Australian Broker Call

Citi rates A2M as Sell (5) -

Citi's latest cross-border e-commerce (CBEC) price checks indicate stock availability remains manageable for a2 Milk Co's Platinum products, with pricing and delivery timeframes broadly stable since early April.

Commentary notes supply constraints persist for Genesis products, particularly in early-stage formulations, where delivery times remain longer and some stock is only available via pre-order.

The broker warns these supply disruptions, initially concentrated in China-label products but increasingly affecting English-label ranges, may persist longer than expected.

This outcome would make it difficult or costly for a2 Milk to regain customers lost to competing brands, the analyst cautions.

Citi retains a Sell rating and $5.85 target.

Target price is $5.85 Current Price is $5.81 Difference: $0.04
If A2M meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $8.10, suggesting upside of 38.0% (ex-dividends)

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: 0.3

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

Bell Potter rates ALC as Buy (1) -

Funded through its balance sheet, Alcidion Group is acquiring Kyra Flow for $3m in cash with a $1m earn out from a unit of Telstra Health, which is expected to be earnings accretive, Bell Potter highlights.

Kyra Health is expected to generate revenue of $3.7m in FY27 with over 90% recurring and earnings (EBITDA) of $1.1m. The company has 33 Australian customers, the analyst notes, across hospitals of which 31 are not pre-existing Alcidion customers.

Buy rating and 16c target are retained. Net profit after tax forecasts are largely unchanged.

Target price is $0.16 Current Price is $0.11 Difference: $0.055
If ALC meets the Bell Potter target it will return approximately 52% (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 ALQ as Buy (1) -

ALS Ltd announced FY26 underlying earnings (EBIT) up 19.3% y/y, which met Bell Potter's expectations.

Commodities generated a robust result, revenue up 18.1% y/y a beat, and Life Sciences was mixed, a miss at 2.8% y/y revenue growth versus the analyst's estimate of 4.8%.

Revenue growth for Life Science slipped in 2H with challenges around American Environmental testing and lower pharmaceutical sales, while food testing was strong, an offset.

Management lifted the outlook for FY27 minerals organic revenue growth to 13%-15% versus the broker's prior estimate of 14.5%. Margins are flagged to expand in 2H27, while Life Sciences was guided to mid-single digit organic revenue growth for FY27.

Target price moves lower to $26 from $28 due to a higher assumed weighted average cost of capital. Earnings forecasts are tweaked higher with a Buy rating retained.

Target price is $26.00 Current Price is $21.83 Difference: $4.17
If ALQ meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $25.18, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.9

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

Macquarie rates ALQ as Outperform (1) -

ALS Ltd delivered FY26 underlying net profit of $381m, ahead of Macquarie's estimates. Minerals guidance is considered "appropriately cautious" amid macro uncertainty and supply chain risks.

Sample flows picked up in November and December and then stayed at that level, while any increase now would have positive implications for guidance, the broker adds.

Revenue growth of 13-15% is guided for FY27 while Macquarie forecasts 17%.

In life sciences, the company is confident on improvement in York and Latin American operations that will contribute to stronger earnings growth.

Outperform rating and $23.50 target maintained.

Target price is $23.50 Current Price is $21.83 Difference: $1.67
If ALQ meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $25.18, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.9

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

Morgans rates ALQ as Buy (1) -

Morgans reckons ALS Ltd reported a robust 2H26 result with FY26 earnings (EBIT) up 18% y/y and net profit after tax growth rising 26% y/y.

Commodities was the stand out with Life Sciences the "laggard" albeit that came as no major surprise to the analyst post 1Q2026 results from overseas Life Sciences comparatives.

Commodities boosted by both earnings and margins rose 170bps in 2H to 29.5% versus the 1H26 at 27.8%.

Management flagged minerals growth (80% of commodities) to grow 13%-15% in FY27. The broker suggests the cadence is in line with underlying data.

No change in the target price of $27.20. The stock is Buy rated.

Target price is $27.20 Current Price is $21.83 Difference: $5.37
If ALQ meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $25.18, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.9

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

Ord Minnett rates ALQ as Accumulate (2) -

Ord Minnett views ALS Ltd's FY26 result positively. Earnings (EBIT) and profit finished modestly ahead of consensus expectations, driven by stronger-than-expected performance in Commodities, particularly Minerals, the analyst explains.

Life Sciences disappointed due to operational disruptions and margin pressure, the broker observes, though management expects conditions to improve in FY27.

Commentary notes management pointed to a more challenging FY27 earnings backdrop, reflecting larger foreign exchange headwinds and supply chain disruption linked to the Middle East conflict.

The broker expects these pressures to be partly offset by continued strength in Minerals volumes and margins. Here, improving geochemistry demand and increased activity from junior miners is seen as supporting upside risk to guidance.

Ord Minnett retains an Accumulate rating but trims its target price to $23.20 from $23.95 following minor earnings forecast downgrades.

Target price is $23.20 Current Price is $21.83 Difference: $1.37
If ALQ meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $25.18, suggesting upside of 9.1% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.9

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

Citi rates ASK as Neutral (3) -

Citi's Self-Storage Website Tracker continued to show strong enquiry growth in April, with Abacus Storage King recording year-on-year growth of 62.1%, ahead of the peer average of 50.7%.

The REIT also maintained solid operating momentum, the broker observes, with revenue per available square metre (RevPAM) growth of 1.5% and stable occupancy levels.

Unchanged $1.60 target and Neutral rating.

Target price is $1.60 Current Price is $1.43 Difference: $0.175
If ASK meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.58, suggesting upside of 9.2% (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 BXB as Neutral (3) -

Brambles has downgraded FY26 EBIT growth expectations to 3%-5% from 8%-10% as a result of disruptions to operations.

Exposure to outsourced pallet repair operators has exposed the company to problems with two key US subcontractors, and 85% of its network is struggling with labour capacity and costs.

Macquarie observes the issues appear to be hampering any ability to mitigate the situation quickly.

The shares have sold off heavily, and without a resolution in view, the broker suspects this will continue to weigh. Target is reduced to $18.60 from $23.35. Neutral retained.

Target price is $18.60 Current Price is $17.63 Difference: $0.97
If BXB meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $24.39, suggesting upside of 37.4% (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: 0.5

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

Morgan Stanley rates BXB as Overweight (1) -

Brambles has downgraded FY26 underlying profit guidance to growth of 3%-5% amid repair capacity constraints in the US.

Morgan Stanley expects the cost headwinds should ease by the first half of FY27, although further spikes in demand and subcontractor exits are key risks.

The FY28 margin target has been reaffirmed with any structural cost inflation expected to be recovered via price. The broker also notes underlying demand improved through the second half, although pallet shortages weighed on like-for-like volumes in affected US regions.

A new US$400m buyback has been announced alongside FY26 free cash flow guidance of US$1bn-US$1.1bn.

Morgan Stanley considers the headwinds cyclical and retains an Overweight rating with a $28 target. Industry view is In-Line.

Target price is $28.00 Current Price is $17.63 Difference: $10.37
If BXB meets the Morgan Stanley target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $24.39, suggesting upside of 37.4% (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: 0.5

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

Morgans rates BXB as Downgrade to Hold from Accumulate (3) -

Morgans has downgraded Brambles to Hold from Accumulate and lowered the target to $18.70 from $25.50 post management's "disappointing" trading update, which included a profit warning.

Management lowered FY26 constant currency revenue growth guidance to 2%-3% versus 3%-4% previously with underlying earnings (EBIT) growth now expected at 3%-5% from 8%-11% previously.

The downgrade reflects pallet repair constraints in parts of the US relating to subcontractor turnover at service centres, labour shortages and higher supply chain costs.

Underlying earnings (EBIT) forecasts are lowered by -4% for FY26 and -5% for FY27.

Target price is $18.70 Current Price is $17.63 Difference: $1.07
If BXB meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $24.39, suggesting upside of 37.4% (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: 0.5

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

Ord Minnett rates CGF as Buy (1) -

Ord Minnett expects Challenger's investor day to focus on the long-term impact of proposed regulatory capital changes.

The broker estimates around $400m of capital could be freed from changes to the illiquidity premium, potentially supporting annuity growth and capital management initiatives.

It's felt adjustments to the asset mix may pressure earnings, limiting the EPS uplift from buybacks.

The key driver of future share price performance, in the analysts' view, will be new distribution agreements capable of accelerating annuity book growth and supporting sustainable EPS expansion.

No change to $9.85 target price and Buy rating.

Target price is $9.85 Current Price is $9.19 Difference: $0.66
If CGF meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.58, suggesting upside of 2.2% (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

Morgan Stanley rates CHC as Overweight (1) -

Morgan Stanley has compiled month-by-month gross equity flows into 17 unlisted major property funds since 2008.

Contrary to the belief that higher rates alone will lead to a hiatus in flows to commercial real estate, the broker has evidence that deployment has a stronger correlation to the prevailing trajectory of capital values.

Hence, Morgan Stanley believes it is premature to assume companies like Charter Hall will struggle to attract money in the next 12 months.

The broker suggests investors should remain constructive on the stock unless they take a view it is heading into a 12-18-month period of deteriorating asset values.

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

Target price is $26.89 Current Price is $19.03 Difference: $7.86
If CHC meets the Morgan Stanley target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $23.56, 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 ELD as Buy (1) -

Elders announced 1H26 underlying earnings (EBIT) which missed Bell Potter's forecast. Revenue rose 25% y/y, also a miss, while underlying net profit after tax fell -1% y/y. Operating costs rose 23% y/y due to a $15m rise in corporate services.

Rural services were boosted by robust livestock and wool prices, as well as the optimisation program. Management is seeking synergies from the integration of Delta in crop protection, and Delta is expected to make a better contribution in 2H26.

Cost imposts are anticipated to ease in 2H26. EPS forecasts are nevertheless downgraded by -12% for FY26 and -15% for FY27. Target price falls to $6.45 from $9.

Buy rating is unchanged.

Target price is $6.45 Current Price is $5.55 Difference: $0.9
If ELD meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.13, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in September.

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 ELD as Buy (1) -

Following interim results for Elders, Citi remains attracted to the stock at current levels despite an earnings 'miss', citing a larger-than-average valuation discount and expectations elevated corporate costs will unwind in early 2027.

The resilience provided by the company's vertically integrated and diversified business model is another positive, in the analyst's view.

Buy rating retained. Target falls to $6.50 from $8.45. The broker now assumes a lower valuation multiple and downgrades EBIT forecasts by -11% and -18% over FY26-FY27, respectively, driven by higher corporate costs and the sale of the feedlot business.

A summary of the broker's research yesterday follows.

The broker also expects leverage to return to the target range during the second half of FY26.

Citi retains a Buy rating and $6.50 target price.

In a flash update, Citi notes Elders' 1H26 revenue came in 1% above consensus while earnings (EBIT) missed consensus expectations by -7% arising from higher corporate costs including IT. This is expected to continue into FY27.

Higher livestock prices boosted agency services gross profit, up 14.2%, and rural services gross profit advanced 4.5%, which is considered as a positive result against a challenging macro backdrop.

Management pointed to high livestock and wool prices as a positive. The analyst points to dry conditions in northern NSW as a potential impact on crop protection volumes.

Stock is expected to trade down on higher corporate costs.

Target price is $6.50 Current Price is $5.55 Difference: $0.95
If ELD meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.13, suggesting upside of 25.7% (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

Macquarie rates ELD as Outperform (1) -

Macquarie, on further analysis, notes the harsh reaction to the first half results from Elders appears to capitalise elevated costs into perpetuity but there is a path for IT expenditure to reduce and benefits to be realised.

Factors within the company's control are driving earnings growth in the second half and into FY27, including Delta synergies, SysMod benefits and a focus on costs.

There has been a robust start to the winter season across Victoria, South Australia and Western Australia with ongoing tailwinds in agencies such as elevated livestock pricing. Outperform rating maintained. Target is $7.50, reduced from $8.50.

Target price is $7.50 Current Price is $5.55 Difference: $1.95
If ELD meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $7.13, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in September.

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 ELD as Buy (1) -

Morgans points out significantly higher corporate services costs relating to systems modernisation weighed on Elders' 1H26 results which fell short of consensus expectations.

Operationally, the results were noted as robust with sales rising 32% and underling earnings (EBIT) up 33%, net profit after tax rose 13% with higher net interest and tax weighing on the bottom line.

Real estate earnings were flat while rural services rose 35% and crop protection increased by 57%. Management offered no formal FY26 guidance but Delta is expected to make a positive contribution.

Earnings (EBIT) forecasts are lowered by -12.4% for FY26 and -7.7% for FY27. Target price declines to $7.90 from $8.65. Buy rated.

Target price is $7.90 Current Price is $5.55 Difference: $2.35
If ELD meets the Morgans target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $7.13, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates EOS as Speculative Buy (1) -

Electro Optic Systems has launched a $175m capital raising to support growth opportunities.

Ord Minnett explains funds will help fund the expansion of the recently-acquired Marss Group, along with developing high-energy laser weapons (HELW) and space warfare capabilities.

The raise is seen as strengthening the company's balance sheet ahead of a major execution phase.

The analysts highlight the Marss NiDAR system has demonstrated strong operational performance, successfully intercepting multiple Shahed drone attacks during the current Middle East conflict.

Major new contract wins are now flowing, the broker highlights.

Ord Minnett retains a Speculative Buy rating and lowers its target price to $11.40 from $14.00 due to dilution from the capital raise.

Target price is $11.40 Current Price is $8.82 Difference: $2.58
If EOS meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

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

Bell Potter rates GTK as Buy (1) -

Bell Potter explains Gentrack Group's 1H26 results were impacted by a decline in projects wins, as pre-reported. Group revenue slipped by -2% y/y and recurring revenues grew 11.6% while non-recurring revenue fell -30%.

Margins came under pressure, falling by around -440bps y/y to 7.2% as the workforce was put on hold as execution on the pipeline was delayed.

Gentrack has acquired SaaS based energy pricing platform Factor, for NZ$24m, funded via cash and targeted at risk management and commercial electricity contracts for usually B2B customers.

The analyst likes the Factor acquisition and sees it as a positive for the group. Management continues to be upbeat on ongoing conversion of some 3-4 utilities pipeline projects over the next year.

Target rises to $5.70 from $5.60. Maintain Buy.

Target price is $5.70 Current Price is $3.32 Difference: $2.38
If GTK meets the Bell Potter target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in September.

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: 0.3

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

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

Gentrack Group posted first half revenue of NZ$110m and EBITDA of NZ$7.9m, in line with guidance. The company has also reiterated FY26 revenue guidance of NZ$229-238m and EBITDA of NZ$13.5-20.0m.

A further small negative to the sales and earnings miss to expectations was the contribution from the newly-acquired Factor, Morgan Stanley notes, albeit this was skewed to a non-recurring revenue and should become a smaller part of the base going forward.

Target is steady at $3.35. Equal-weight retained. Industry view: In Line.

Target price is $3.35 Current Price is $3.32 Difference: $0.03
If GTK meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in September.

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: 0.3

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

Ord Minnett rates GTK as Hold (3) -

Ord Minnett notes Gentrack's first half result was largely in line with expectations following the recent market update, with the acquisition of specialist software business Factor for around -NZ$24m the main new development.

Management now expects to secure 3-4 major pipeline wins by March 2027, pushing out expectations for a recovery in implementation revenue and broader growth acceleration.

The broker believes consensus forecasts for FY27 project services revenue remain too optimistic given ongoing delays in pipeline conversion and longer sales cycles.

The broker retains a Hold rating and $3.46 target price, awaiting further proof points around new g2.0 contract wins.

Target price is $3.46 Current Price is $3.32 Difference: $0.14
If GTK meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.17, suggesting upside of 20.9% (ex-dividends)

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: 0.3

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

Morgan Stanley rates IGO as Underweight (5) -

Morgan Stanley notes China's battery electric vehicle (BEV) sales were up 9% in April following a softer start to the year.

Demand is expected to continue improving into the second half, although subdued Chinese consumer confidence could weigh on domestic demand.

Exports are a "bright spot", the broker adds, with BEV exports rising 85% year-on-year. The lithium market has remained tight despite the resumption of some exports from Zimbabwe.

Underweight rating retained for IGO Ltd following downgrades to the Greenbushes guidance with the life-of-mine plan remaining an overhang. Target is $6.85. Industry View: Attractive.

Target price is $6.85 Current Price is $8.36 Difference: minus $1.51 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.88, suggesting upside of 7.9% (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

Morgans rates MP1 as Buy (1) -

Morgans views Megaport's recently announced contract wins via Latitude as both financially and strategically significant.

Management's ability to combine Latitude's compute capability with Megaport's global communications network is highlighted.

Commentary also notes Megaport is uniquely positioned to connect distributed GPU clusters across multiple data centres, helping customers manage growing power constraints tied to AI inference workloads.

Morgans estimates the contracts, worth $254m in total contract value over around 2.5 years, imply attractive economics. This is supported by take-or-pay structures and an expected two-year payback on around -$140m of associated capex.

The broker also believes the deals materially improve confidence the Latitude earn-out targets will be achieved, while strengthening Megaport's position in scalable AI infrastructure services.

Target increased by $2.00 to $15.50. Buy rating retained.

Target price is $15.50 Current Price is $12.87 Difference: $2.63
If MP1 meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $16.41, suggesting upside of 29.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates NHC as Outperform (1) -

New Hope has delivered run-of-mine production that was in line with expectations while saleable production was up 11% and coal sales up 19%, which beat Macquarie's estimates amid higher-than-expected de-stocking.

Realised pricing at New Acland and Bengalla were respectively -16% and -11% below the broker's estimates, offsetting most of the benefit of the higher sales result.

The performance of Bengalla is improving, the broker notes, and the ongoing ramp up at New Acland positions the business well in what could become a tighter market for thermal coal as global energy disruptions continue. Outperform. Target is $7.

Target price is $7.00 Current Price is $5.32 Difference: $1.68
If NHC meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $5.41, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates NHC as Hold (3) -

According to Morgans, New Hope announced a better than expected 3Q26 update with coal sales of 3.2mt above consensus by around 20%.

Saleable production was also robust at 3.01mt, another beat on consensus expectations by circa 10%.

Bengalla's FOB cash cost of $74 was down from $84.40 in the previous quarter. The analyst highlights underlying earnings (EBITDA) of around $130m was 22% above the 2Q26, boosted by higher volumes and cost declines.

The stock retains a Hold rating with a slightly higher target of $5.25 from $5.

Target price is $5.25 Current Price is $5.32 Difference: minus $0.07 (current price is over target).
If NHC meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.41, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates NHC as Lighten (4) -

Ord Minnett views New Hope's quarterly operational result positively, with production and sales materially ahead of market expectations across both Bengalla and New Acland.

Strong operational execution is noted, easing vessel congestion at the Port of Newcastle and improved coal yields as key drivers of the outperformance.

Management indicated operations are tracking toward the upper end of FY26 guidance, supported by robust run rates at Bengalla and ongoing progress at Malabar.

Ord Minnett increases its FY26 and FY27 earnings forecasts to reflect higher volumes and lower costs and raises its target price by 20c to $4.90. With the stock trading above valuation, the broker retains its Lighten recommendation.

Target price is $4.90 Current Price is $5.32 Difference: minus $0.42 (current price is over target).
If NHC meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.41, suggesting downside of -1.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates OBM as Outperform (1) -

Ora Banda Mining has a goal to double production to more than 300,000 ounces by FY29, which is 23% above prior estimates and Macquarie now forecasts 309,000 ounces.

The company has obtained a positive FID on the new 3mtpa Daveyhurst processing facility and Waihi underground.

The revolving credit facility has been increased to $200m and total liquidity is now $432m, placing the business in a strong position to fund the new mill and underground, Macquarie comments.

Outperform retained. Target is $1.70.

Target price is $1.70 Current Price is $1.33 Difference: $0.375
If OBM meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.87, suggesting upside of 33.3% (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 OBM as Buy (1) -

Ord Minnett views Ora Banda Mining's new "Drive to 300" strategy as more ambitious than market expectations. Gold production of around 300,000oz per annum is targeted, supported by a new 3mtpa processing facility and additional mine developments.

The broker believes this expanded growth profile is not reflected in the current share price, despite the higher capital expenditure required to achieve it.

Ord Minnett also highlights strong free cash flow (FCF) generation, significant exploration upside and the company's large resource base as key supports for the investment case.

The broker retains its Buy rating and $2.50 target price.

Target price is $2.50 Current Price is $1.33 Difference: $1.175
If OBM meets the Ord Minnett target it will return approximately 89% (excluding dividends, fees and charges).

Current consensus price target is $1.87, suggesting upside of 33.3% (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

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

Morgan Stanley notes China's battery electric vehicle (BEV) sales were up 9% in April following a softer start to the year.

Demand is expected to continue improving into the second half, although subdued Chinese consumer confidence could weigh on domestic demand.

Exports are a "bright spot", the broker adds, with BEV exports rising 85% year-on-year. The lithium market has remained tight despite the resumption of some exports from Zimbabwe.

Equal-weight rating and $5.60 target retained for PLS as Morgan Stanley envisages the risk/reward is balanced and the July Ngungaju restart and potential P2000 expansion FID now fully reflected in estimates. Industry view: Attractive.

Target price is $5.60 Current Price is $6.00 Difference: minus $0.4 (current price is over target).
If PLS meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.59, suggesting downside of -4.9% (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 SKO as Buy (1) -

Serko is scheduled to report its FY26 result tomorrow (20th May) and Citi (Buy) expects FY26 total income of NZ$120m, at the mid-point of management's guidance of NZ$119m-NZ$121m.

On the broker's own assessment, that forecast is -1% below consensus at NZ$121m. Consensus is equally slightly higher positioned than Citi's EBITDA estimate of NZ$8m.

With Serko updating its guidance range in early March, the analysts anticipate an in-line result and expect focus to be on management's FY27 outlook, especially given Middle East crisis, potential wins for the Defined Corporate segment, plus any feedback on Serko.ai.

Target price is $2.85 Current Price is $1.15 Difference: $1.7
If SKO meets the Citi target it will return approximately 148% (excluding dividends, fees and charges).

Current consensus price target is $3.92, suggesting upside of 226.3% (ex-dividends)

The company's fiscal year ends in March.

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: 0.8

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

Ord Minnett rates SSM as Buy (1) -

Ord Minnett highlights Service Stream's new long-term contract wins with Yarra Valley Water and Millmerran Power Station as supportive of earnings growth and visibility into FY27 and beyond.

The broker notes the $405m Yarra Valley Water agreement strengthens the Utilities segment, while the Millmerran contract builds on capabilities acquired through the Lendlease Services transaction.

A strong balance sheet and operating scale continue to support margin expansion, in the analysts' opinion, with further upside potential from additional contract wins and organic growth.

The broker retains a Buy rating, raises its target price to $2.56 from $2.50 and keeps the stock on its Analyst Conviction List.

Target price is $2.56 Current Price is $2.23 Difference: $0.33
If SSM meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.72, suggesting upside of 19.8% (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

Morgans rates TNC as Speculative Buy (1) -

Morgans continues to rate True North Copper as a Speculative Buy with a slightly higher target of $1.30 from $1.20 as the drilling and development activity continue to progress over the next year.

The explorer has finished a major 5,700m drilling campaign which is expected to result in a maiden Cloncurry hub pre-feasibility study and reserve estimate in 4Q26. The analyst's base case is a 1.25Mtpa operation producing around 9ktpa.

Target price is $1.30 Current Price is $0.40 Difference: $0.9
If TNC meets the Morgans target it will return approximately 225% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Morgan Stanley rates TUA as Overweight (1) -

Tuas has noted that Singapore's media development authority has suspended its review of the proposed acquisition of M1 while it investigates the Simba Telecom bid.

Morgan Stanley observes the main issue appears to be that Simba, which is the company's primary business entity, may have been using radio frequency bands it was not authorised to use.

Tuas has indicated it is fully cooperating with the investigation and reviewing the alleged unauthorised spectrum use. No trading halt was granted by ASX.

The broker expects a wider range of outcomes now in relation to the bid, given it is unknown what the alleged breach may entail. Overweight. Target is $10. Industry View: In-line.

Target price is $10.00 Current Price is $2.27 Difference: $7.73
If TUA meets the Morgan Stanley target it will return approximately 341% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates TWE as Neutral (3) -

Citi's latest pricing checks for Treasury Wine Estates' Penfolds products across cross-border e-commerce (CBEC) channels indicate prices have fallen since early March 2026 and are also below levels seen in May 2025.

While some moderation following Chinese New Year may be seasonal, the broker notes the year-on-year decline could reflect consumers trading down and/or ongoing difficulty in controlling grey-market activity.

Neutral. Target $4.25.

Target price is $4.25 Current Price is $4.20 Difference: $0.05
If TWE meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.74, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates WEB as Outperform (1) -

Web Travel is very exposed to travel in the Middle East with its acquisition of DOTW Dubai 2018, Macquarie points out.

This presents downside earnings risk as ongoing conflict continues to weigh on travel confidence, Macquarie assesses, and a read-through from a global competitor in the B2B travel marketplace suggests the impact could be greater for Web Travel.

The broker is increasingly cautious ahead of FY26 results given the limited visibility and currency headwinds.

Estimates are revised to below the FY26 EBITDA guidance range of $147m-$155m. Outperform rating retained. Target is reduced to $4.34 from $6.85.

Target price is $4.34 Current Price is $2.39 Difference: $1.95
If WEB meets the Macquarie target it will return approximately 82% (excluding dividends, fees and charges).

Current consensus price target is $4.94, suggesting upside of 107.6% (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