Australian Broker Call

Ord Minnett rates A1M as Speculative Buy (1) -

AIC Mines has secured $116m in funding, comprising $55m equity and $61m debt, to expand the Eloise processing plant to 1.1mtpa and support associated infrastructure, observes Ord Minnett.

The capex estimate of -$78m for the mill is higher than expected by the broker, though the inclusion of $11.4m in oversized equipment allows for future expansion to 1.5mtpa.

The broker maintains its 1.1mtpa base case but notes a 1.5mtpa scenario would lift its valuation by 7cps or 12%, at spot prices, supporting the decision to invest upfront in capacity.

Ord Minnett lowers its FY26 earnings forecasts by -33% due to equity dilution and higher growth capex. The target price falls to 50c from 62c. Speculative Buy rating maintained.

Target price is $0.50 Current Price is $0.30 Difference: $0.205
If A1M meets the Ord Minnett target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $0.72, suggesting upside of 132.3% (ex-dividends)

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

Shaw and Partners rates AZY as Buy (1) -

Antipa Minerals announced assay results from the 66 holes completed for its 2025 Phase 1 drilling program at the Minyari gold and copper project.

Shaw and Partners highlights the results establish additional resource potential at an area 1.3 km south of Minyari, referred to as the GEO-01 prospect area.

The analyst explains the latest results increase the likelihood of a rise in the group Mineral Resource to 4.9Moz AuEq, a rise of 11%, which results in a lift in the target price to 86c from 66c.

The Buy, High Risk rating is retained.

Target price is $0.86 Current Price is $0.69 Difference: $0.17
If AZY meets the Shaw and Partners target it will return approximately 25% (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 BKW as Neutral (3) -

Brickworks has updated 2H25 trading guidance with earnings (EBITDA) to come in higher than $38m in 1H25.

Macquarie forecasts earnings (EBITDA) of $118.4m in 2H25. Revaluation gains of $65m on existing properties, which were not anticipated, were also flagged.

Building Products are expected to report slightly higher results than 1H25 of $50m, which is basically in line with the analyst's estimate, and Building Products in North America remain soft due to higher interest rates and economic uncertainty.

A 2H25 North American impairment is anticipated of -$75m post-tax.

Macquarie raises EPS forecasts by 11.9% for FY25 and 3.3% for FY26. Target price slips to $31.70 from $32.20. No change to Neutral rating.

Target price is $31.70 Current Price is $34.40 Difference: minus $2.7 (current price is over target).
If BKW meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.74, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Ord Minnett rates BKW as Hold (3) -

Following a 2H trading update from Brickworks, Ord Minnett highlights stronger-than-expected earnings from the Property division.  

Outperformance was supported by a $65m revaluation gain from -15bps cap rate compression and a $39m development profit, explains the analyst.

Property segment earnings (EBITDA) for FY25 are guided to be around $138m, above the broker’s $90m forecast.

Building Products Australia performed slightly ahead of 1H25 and beat the broker's expectations marginally, while Building Products North America delivered a small positive contribution, as anticipated.

A -$75m post-tax, non-cash impairment has been recognised for the US division due to a weaker-than-expected market recovery.

The broker sees no impact to the proposed WH Soul Pattinson ((SOL)) merger, which is expected to unlock near-term value and deliver longer-term diversification.

The $34.90 target and Hold rating are maintained.

Target price is $34.90 Current Price is $34.40 Difference: $0.5
If BKW meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $30.74, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Shaw and Partners rates BTR as Buy (1) -

Brightstar Resources has announced its definitive feasibility study for the development of the Menzies and Laverton Gold projects.

Shaw and Partners notes 339koz of production over five years, peaking at 91koz, with average all-in sustaining costs of $2,991/oz and maximum funding of $120m. Financing is likely to be sourced through offtake agreements and a $120m equity raising.

Terms of the acquisition of Aurumin by Brightstar have also been agreed. Aurumin shareholders will receive one Brightstar share for every 4.6 Aurumin shares, which implies a value of 11.7c at an average weighted Brightstar share price of 54c.

The Sandstone Gold Project is expected to have a pro forma resource of 2.4Moz at 1.5g/t Au.

No change to the $1.14 target price and Buy, High Risk rating.

Target price is $1.14 Current Price is $0.45 Difference: $0.695
If BTR meets the Shaw and Partners target it will return approximately 156% (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

Citi rates BWP as Neutral (3) -

Citi reviews BWP Trust’s proposed transition to an internalised REIT model and the reset of 62 Bunnings leases.

The broker notes the deal includes Wesfarmers ((WES)) selling its management arm BWP Management Ltd to BWP Trust for $142.6m, comprising $100m in cash and $42.6m in new units issued at $3.92.

The acquisition price equates to a 10.6 times FY26 earnings multiple, highlight the analysts, which they view as accretive against BWP’s FY26 forecast price/earnings ratio of around 18.7 times.

Lease renegotiations extend tenure and introduce more flexibility, supporting ongoing investment into the portfolio and potentially enhancing income security, explains Citi.

The Neutral rating and $3.40 target are unchanged.

Target price is $3.40 Current Price is $3.52 Difference: minus $0.12 (current price is over target).
If BWP 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 $3.82, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates CHN as Speculative Buy (1) -

Chalice Mining confirmed the development plan for the Gonneville PGE-Nickel, Copper and Cobalt project and is on track to complete a pre-feasibility study in the December quarter. 

Bell Potter notes the PFS will allow for a production rate of up to 15Mtpa, starting with a lower rate in the first four years. The broker expects the project to move to a feasibility study, followed by a final investment decision in late 2027.

The analyst updated the model to factor in its latest long-term commodity price assumptions, with copper and nickel price forecasts lifted by 11% and 17%, respectively.

Both cobalt and palladium price forecasts cut by -14%, and AUD/USD exchange rate estimate increased by 8%.Speculative Buy. Target trimmed to $4.10 from $5.75.

Target price is $4.10 Current Price is $1.69 Difference: $2.415
If CHN meets the Bell Potter target it will return approximately 143% (excluding dividends, fees and charges).

Current consensus price target is $2.40, suggesting upside of 40.4% (ex-dividends)

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

Bell Potter rates CMM as Hold (3) -

Capricorn Metals announced repayment of the remaining $50m project finance facility and believes it will have sufficient cash to fund the development of the Mt Gibson and expansion of Karlawinda gold projects.

Bell Potter agrees, noting the company had $405m in cash at the end of the March quarter and its balance sheet benefited from closing out of gold hedging commitments before.

Minor revisions to EPS forecasts, mainly on account of the removal of interest rate expense. 

Hold. Target rises to $9.10 from $9.03.

Target price is $9.10 Current Price is $9.55 Difference: minus $0.45 (current price is over target).
If CMM meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.47, suggesting downside of -0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates CRN as Neutral (3) -

Coronado Global Resources confirmed media speculation about a potential sale, stating it is in discussions for a minority sale of certain assets, but no binding proposal had been received.

UBS reckons a -20-30% sell-down of the Curragh mine is a possibility, though it is not discounting partial sell-down of the Buchanan and Logan coal mines. Such a sale could generate US$100-150m.

The broker notes the company requires up to -US$600m funding in FY26-27, and following a recent rating downgrade by Fitch, has limitations on how much affordable debt it can raise.

Asset sales or other equity finance are the likely options in an environment of lower-for-longer met coal prices, the broker believes.

Neutral. Target unchanged at 19c.

Target price is $0.19 Current Price is $0.14 Difference: $0.055
If CRN meets the UBS target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $0.17, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

Ord Minnett rates CUV as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage of Clinuvel Pharmaceuticals with a Buy rating, highlighting its established profitability through Scenesse, the only FDA-approved treatment for erythropoietic protoporphyria (EPP).

The broker sees significant upside from extending Scenesse's use to vitiligo, estimating peak annual sales potential of $1.4bn versus $116m for EPP. It's felt the regulatory risk is comparatively low due to existing approvals and infrastructure.

Clinuvel's strong cash flow base and decade-long commercial track record in EPP underpin its R&D pipeline, explains the analyst, which includes therapies targeting multiple sclerosis, infantile spasms and strokes.

The broker believes this strategic expansion is well funded and does not rely on additional capital, even in a low-growth scenario for Scenesse.

Ord Minnett initiates with a target price of $22.60 and a Buy rating.

Target price is $22.60 Current Price is $10.38 Difference: $12.22
If CUV meets the Ord Minnett target it will return approximately 118% (excluding dividends, fees and charges).

Current consensus price target is $19.78, suggesting upside of 95.3% (ex-dividends)

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

Bell Potter rates CWP as Buy (1) -

Bell Potter re-assessed its forecasts for Cedar Woods Properties, resulting in a 1.5% lift to the FY26 EPS forecast and a 2.5% rise to FY27.

The broker's forecasts are largely underpinned by record presales of over $700m, with risks seen to the upside over the medium term based on the company's track record of over-delivering.

The stock is due for a re-rate, the broker believes, and while the current PE ratio of 11.2x FY26 estimate looks too low, it still suggests a price above $8.30 in 12 months.

Buy. Target lifted to $8.00 from $7.30.

Target price is $8.00 Current Price is $7.09 Difference: $0.91
If CWP meets the Bell Potter target it will return approximately 13% (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

Ord Minnett rates EOS as Accumulate (2) -

Electro Optic Systems will post a significant 1H FY25 loss, according to yesterday's trading update. Revenue guidance of between $40–45m falls around -40% below Ord Minnett's estimate due to fixed costs and weak revenue timing.

Despite the weak first half, the broker maintains its full-year revenue forecast of $159m, supported by a $170m order book and a strong cash position of $130m following a $60m contract payment.

The analysts highlight the business is now debt-free and see it as well placed to benefit from a $1.5bn opportunity pipeline and elevated global defence spending.

The broker lowers its target price to $2.20 from $2.30 and retains an Accumulate rating.

Target price is $2.20 Current Price is $2.85 Difference: minus $0.65 (current price is over target).
If EOS meets the Ord Minnett target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

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

Shaw and Partners rates IGL as Buy (1) -

At IVE Group's June strategy day, the company raised FY25 net profit after tax guidance to around $52m from $47m–$50m in February.

Shaw and Partners highlights management also announced FY30 targets of compound average revenue growth of 5%, a 15%-plus earnings (EBITDA) margin, and 3%-5% compound average EPS growth.

The FY25 upgrade is a result of better margins, and available cash flow of $80m can support M&A to acquire earnings (EBITDA) of $20m and around $150m in revenue, the broker notes.

Buy, High Risk rating and target unchanged at $3.40. Shaw and Partners explains the group's data-driven print affords the company multiple benefits to co-exist with and complement AI-driven campaigns.

Target price is $3.40 Current Price is $2.88 Difference: $0.52
If IGL meets the Shaw and Partners target it will return approximately 18% (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

Citi rates MND as Neutral (3) -

Monadelphous Group’s recruitment activity picked up in May, highlights Citi, following a series of significant contract wins during the month. Hiring has now rebounded above the company’s long-term monthly average.

While large project awards continue to face delays due to regulatory, sentiment, and cost-related headwinds, the broker believes management is well positioned to navigate this environment.

The strength of the company’s order book provides a solid foundation to maintain resilience amid broader industry challenges, suggests the analysts.

The Neutral rating and $16.65 target are maintained.

Target price is $16.65 Current Price is $17.56 Difference: minus $0.91 (current price is over target).
If MND meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.23, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates MPL as Upgrade to Overweight from Equal-weight (1) -

Morgan Stanley expects strong FY25 results from both Medibank Private and nib Holdings ((NHF)) but upgrades the former to Overweight from Equal-weight. 

The analysts believe hospital claims are running below expectations, supporting margin expansion for private health insurers in FY25–26.

The broker cites Medibank Private's ability to sustain margins through easing competition and lower claims inflation.

It's also felt management's pivot toward broader health services, including specialist and primary care, supports multiple expansion.

Morgan Stanley raises its target price to $5.57 from $4.50. Industry View: In-Line.

Target price is $5.57 Current Price is $5.05 Difference: $0.52
If MPL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.85, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates NHF as Underperform (5) -

Macquarie anticipates ongoing political and regulatory risks in FY26 as the NDIS moves further into focus.

A second term for the Health Minister should result in additional policy moves on phoenixing of products, limits to free periods, and a retrospective look at pricing.

The analyst points to a potential decline in group operating profits of around -12.4% by FY27 due to such factors. Further earnings pressure from international workers’ margins could impact by around -2.5%, up to circa 4%-5% of group operating profit.

Limited impacts from the cap on student commissions and NDIS changes could affect around -4.8% of group operating profits.

Macquarie lifts FY25 EPS by 1.8% and lowers FY26 by -3.6%. Underperform rating retained, with target moved to $5.60 from $5.55.

Target price is $5.60 Current Price is $7.08 Difference: minus $1.48 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.97, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

Morgan Stanley expects strong FY25 results from both Medibank Private and nib Holdings ((NHF)) but upgrades the former to Overweight from Equal-weight and leaves nib Holdings at Equal-weight.

The analysts believe hospital claims are running below expectations, supporting margin expansion for private health insurers in FY25–26.

The broker sees a broader risk-reward profile at nib Holdings due to greater execution challenges and lower confidence in the regulatory outlook.

Morgan Stanley raises its target price for nib Holdings to $6.75 from $6.65. Industry View: In-Line.

Target price is $6.75 Current Price is $7.08 Difference: minus $0.33 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.97, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates NWH as Buy (1) -

NRW Holdings' recruitment activity picked up in May, highlights Citi, following a series of significant contract wins during the month.  Hiring has now rebounded above the company’s long-term monthly average.

While large project awards continue to face delays due to regulatory, sentiment, and cost-related headwinds, the broker believes management is well positioned to navigate this environment.

The strength of the company’s order book provides a solid foundation to maintain resilience amid broader industry challenges, suggest the analysts.

The Buy rating and $3.65 target are maintained.

Target price is $3.65 Current Price is $2.99 Difference: $0.66
If NWH meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates PBH as Hold (3) -

PointsBet Holdings downgraded its FY25 guidance, now expecting both revenue and normalised EBITDA at the bottom end of the previously guided range of $260-270m and $11-14m, respectively.

Bell Potter notes no reason was provided, but speculates it was caused by distraction from takeover activity in recent months.

The broker's forecasts were in the middle of the previous guidance, and now lowered it to the bottom end for both revenue and normalised EBITDA.

The downgrades reflect lower revenue and lower margin forecasts for FY25, with modest cuts also made to FY26-27 forecasts. 

Hold. Target unchanged at $1.20, which is a price equal to the takeover offers from MIXI and BETR Entertainment ((BBT)).

Target price is $1.20 Current Price is $1.19 Difference: $0.015
If PBH meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates PRN as Buy (1) -

Perenti recently announced a $200m contract over three years with Westgold Resources ((WGX)) at its Great Fingall underground project.

Bell Potter highlights the company has had several contract wins and renewals, including a five-year contract with Roy Hill. The broker notes 65% of the mining contracts relate to gold projects, which is a positive from a longevity point of view.

The analyst cuts EPS forecasts for FY25-27 by -5.2%, -3.0% and -3.5%, respectively, on tax and non-controlling interest adjustments, while leaving revenue forecasts unchanged.

Buy. Target rises to $1.80 from $1.45 on higher DCF valuation.

Target price is $1.80 Current Price is $1.62 Difference: $0.18
If PRN meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting upside of 8.1% (ex-dividends)

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

Bell Potter rates QPM as Speculative Buy (1) -

Bell Potter notes QPM Energy's feasibility study announcement of a new 112MW gas-fired Isaac power station, up to $12m raisings via share placement and share purchase plan, and FY26 guidance.

The company stated the Isaac power station will increase the dispatchable generation capacity to 285MW from 173MW, with a longer-term target of 500MW.

EPS forecasts for FY26 and FY27 lowered to account for dilution and downgrade to the broker's FY26 electricity dispatched estimate based on the company's guidance.

Speculative Buy. Target cut to 9c from 10c.

Target price is $0.09 Current Price is $0.03 Difference: $0.058
If QPM meets the Bell Potter target it will return approximately 181% (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

Ord Minnett rates QPM as Speculative Buy (1) -

QPM Energy plans to expand its generation capacity by 60% to approximately 280MW through development of the 112MW Isaac Power Station, observes Ord Minnett.

Capacity can be increased by leveraging its large uncontracted gas reserves and robust infrastructure, explain the analysts.

The broker estimates the Isaac Power Station will have a net asset value (NAV) of circa $180m and low marginal generation cost of around $60/MWh. This is expected to contribute to forecast free cash flow of $67m and group earnings (EBITDA) of $93m by FY28.

A $10m placement and $2m share purchase plan (SPP) will support early development, with remaining capex funded through circa $165m in debt, cash, and internal cash flow.

Ord Minnett raises its target price to 14c from 13c and retains a Speculative Buy rating.

Target price is $0.14 Current Price is $0.03 Difference: $0.108
If QPM meets the Ord Minnett target it will return approximately 338% (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

Citi rates REH as Neutral (3) -

Citi lowers its target price for Reece to $15.98 from $20.25 and maintains a Neutral rating.

The broker flags geographic concentration in the US South as a growing headwind, with that region’s housing markets now underperforming amid falling prices and rising inventory.

Citi sees increased competitive pressure in these core markets as the addressable opportunity contracts.

The analyst revises down FY25-27 profit forecasts by between -7–11%, noting US growth may stay flat in FY26, though Australian conditions could improve in the 2H following rate cuts.

No change is made to Australian assumptions, but US softness remains the key drag in Citi’s model.

Target price is $15.98 Current Price is $14.35 Difference: $1.63
If REH meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $15.70, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Citi rates SCG as Buy (1) -

Citi visited the Westfield Warringah Mall following Scentre Group's move to consider residential construction opportunities at the adjacent land or air rights across its portfolio.

The broker believes the residential opportunity at the Warringah site offers potential value, noting its location in an affluent market with strong house prices. The broker also notes retail is performing well, with strong tenants, high occupancy and foot traffic.

The analyst reckons residential development will be a value generation theme, and investors are not pricing this.

Buy. Target unchanged at $3.90.

Target price is $3.90 Current Price is $3.56 Difference: $0.34
If SCG meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.79, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates SLC as Buy (1) -

Citi attributes Superloop's FY25 earnings (EBITDA) upgrade to a stronger-than-expected performance from the Origin Energy ((ORG)) contract, which the broker estimates will contribute $19–20m, or 22% of total earnings.

Despite early price hikes and increased marketing spend, the analysts see disciplined cost control and strong Origin net-adds as key positives.

For FY26, Citi forecasts the Origin earnings contribution could rise to $33–34m, though the analysts note net-add momentum is likely to slow, with broader market dynamics including NBN speed changes a key variable.

The brokert raises its target price for Superloop to $3.55 from $3.35 and retains a Buy rating.

Target price is $3.55 Current Price is $3.01 Difference: $0.54
If SLC meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting downside of -1.3% (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

Macquarie rates SLC as Outperform (1) -

Superloop upgraded earnings (EBITDA) guidance for FY25 by circa 6% at the midpoint, and Macquarie believes there is upside to consensus forecasts for FY26.

The analyst lifts group earnings (EBITDA) estimates by 4.7% for FY25 and 0.1% for FY26, and sits above consensus forecasts by 7% for FY26 and 10% for FY27.

Macquarie views the 1% share price rise to the upgrade as suggesting much of the good news is currently discounted in the share price.

Target lifts to $3.30 from $3.25 with an Outperform rating.

Target price is $3.30 Current Price is $3.01 Difference: $0.29
If SLC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting downside of -1.3% (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

Macquarie rates STO as Outperform (1) -

Macquarie acknowledges the six-week exclusive due diligence granted to the XRG consortium, which ends on August 8 at 5 pm, with exclusivity to lapse after four weeks if another higher proposal is launched.

The analyst views the LNG assets as the most lucrative to ADNOC, which are less "sensitive" to the national interest than the domestic gas assets.

Macquarie tweaks EPS estimates for Santos by 2.5% for 2025 and -0.3% for 2026 on the back of new oil price assumptions from the Global Commodities Team.

An Outperform rating and $8.85 target are retained.

Target price is $8.85 Current Price is $7.66 Difference: $1.19
If STO meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.89, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Citi rates SUN as Neutral (3) -

Suncorp Group's FY26 reinsurance program update was largely in line with Citi's expectations. Still, the broker expects the market to consider the price reduction in the catastrophe program cover as a positive.

The broker sees modest upside risk to its forecast of $1.645bn for FY26 natural hazard allowance, given the insurer flagged it will reflect unit growth and inflation, along with further resilience.

The company reiterated 10% to 12% margin guidance, and the broker largely agrees based on the benefit from lower reinsurance costs.

Neutral. Target unchanged at $22.40.

Target price is $22.40 Current Price is $21.61 Difference: $0.79
If SUN meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $21.96, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates WA1 as Speculative Buy (1) -

WA1 Resources published an updated mineral resource estimate for the Luni deposit, with the grade profile supportive of Bell Potter's base case estimate for the development of the West Arunta project.

The broker expects the project to progress to a pre-feasibility study, anticipating completion in 2026. 

Speculative Buy. Target cut to $25.70 from $26.50 on minor dilution and adjustment to grade profile, and a reduction in risk discount to 30% from 40% following release of indicated resource.

Target price is $25.70 Current Price is $15.84 Difference: $9.86
If WA1 meets the Bell Potter target it will return approximately 62% (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

Ord Minnett rates WOW as Buy (1) -

Ord Minnett views Woolworths Group's decision to close its MyDeal platform as a positive step, reducing losses in the underperforming W Living division and demonstrating capital discipline.

The broker expects cash shutdown costs of between -$90–100m and a -$45m asset write-down, with no changes made to earnings forecasts as MyDeal was assumed to be loss-making since acquisition.

Ord Minnett estimates W Living will generate $5.5bn in FY25 sales but still post a -$69m loss at the earnings (EBIT) line, indicating more work is needed beyond the MyDeal closure.

All up, the analyst believes management’s willingness to exit failed investments bodes well for long-term value creation.

Ord Minnett maintains a Buy rating and $36.00 target price.

Target price is $36.00 Current Price is $31.11 Difference: $4.89
If WOW meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $33.04, suggesting upside of 5.8% (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

Citi rates WTC as Buy (1) -

Following a hiatus, Citi renews coverage on WiseTech Global with a Buy rating and sets a target price of $127.40 ($115.00 previously), following recent updates to long-term forecasts incorporating the e2open acquisition from 2H26 onwards.

The broker lifts its long-term Cargowise revenue growth forecast to circa 24%, citing three growth levers.

These are: enhanced functionality for existing customers, expanding logistics execution offerings for Beneficial Cargo Owners (BCOs), and potential monetisation of payment flows via e2open’s platforms.

In the near term, Citi sees scope to strengthen Cargowise in container transport optimisation, customs compliance, and the Neo platform by leveraging e2open’s visibility tools and planning capabilities.

Longer term, the analysts expect growth into BCOs and broader vertical markets to require higher sales and marketing spend, prompting a reduction in the WiseTech’s earnings (EBITDA) margin assumption.

The broker suggests the integration of e2open could ultimately support monetisation of cross-border payments and electronic documentation, offering potential upside to current forecasts.

Target price is $127.40 Current Price is $109.03 Difference: $18.37
If WTC meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

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: 1.0

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