pre-disclosed underlying EBITDA and NPAT via detailed guidance. This new information is seen as reducing earnings uncertainty ahead of results.

Citi views Santos as better positioned near term than Neutral-rated Woodside Energy, with Pikka delivery and potential portfolio rationalisation supporting balance sheet deleveraging and enhanced shareholder returns.

Target $7.00. Buy.

Target price is $7.00 Current Price is $6.67 Difference: $0.33
If STO meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 8.6% (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

Macquarie rates STO as Outperform (1) -

In a first glance at today's FY25 result for Santos, Macquarie highlights earnings (EBITDAX) of US$3,391m were broadly in line with the consensus estimate, while profit of US$898m was -1% below expectation.

The broker highlights free cash flow (FCF) from operations of US$1.8bn, gearing of 21.5% and a final dividend of US10.3c (in line with consensus), with payout policy lifted to a minimum 60%.

Guidance for 2026 was reiterated, with Barossa and Pikka ramp-ups progressing, and the Papua LNG final investment decision (FID) prioritised.

Macquarie continues to prefer Santos within the Energy sector, given stronger upside to valuation and its relative position in the investment cycle.

Target $7.77. Outperform.

Target price is $7.77 Current Price is $6.67 Difference: $1.1
If STO meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 8.6% (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

UBS rates STO as Buy (1) -

On first read, UBS concludes Santos announced an in-line 2H25 result, with underlying net profit after tax of $390m and (earnings) EBITDAX of $1,633m broadly matching both its own and consensus forecasts.

The broker highlights a stronger cost-out agenda, including a targeted -10% headcount reduction and a savings run-rate moving from $50m delivered to over $150m pa.

Dividend was slightly ahead of expectations at US$10.3cps, implying a 43% payout of free cash flow from operations, while net debt of US$5.8bn keeps gearing near the top end of the 15-25% range.

Guidance was unchanged, but the analyst notes a key upgrade in free cash flow sensitivity to US$550-600m per US$10/bbl Brent move from 2H26 onwards, up materially from the prior circa US$400m.

UBS expects cost discipline to drive consensus FCF upgrades and underpin the share price. 

Buy. Target $7.80.

Target price is $7.80 Current Price is $6.67 Difference: $1.13
If STO meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 8.6% (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

Citi rates SUN as Neutral (3) -

At first glance, Citi notes Suncorp Group has reported 1H26 net profit after tax of $263m, broadly in line with expectations. EPS is around -3% below consensus, with gross written premium growth of 2.7% missing company-sourced consensus of 3.9%.

The underlying insurance margin of 11.7% was in line with expectations and guidance is maintained towards the top half of the 10%–12% FY26 range, while expense ratio guidance improved with FY26 now expected to be around 50bps better year on year.

The broker highlights stronger prior year reserve releases and slightly better investment income, offset by natural hazard costs of -$453m above allowance, as previously disclosed.

Gross written premium growth is expected to strengthen in 2H26, driven by Commercial lines and Vero specialty launches, with management guiding to growth around the bottom of the mid-single digit range for FY26.

Commentary suggests the DPS was higher than forecast at 17cps, but below consensus forecast at 18cps.

Neutral.Target $18.50.

Target price is $18.50 Current Price is $15.98 Difference: $2.52
If SUN meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $19.80, suggesting upside of 29.1% (ex-dividends)

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

UBS rates SUN as Buy (1) -

Suncorp Group reported 1H26 cash net profit after tax of $270m, broadly in line with UBS' expectations at first look, with a 17cps dividend slightly ahead of forecasts.

Gross written premium rose 2.7%, below consensus, reflecting softer growth in NZ and Australian consumer, while the underlying insurance trading ratio of 11.7% was in line, supported by higher investment yields offsetting a higher attritional loss ratio.

Reported underwriting profit of $233m was below expectations despite stronger net earned premium and higher reserve releases.

Management trimmed FY26 gross written premium guidance to the bottom end of the mid-single digit range, but retained a top-half 10%–12% underlying insurance trading ratio target and mid-point 60%–80% payout ratio.

Buy. Target $20.55.

Target price is $20.55 Current Price is $15.98 Difference: $4.57
If SUN meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $19.80, suggesting upside of 29.1% (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

Citi rates TLC as Sell (5) -

At first look, The Lottery Corp announced 1H26 earnings (EBIT) of $313m, which Citi notes was around -1% below its forecast but 1% above consensus, with lotteries softer and Keno stronger.

Lotteries earnings (EBIT) of $269m missed expectations, impacted by below-average jackpot outcomes, while Keno earnings (EBIT) of $43.7m was ahead of forecasts.

Digital penetration rose 80bps to 41.2%, below Citi’s 42% estimate, and active registered customers declined -8.1% y/y, while Powerball price increase retention of 61% was in line with expectations.

Management's FY26 opex guidance of -$310m–$320m and capex of -$90m–$100m were broadly in line, commentary suggests, with no update on the Victorian licence renewal and no capital management beyond an interim dividend of 8cps.

Sell. Target $5.10.

Target price is $5.10 Current Price is $5.16 Difference: minus $0.06 (current price is over target).
If TLC meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.72, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

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 TNE as Neutral (3) -

Macquarie highlights from today's AGM update by TechnologyOne, FY26 guidance of 16-18% annual recurring revenue (ARR) growth and 18-20% profit (PBT) growth, with management targeting the top end.

The company tightens its long-term PBT growth target to 18-20% from 15-20%, reflecting confidence in SaaS plus momentum and the contribution from new AI products, explains the analyst in an early assessment.

The broker notes profit growth will skew to 2H26 due to -$8-9m of AI investment in H1, implying high single-digit growth initially.

Long-term targets of over $1bn ARR by FY30 and greater than 35% profit margins were reiterated, while AI plus has secured 22 pre-sales since launch, highlights Macquarie.

Target $28.20. Neutral.

Target price is $28.20 Current Price is $21.72 Difference: $6.48
If TNE meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $33.45, suggesting upside of 41.0% (ex-dividends)

The company's fiscal year ends in September.

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

UBS rates TNE as Buy (1) -

At today's AGM, Technology One's management has upgraded FY26 guidance, now targeting profit before growth of 18%–20% from 13%–17% and introducing annual recurring revenue growth guidance of 16%–18%, while reiterating its long-term target of more than $1bn ARR by FY30.

UBS notes the guidance is slightly ahead of both its own and consensus forecasts, which it views as positive given recent AI disruption concerns.

The broker highlights early monetisation of the new Plus agentic AI platform, with 22 subscriptions sold at $75k per annum, implying a $1.7m revenue run rate since early February commercialisation.

Management indicated AI investment is fully incorporated into profit before tax guidance and is expected to deliver immediate benefits to both revenue and productivity.

Buy is retained with an unchanged $38.70 target and UBS has made no changes to forecasts.

Target price is $38.70 Current Price is $21.72 Difference: $16.98
If TNE meets the UBS target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $33.45, suggesting upside of 41.0% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates TWE as Hold (3) -

Morgans assesses Treasury Wine Estates’ 1H26 result was weak but in line with guidance, with underlying earnings (EBITS) down -40% and leverage at 2.4x. This performance is seen as delaying dividend resumption.

No interim dividend was declared, while 2H26 earnings are expected to exceed 1H26 despite ongoing inventory reduction in the US and China.

Earnings growth before FY28 appears unlikely, the analyst cautions, though Penfolds depletion trends remain supportive longer term.

Morgans cuts its earnings (EBIT) forecasts by -19.9% for FY26 and -29% for FY27.

Target price edges up to $5.30 from $5.25 on a valuation roll-forward. No change to Hold rating given uncertainty remains for earnings in the near term, explains Morgans.

Target price is $5.30 Current Price is $4.74 Difference: $0.56
If TWE meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.95, suggesting upside of 4.9% (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

Citi rates VCX as Neutral (3) -

On first glance, Vicinity Centres has reaffirmed FY26 funds from operations guidance of 15.0–15.2cps, in line with Citi and consensus, and expects the full-year distribution payout ratio to remain within the 95%–100% target range.

The broker highlights strong operating momentum, with occupancy at 99.6%, leasing spreads of 4.6%-plus and annual escalators of 4.7%-plus which Citi views as evidence of strong landlord negotiating power.

Vicinity has also moved to increase exposure to Brisbane, with the -$212m acquisition of IFM’s 75% stake in Uptown and $327m raised through divestments of non-strategic assets at an 18.2% premium to book value.

Citi believes the balance sheet position supports potential redevelopment optionality at Uptown ahead of the Brisbane Olympics, while gearing remains at 26.3%.

Neutral. Target $2.60.

Target price is $2.60 Current Price is $2.57 Difference: $0.03
If VCX meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 0.5% (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 VCX as Buy (1) -

Vicinity Centres’ 1H26 result was broadly in line with expectations, with FFO of 7.6cps matching UBS and consensus, while the 6.2cps distribution was slightly ahead, on first inspection.

Comparable net property income growth of 3.7%, occupancy of 99.6% and leasing spreads of 4.6%, are viewed as evidence of resilient retail conditions.

The balance sheet remains sound, with gearing of 26.3%, and UBS highlights -$327m of divestments at an 18.2% premium to book value alongside the internalisation of the Uptown Brisbane interest.

Management's FY26 funds from operations guidance of 15.0–15.2cps and a 95%–100% payout ratio were reaffirmed.

Buy. Target $2.80.

Target price is $2.80 Current Price is $2.57 Difference: $0.23
If VCX meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 0.5% (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 WDS as Neutral (3) -

Citi notes management at Woodside Energy has effectively pre-disclosed underlying EBITDA and NPAT via detailed guidance. This new information is seen as reducing earnings uncertainty ahead of results.

The broker highlights restoration guidance implying a US$95m 2H benefit, while production cost detail suggests around -US$200m higher 2026 opex.

After incorporating Pluto-KGP volumes, the analysts increase their 2025/26/27 earnings forecasts by approximately 7%, 63% and 36%, respectively, with capex above consensus on non-controlling interest (NCI) treatment.

Neutral rating for Woodside. The target rises by $1.00 to $26.50. Citi views Buy-rated Santos as better positioned near term.

Target price is $26.50 Current Price is $25.83 Difference: $0.67
If WDS meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $25.73, suggesting downside of -0.8% (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: 0.2

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

Ord Minnett rates WDS as Hold (3) -

Ord Minnett increases its target for Woodside Energy to $24.00 from $23.25 and retains a Hold rating, following a reserves upgrade.

The analyst notes 2P reserves rose 5% to 2,999.5mmboe, with contributions from Pluto and Sangomar across Australia, Senegal and the US.

The broker trims its 2025 EPS forecast by -0.2%, while FY27 and FY28 forecasts are lifted 5.2% and 5.1%, respectively, on lower depreciation from the higher reserve base.

The broker remains cautious on Woodside given execution risk, LNG market volatility and delayed free cash flow (FCF) realisation.

Target price is $24.00 Current Price is $25.83 Difference: minus $1.83 (current price is over target).
If WDS meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.73, suggesting downside of -0.8% (ex-dividends)

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