Australian Broker Call
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December 22, 2025
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
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Today's Upgrades and Downgrades
| DMP - | Domino's Pizza Enterprises | Downgrade to Sell from Neutral | Citi |
Citi rates ABG as Buy (1) -
Citi updated forecasts for REITs to reflect house view of 50bps RBA rate hikes in 2026, modestly lifting expected financing costs across the sector.
The broker remains constructive on the sector’s underlying fundamentals, supported by resilient consumer demand, constrained new supply, and solid capital inflows.
GPT Group, Charter Hall Retail REIT, and Scentre Group remain the broker's preferred names among retail-exposed Australian REITs heading into the new year.
EPS forecasts for Abacus Group trimmed by -4% for FY26 and -5.4% for FY27. No change to Buy rating and $1.41 target price.
Target price is $1.41 Current Price is $1.21 Difference: $0.2
If ABG meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $1.31, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 EPS of 9.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.8, implying annual growth of 159.1%. Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY27:
Citi forecasts a full year FY27 EPS of 9.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.3, implying annual growth of 6.4%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.55
Citi rates ASK as Neutral (3) -
Citi updated forecasts for REITs to reflect house view of 50bps RBA rate hikes in 2026, modestly lifting expected financing costs across the sector.
The broker remains constructive on the sector’s underlying fundamentals, supported by resilient consumer demand, constrained new supply, and solid capital inflows.
GPT Group, Charter Hall Retail REIT, and Scentre Group remain the broker's preferred names among retail-exposed Australian REITs heading into the new year.
EPS forecasts for Abacus Storage King trimmed by -2.4% for FY26 and -0.2% for FY27. No change to Neutral rating and $1.50 target price.
Target price is $1.50 Current Price is $1.55 Difference: minus $0.05 (current price is over target).
If ASK meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.52, suggesting downside of -1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 EPS of 6.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of -70.9%. Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 24.1. |
Forecast for FY27:
Citi forecasts a full year FY27 EPS of 7.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.7, implying annual growth of 4.7%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 23.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.11
Citi rates CQR as Buy (1) -
Citi updated forecasts for REITs to reflect house view of 50bps RBA rate hikes in 2026, modestly lifting expected financing costs across the sector.
The broker remains constructive on the sector’s underlying fundamentals, supported by resilient consumer demand, constrained new supply, and solid capital inflows.
GPT Group, Charter Hall Retail REIT, and Scentre Group remain the broker's preferred names among retail-exposed Australian REITs heading into the new year.
No change to Charter Hall Retail REIT's Buy rating and $4.50 target price.
Target price is $4.50 Current Price is $4.11 Difference: $0.39
If CQR meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.31, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 25.50 cents and EPS of 26.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.1, implying annual growth of -29.1%. Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY27:
Citi forecasts a full year FY27 dividend of 26.00 cents and EPS of 27.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of 3.1%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DMP DOMINO'S PIZZA ENTERPRISES LIMITED
Food, Beverages & Tobacco
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Overnight Price: $22.10
Citi rates DMP as Downgrade to Sell from Neutral (5) -
Following an analysis of data with its Research Innovation Lab, Citi remains cautious on Domino's Pizza Enterprises on ongoing challenges in Japan/France and execution risk around cost-outs and franchise health.
The broker acknowledges the company is taking steps on costs, franchisee profitability and deleveraging, but highlights management uncertainty persists with Group CEO and A&NZ CEO roles still unfilled.
No change to earnings forecasts. Rating downgraded to Sell from Neutral following share price gains.
Target unchanged at $19.85. Upside risk is a meaningful upgrade to the $60-70m cost savings at 1H26 results in February.
Target price is $19.85 Current Price is $22.10 Difference: minus $2.25 (current price is over target).
If DMP meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.16, suggesting downside of -7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 82.80 cents and EPS of 127.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 126.2, implying annual growth of N/A. Current consensus DPS estimate is 62.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY27:
Citi forecasts a full year FY27 dividend of 89.60 cents and EPS of 137.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.4, implying annual growth of 8.1%. Current consensus DPS estimate is 71.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates DXS as Neutral (3) -
Citi updated forecasts for REITs to reflect house view of 50bps RBA rate hikes in 2026, modestly lifting expected financing costs across the sector.
The broker remains constructive on the sector’s underlying fundamentals, supported by resilient consumer demand, constrained new supply, and solid capital inflows. GPT Group, Charter Hall Retail REIT, and Scentre Group remain the broker's preferred names among retail-exposed Australian REITs heading into the new year.
For Dexus, the broker lifted forecasts for funds management fees on Westfield Chermside transaction. Minor revisions to forecasts, and no change to Neutral rating and $7.80 target price.
Target price is $7.80 Current Price is $7.13 Difference: $0.67
If DXS meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $8.07, suggesting upside of 13.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 37.00 cents and EPS of 62.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.2, implying annual growth of 353.3%. Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY27:
Citi forecasts a full year FY27 dividend of 37.50 cents and EPS of 64.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.6, implying annual growth of 0.7%. Current consensus DPS estimate is 37.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $24.06
Citi rates EBO as Neutral (3) -
Citi trimmed Ebos Group's target price to $26 from $28. Neutral rating stays.
Target price is $26.00 Current Price is $24.06 Difference: $1.94
If EBO meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $31.27, suggesting upside of 27.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 95.50 cents and EPS of 136.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 134.7, implying annual growth of 22.8%. Current consensus DPS estimate is 105.3, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY27:
Citi forecasts a full year FY27 dividend of 104.50 cents and EPS of 148.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.1, implying annual growth of 12.9%. Current consensus DPS estimate is 112.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.61
Citi rates GPT as Buy (1) -
Citi updated forecasts for REITs to reflect house view of 50bps RBA rate hikes in 2026, modestly lifting expected financing costs across the sector.
The broker remains constructive on the sector’s underlying fundamentals, supported by resilient consumer demand, constrained new supply, and solid capital inflows. GPT Group, Charter Hall Retail REIT, and Scentre Group remain the broker's preferred names among retail-exposed Australian REITs heading into the new year.
In the case of GPT Group, the broker added the acquisition of Grosnevor office park, lifted estimates for finance and tax, and raised fund management fee forecasts.
Minor revisions to forecasts. Buy rating and $6 target price are unchanged.
Target price is $6.00 Current Price is $5.61 Difference: $0.39
If GPT meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.93, suggesting upside of 5.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Citi forecasts a full year FY25 dividend of 24.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of N/A. Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 25.00 cents and EPS of 35.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.0, implying annual growth of 11.7%. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PPE PEOPLEIN LIMITED
Jobs & Skilled Labour Services
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Overnight Price: $0.89
Morgans rates PPE as Speculative Buy (1) -
Morgans notes PeopleIN has sold two businesses to sharpen focus on Queensland infrastructure, food & agriculture, defence and professional services.
While the sales were well-priced but EPS-dilutive, the broker reckons it would lift the quality and growth profile of the remaining business.
Earnings-led upside is expected into FY27-28, though improvement is not expected to be evident until 4Q26. EPS forecast for FY26 cut by -21% and by -12% for FY27.
Speculative Buy retained, with target raised to $1.10 from $1.00 on a higher valuation multiple in line with peers.
Target price is $1.10 Current Price is $0.89 Difference: $0.21
If PPE meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY26:
Morgans forecasts a full year FY26 dividend of 1.00 cents and EPS of 6.40 cents. |
Forecast for FY27:
Morgans forecasts a full year FY27 dividend of 3.00 cents and EPS of 7.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SCG as Buy (1) -
Citi updated forecasts for REITs to reflect house view of 50bps RBA rate hikes in 2026, modestly lifting expected financing costs across the sector.
The broker remains constructive on the sector’s underlying fundamentals, supported by resilient consumer demand, constrained new supply, and solid capital inflows. GPT Group, Charter Hall Retail REIT, and Scentre Group remain the broker's preferred names among retail-exposed Australian REITs heading into the new year.
The broker lifted funds management fees forecasts for Scentre Group on the Westfield Chermside transaction. Minor revisions to forecasts, with no change to Buy rating and $4.60 target price.
Target price is $4.60 Current Price is $4.20 Difference: $0.4
If SCG meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.23, suggesting upside of 0.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY25:
Citi forecasts a full year FY25 EPS of 22.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of 11.2%. Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.7. |
Forecast for FY26:
Citi forecasts a full year FY26 EPS of 24.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.2, implying annual growth of 7.6%. Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.53
Citi rates VCX as Neutral (3) -
Citi updated forecasts for REITs to reflect house view of 50bps RBA rate hikes in 2026, modestly lifting expected financing costs across the sector.
The broker remains constructive on the sector’s underlying fundamentals, supported by resilient consumer demand, constrained new supply, and solid capital inflows.
GPT Group, Charter Hall Retail REIT, and Scentre Group remain the broker's preferred names among retail-exposed Australian REITs heading into the new year.
Minor revisions to Vicinity Centres' forecasts. No change to Neutral rating and $2.60 target price.
Target price is $2.60 Current Price is $2.53 Difference: $0.07
If VCX meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.55, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY26:
Citi forecasts a full year FY26 dividend of 13.20 cents and EPS of 15.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.8, implying annual growth of -32.9%. Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY27:
Citi forecasts a full year FY27 EPS of 16.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of 6.1%. Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
| Company | Last Price | Broker | New Target | Prev Target | Change | |
| EBO | Ebos Group | $24.63 | Citi | 26.00 | 28.00 | -7.14% |
| PPE | PeopleIN | $0.86 | Morgans | 1.10 | 1.00 | 10.00% |
Summaries
| ABG | Abacus Group | Buy - Citi | Overnight Price $1.21 |
| ASK | Abacus Storage King | Neutral - Citi | Overnight Price $1.55 |
| CQR | Charter Hall Retail REIT | Buy - Citi | Overnight Price $4.11 |
| DMP | Domino's Pizza Enterprises | Downgrade to Sell from Neutral - Citi | Overnight Price $22.10 |
| DXS | Dexus | Neutral - Citi | Overnight Price $7.13 |
| EBO | Ebos Group | Neutral - Citi | Overnight Price $24.06 |
| GPT | GPT Group | Buy - Citi | Overnight Price $5.61 |
| PPE | PeopleIN | Speculative Buy - Morgans | Overnight Price $0.89 |
| SCG | Scentre Group | Buy - Citi | Overnight Price $4.20 |
| VCX | Vicinity Centres | Neutral - Citi | Overnight Price $2.53 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 5 |
| 3. Hold | 4 |
| 5. Sell | 1 |
Monday 22 December 2025
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