Australian Broker Call

Citi rates 29M as Neutral/High Risk (3) -

29Metals' underwritten $180m equity raising exceeded Citi's forecast of a $100m issue. The difference is attributed to the final investment decision for Gossan Valley at Golden Grove, the broker notes.

Pricing was set at 27c per share, a -27% discount to the last close.

The analyst questions the delivery plan for Gossan despite a more optimistic pitch from management regarding higher grades, citing 29Metals' history of downgrades.

Spending approximately -$112m to fund Gossan, a "growth project," while Capricorn Copper remains idle and debt remains a concern, creates what Citi describes as a lack of a "full picture".

Neutral/High Risk rating maintained with a 45c target price.

Target price is $0.45 Current Price is $0.37 Difference: $0.085
If 29M meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $0.53, suggesting upside of 42.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Citi rates AIA as Buy (1) -

Citi notes the Auckland Future Fund Trustee, on behalf of Auckland Council, has initiated the sale process for its 9.7% stake in Auckland International Airport. A trading halt on the company’s shares remains in place.

The broker suggests investors may now shift focus to the airport's operating and fundamental outlook, as the share overhang has been removed. Citi highlights a positive medium-term outlook for the airport.

The broker retains a Buy rating with a target price of NZ$8.70.

Current Price is $7.26. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

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

Bell Potter sees significant value in ALS Ltd, as the company benefits from growing societal demand for green environmental testing practices and stricter enforcement of PFAS remediation and monitoring programs.

The broker initiates coverage of the global Testing, Inspection, and Certification (TIC) company with a Buy rating and $17.30 target.

The recovery in global exploration testing volumes and increased activity in regional European contract research organisations (CROs) strengthens the analysts' investment case.

Bell Potter highlights ALS Ltd’s market-leading position in geochemical testing and its Life Sciences segment, which operates one of the largest global environmental testing businesses.

Target price is $17.30 Current Price is $15.78 Difference: $1.52
If ALQ meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $16.54, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Ord Minnett rates AMI as Speculative Buy (1) -

Ord Minnett holds a more upbeat view on the ramp-up of Federation, with first production seen as imminent.

The broker recently attended a site visit to Cobar to observe Aurelia Metals' Peak operation, noting signs of improving productivity and increased confidence in Federation.

Mining levels are expected to reach nameplate capacity by 2026, with the analyst forecasting zinc production to improve to approximately 41kt by FY27.

Ord Minnett raises earnings forecasts for FY26 and lifts the target price by 7% to 29c from 27c. The broker likes the stock for exposure to a growing zinc producer as market dynamics for zinc improve.

Speculative Buy rating remains unchanged.

Target price is $0.29 Current Price is $0.17 Difference: $0.12
If AMI meets the Ord Minnett target it will return approximately 71% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates BOQ as Underweight (5) -

Morgan Stanley notes Bank of Queensland’s management expressed a commitment at the AGM to significantly grow returns beyond interim FY26 targets for an 8% return on equity (ROE) and a 56% cost-to-income (CTI) ratio.

The broker highlights improved returns are expected partly from the $250m productivity target, a portfolio mix shift towards higher-returning specialist business lending, and scaling the digital bank in FY26.

Morgan Stanley maintains an Underweight rating with a $6.10 target price. The sector view remains In-Line.

Target price is $6.10 Current Price is $7.01 Difference: minus $0.91 (current price is over target).
If BOQ meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.86, suggesting downside of -16.1% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.8

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

Ord Minnett rates BRE as Speculative Buy (1) -

Post the downgrade in the target price for Brazilian Rare Earths on November 26, Ord Minnett feels a more detailed explanation of the change is required.

The analyst confirms the price downgrade is appropriate, though it only values Monte Alto and excludes other prospects.

The target is based on a twelve-month window. The broker has adopted a conservative approach while acknowledging the potential for Brazilian Rare Earths to become a "ten-bagger" in the future.

Ord Minnett believes the company offers the best rare earth oxide project globally, with a low capex start-up and minimal equity dilution.

Speculative Buy rated. Target price: $5.50.

Target price is $5.50 Current Price is $2.52 Difference: $2.98
If BRE meets the Ord Minnett target it will return approximately 118% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates BRG as Outperform (1) -

Macquarie highlights the positive trading update from Breville Group's AGM, noting the positive trends from 2H24 have been retained into 1H25. The analyst views the update as confirmation Breville continues to operate in line with its FY25 targets.

New products in coffee and food preparation are performing well, though logistics costs have increased.

Compared to Macquarie's Kitchen Benchmark with September quarter revenue growth of 1.6%, the broker states Breville has outperformed the benchmark by approximately 12% per annum from 2018 to 2023.

Breville, Nespresso, and SN are the only benchmark companies with revenue above their pandemic peaks, the analyst emphasises.

No change to the $35.10 target price and Outperform rating.

Target price is $35.10 Current Price is $33.95 Difference: $1.15
If BRG meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $33.73, suggesting downside of -2.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates CKF as Neutral (3) -

Citi notes that Collins Foods reported 1H25 net profit of $24.1m, which exceeded both the broker's and consensus forecasts due to lower-than-expected operating costs. Margins were above guidance provided in August.

Revenue was slightly lower than anticipated, and the dividend of 11c per share was in line with consensus.

The broker's tone was more upbeat following the earnings call regarding the outlook for KFC Australia, with signs the challenging conditions are moderating. KFC is outperforming the quick-service restaurant sector with a shift to a more "value" offering.

Revenue growth for same-store sales in KFC Australia has been driven by ticket and basket size, which the broker views positively.

CEO Simonet is due to visit European stores in January. Australia has a good pipeline of new store openings in Australia and rollouts in Europe remain challenging. 

Neutral rating. Target: $7.88.

Target price is $7.88 Current Price is $8.25 Difference: minus $0.37 (current price is over target).
If CKF meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.50, suggesting upside of 15.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates CKF as Neutral (3) -

Hats off to Macquarie for the title of the day (so far), "Don't count your chickens," regarding the 1H25 results for Collins Foods.

The analyst notes earnings were better than expected, but downbeat guidance on margins, interest, and tax was disappointing.

Macquarie appreciated the momentum in KFC Australia same-store sales growth for the first seven weeks of 2H25 at 0.8%, forecasting 2H25 growth of 1.5%. Collins Foods has also increased its digital presence.

Margins in 2H25 are guided lower, partly due to seasonal factors, including more public holidays. KFC same-store sales growth remains challenged in Europe, down -3.8% in 1H25, and in the Netherlands, down -3.5%. Taco Bell also remains "challenged."

The broker lowers EPS forecasts by -13% and -4% for FY25 and FY26, respectively. The target price slips -1% to $8.20.

No change to the Neutral rating.

Target price is $8.20 Current Price is $8.25 Difference: minus $0.05 (current price is over target).
If CKF 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 $9.50, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in May.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgan Stanley rates CKF as Overweight (1) -

Morgan Stanley notes Collins Foods' first-half results showed softness and associated deleverage, yet ongoing execution and easier comparatives are expected to drive improvement in the second half of FY25, with potential for positive operating leverage.

Earnings for the half came in at $102.7m, slightly below consensus of $103m but above the broker's forecast of $101.1m.

A better-than-expected first-half earnings margin prompts Morgan Stanley to lift its FY25 margin forecast to 14.5% from 14.2%, aligning with management’s guidance of 14.2-14.7%.

Morgan Stanley reiterates an Overweight rating and raises the target price to $11.60 from $11.00 on a valuation roll-forward. The industry view remains In-Line.

Target price is $11.60 Current Price is $8.25 Difference: $3.35
If CKF meets the Morgan Stanley target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $9.50, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in May.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgans rates CKF as Add (1) -

In line with guidance, Collins Foods reported a 1H25 group underlying earnings (EBITDA) margin of 14.6%, down by approximately -120bps year-on-year, impacted by weak same-store sales growth and inflationary cost pressures, according to Morgans.

Underlying earnings of $102.7m were slightly ahead of broker and consensus forecasts of $101.7m and $103m, respectively.

While the trading update and outlook commentary were softer-than-expected, Morgans highlights several positives, including a profit beat of around 5%, improving same-store sales for KFC Australia, and robust cash flow conversion.

The fully franked interim dividend declined to 11cps from 12.5cps in the prior period. Morgans retains its $10.50 target and Add rating.

Target price is $10.50 Current Price is $8.25 Difference: $2.25
If CKF meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $9.50, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in May.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates CKF as Accumulate (2) -

Ord Minnett notes same-store sales growth for the first seven weeks of 2H25 for Collins Foods is below the rate needed to meet consensus expectations for FY25. The company continues to face a tough macroeconomic environment and weak consumer spending.

Margins for 1H25 were at the top end of guidance, supported by a more favourable earnings mix in KFC Australia. However, management flagged ongoing cost inflation as a concern and the analyst does not anticipate the pressures will subside into FY26.

The broker has lowered EPS forecasts by -10% and -13% for FY25 and FY26, respectively. The target price is reduced to $9 from $9.50.

No change to the Accumulate rating.

Target price is $9.00 Current Price is $8.25 Difference: $0.75
If CKF meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.50, suggesting upside of 15.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates CKF as Buy (1) -

Looking past the "challenging" 1H25 result from Collins Foods, UBS finds reasons to be more optimistic for 2H25.

The analyst notes earnings margins in the first half were at the top end of guidance, which management attributed to achieving "profitable value" and offering innovative solutions to a weak consumer.

Like-for-like sales are expected to benefit from an easier comparison base in 2H25, and cost input inflation or deflation is anticipated in the range of -1% to -2%.

UBS also highlights the growth in digital sales to 35% from 28% a year earlier. The analyst sees potential for EPS growth in FY26 and forecasts a rise 43% year-on-year.

The broker lowers EPS forecasts by -14% and -6% for FY25 and FY26, respectively. The target price decreases to $9.80 from $10.40. Buy rating is maintained.

Target price is $9.80 Current Price is $8.25 Difference: $1.55
If CKF meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $9.50, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in May.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

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

Bell Potter anticipates Fenix Resources' portfolio of low-capital mining assets and integrated logistics networks will sustain strong cash flows, supporting growth expenditure and shareholder returns.

The analysts note Fenix is unlocking stranded mining assets in Western Australia’s Mid-West region through iron ore mining, bulk commodity haulage via Newhaul Road Logistics, and port services through Newhaul Port Logistics.

Iron ore production is forecast to increase to 4mtpa by FY26 from 1.4mt in FY24, driven by Iron Ridge, Beebyn-W11 (10mt Right to Mine, with first production expected in Q3 FY25), and Shine.

The broker initiates coverage with a Buy rating and a 41c target.

Target price is $0.41 Current Price is $0.29 Difference: $0.12
If FEX meets the Bell Potter target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates GQG as Upgrade to Add from Hold (1) -

Morgans observes fund outflows for GQG Partners appeared to occur immediately after the negative news regarding Adani Group, a significant exposure, but have been mild since the initial first-day impact.

The broker highlights November investment strategy performance ranged from -3.3% to 6.8%, leading to relatively flat estimated monthly funds under management (FUM) before net fund flow impacts.

Morgans upgrades its rating for GQG Partners to Add from Hold and retains the $2.47 target price. Management plans to implement a $100m buyback starting December 6.

Target price is $2.47 Current Price is $2.09 Difference: $0.38
If GQG meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 41.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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 IAG as Buy (1) -

Citi estimates the RACQ acquisition will be approximately 4% accretive to earnings in the first year, or FY26, for Insurance Australia Group.

The analyst notes the potential for the group to pursue additional motoring organisation "bolt-ons," which are smaller than RACQ.

Citi raises EPS forecasts by 0.2% and 4% for FY25 and FY26, respectively.

The target price increases to $9.55, with the Buy rating unchanged. The analyst acknowledges the earnings multiple is quite high but considers risks likely to "derail" near-term momentum as low.

Target price is $9.55 Current Price is $8.53 Difference: $1.02
If IAG meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.57, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

Morgan Stanley notes Insurance Australia Group's management reaffirmed FY25 targets of mid- to high-single-digit GWP growth and a 13.5-15.5% margin during its investor day, aligning with expectations by the broker and consensus.

The broker observes management is delivering margins and returns above peers but highlights the need for reinvestment to protect volumes and market share.

Morgan Stanley maintains an Equal-weight rating with a $7.55 target price. The industry view remains In-Line.

Target price is $7.55 Current Price is $8.53 Difference: minus $0.98 (current price is over target).
If IAG meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.57, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Ord Minnett rates IAG as Accumulate (2) -

Ord Minnett came away from Insurance Australia Group's investor day with a more upbeat outlook, including the recent $855m acquisition of RACQ.

The group continues to explore opportunities in car and home insurance to boost market share. Investment in technology is expected to enhance margins and improve efficiency for the company.

Ord Minnett raises EPS forecasts by 2% for FY26, and the target price increases to $9.30 from $9.00.

No change to the Accumulate rating.

Target price is $9.30 Current Price is $8.53 Difference: $0.77
If IAG meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.57, suggesting downside of -0.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates IAG as Neutral (3) -

UBS views technology as a key factor in Insurance Australia Group's growth prospects, as outlined at the insurer's investor day.

The transition of retail and commercial divisions to new trans-Tasman platforms is expected to result in a reduction of the expense ratio by approximately -100bps in FY27, the broker highlights.

As the pricing cycle slows, UBS anticipates productivity improvements will be channeled into growth rather than a higher return on equity.

The analyst retains earnings forecasts and considers the stock fairly fully valued at 19x FY25 earnings. Neutral rating maintained with an $8.55 target price.

Target price is $8.55 Current Price is $8.53 Difference: $0.02
If IAG meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $8.57, suggesting downside of -0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates JHX as Neutral (3) -

Citi notes the delay in the start of purchasing US$300m shares by James Hardie Industries, pushing the buyback back by around 14 trading days or three weeks, which appears "high" to the analyst given historical trends.

As a rule, companies are generally unable to buy back shares when management has material non-public information.

Highlighting a possible reason, the analyst suggests a scrip takeover offer, which would require a US listing if it involved a US-based company, and explains there are only ten listed building materials companies James Hardie could potentially merge with in the US.

Citi remains Neutral rated with a $56 target price.

Target price is $56.00 Current Price is $56.86 Difference: minus $0.86 (current price is over target).
If JHX meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $59.14, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in March.

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 NST as Downgrade to Neutral from Buy (3) -

Citi downgrades Northern Star Resources to Neutral from Buy and lowers the target price to $17 from $18.30 due to EPS dilution.

The broker highlights the De Grey Mining ((DEG)) acquisition contrasts with Northern Star's typical bolt-on or asset-turnaround strategy.

Citi emphasises Hemi is a Tier 1 greenfields ore body with long-term value accretion and an upgrade to Northern Star's portfolio. in the near term, risks are weighted against the company due to higher capex/opex and development challenges.

The analyst believes the deal detracts from the company's appeal as a "clean" gold exposure play.

Neutral rated. Target price $17.00 from $18.30. Citi's EPS forecasts are lowered by -4.5% in FY25 and -19.3% in FY26.

Target price is $17.00 Current Price is $16.13 Difference: $0.87
If NST meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.25, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgans rates NST as Add (1) -

Morgans highlights the acquisition of the Hemi deposit via the De Grey Mining ((DEG)) takeover would establish a fourth global production centre for Northern Star Resources, adding 6moz in reserves and circa 530kozpa in production once developed.

The Northern Star Board has unanimously recommended the transaction, which offers 0.119 new Northern Star shares for each De Grey share, implying $2.08 per De Grey share.

The Buy rating and $20.18 target are maintained.

Target price is $20.18 Current Price is $16.13 Difference: $4.05
If NST meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $18.25, suggesting upside of 13.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates ORG as Outperform (1) -

Macquarie notes the market share and trend data for FY24 from the Australian Energy Regulator. The update suggests to the analyst Kracken, when compared to its peers, has yet to capitalise on its capabilities for Origin Energy.

There is some evidence, as indicated by the company, of improvements emerging in FY25. Data for 1Q25 is due to be announced in late December. Macquarie expects signs of improvement across calls, complaints, and disconnections/hardship.

Use of AI is also highlighted as a potential driver of improvements in the digital channel and call centre.

The analyst emphasises the Trustpilot rating for Kracken remains at 4.6 stars, well above AGL Energy's ((AGL)), with modest churn and stable market share across regions.

No change to the Outperform rating and $10.35 target price. Earnings forecasts are retained.

Target price is $10.35 Current Price is $10.77 Difference: minus $0.42 (current price is over target).
If ORG meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.59, suggesting downside of -1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Bell Potter rates PME as Hold (3) -

Bell Potter doubles its target price for Pro Medicus to $260, acknowledging it may have underestimated the value accretion from contract upgrades and the impact of price leadership in key markets. The Hold rating is maintained.

The analysts view the 10-year, $330m deal with Trinity Health for the Visage full stack as a reaffirmation of the product's market leadership in radiology viewing platforms and cloud archiving systems. They forecast EBIT margins advancing to 75%.

Bell Potter highlights a chronic shortage of radiologists in the US, leading to longer wait times and increased demand for workforce productivity, is driving Visage's popularity.

The broker also notes in eight out of eight contract renewals, hospitals have re-signed for multi-year deals with significant price increases, bypassing competitive tender processes.

Target price is $260.00 Current Price is $256.73 Difference: $3.27
If PME meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $181.10, suggesting downside of -30.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.4

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

Ord Minnett rates REG as Buy (1) -

Regis Healthcare provided a positive AGM trading update, with Ord Minnett noting 1Q25 occupancy at 95.5%, a rise of 30bps and better than expected. 1Q25 profit came in slightly above expectations, and government revenue per bed at $299 was in line with estimates.

The broker highlights the government's positive move to raise the soft cap on pricing from 1 January 2025, a strong demand-supply backdrop, and median house prices exceeding Regis Healthcare's prices by approximately four times.

Ord Minnett estimates the refundable accommodation deposit could reach around $700k by FY28, reflecting a compound annual growth rate of 8%-9%, compared to the broker's forecast of 5%.

Buy rated. Target price increases to $7.20 from $6.40.

Target price is $7.20 Current Price is $6.60 Difference: $0.6
If REG meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates SOL as Add (1) -

Morgans updates its forecasts for WH Soul Pattinson on a mark-to-market of dividend expectations for the company's portfolio of assets. The impacts of the recent AGM, post-result equity placement and convertible bond issue are also incorporated into forecasts. 

Th broker highlights how management continues to deliver both organic and inorganic growth over the long-term.

The Add rating is unchanged, and the target rises to $36.30 from $35.60.

Target price is $36.30 Current Price is $34.74 Difference: $1.56
If SOL meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates WTC as Outperform (1) -

Macquarie remains resolute in its position on WiseTech Global post the investor day, highlighting while new products might be delayed, the quality of the product is more important for the investment thesis.

The broker states, "we won't confuse a trading decision with an investment decision."

The reorganisation of management is viewed as a net positive, with Richard White freed up to spend an incremental 20% of his time on product development, a favourable outcome for the business. The depth and strength of management were also evident, confirming feedback from channel checks.

Macquarie noted existing customer penetration remains low, with CargoWise estimated at 9% of global manufactured freight volumes, and the company focusing on product development across all parts of the value chain.

The Outperform rating is re-stated with an unchanged $152.70 target price.

Target price is $152.70 Current Price is $127.77 Difference: $24.93
If WTC meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $139.79, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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