Australian Broker Call

Shaw and Partners rates A1M as Buy, High Risk (1) -

Resource extension drilling at AIC Mines' Jericho resource continues to deliver positive results, with follow-up drilling at the Matilda North discovery intersecting copper mineralisation in every drill hole, observes Shaw and Partners.

The broker remains optimistic on copper and highlights AIC Mines as its preferred exposure among producers.

Shaw and Partners maintains a Buy, High Risk rating and a $1.10 target price.

Target price is $1.10 Current Price is $0.33 Difference: $0.77
If A1M meets the Shaw and Partners target it will return approximately 233% (excluding dividends, fees and charges).

Current consensus price target is $0.77, suggesting upside of 125.5% (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

Ord Minnett rates ABG as Accumulate (2) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Abacus Group is Accumulate rated with a lower target price of $1.20 from $1.35.

Target price is $1.20 Current Price is $1.14 Difference: $0.065
If ABG meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 6.5% (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

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

Ampol's fourth quarter replacement cost operating profit (RCOP) missed Morgan Stanley and consensus forecasts by -6%, with the broker anticipating a modestly negative sharemarket reaction.

The Lytton refinery margin of US$4.60/bbl fell below the consensus expectation of US$5.63/bbl, while 2H Convenience and New Zealand trading was consistent with the prior corresponding period, according to the analysts.

Target $32. Equal-weight. Sector call In-Line.

Target price is $32.00 Current Price is $29.69 Difference: $2.31
If ALD meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $32.88, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

UBS rates ALD as Neutral (3) -

Ampol's December quarter update revealed 6% higher-than-expected volumes, comment analysts at UBS. The upside surprise was achieved despite a maintenance shutdown at the Lytton refinery.

For 2025, UBS is anticipating better reliability at the refinery and higher margins too. One concern the broker has is that consensus' expectations seem very high and thus likely cum downgrade.

UBS has increased forecasts. Neutral rating unchanged. Target price lifts to $31.25 from $30.10.

Target price is $31.25 Current Price is $29.69 Difference: $1.56
If ALD meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $32.88, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Morgan Stanley rates AMP as Overweight (1) -

Morgan Stanley anticipates an improving operating environment for wealth management stocks under its coverage, supported by better flows, emerging longevity solutions, solid markets, and the potential for lighter regulation.

AMP is the broker's preferred exposure due to optimisation potential for its Master Trust and improvements in cost consistency, revenue margins, and flows.

AMP is also reducing one-offs and presenting a clearer path to break-even in advice, according to Morgan Stanley.

The broker raises its target price for AMP to $1.90 from $1.70 and retains an Overweight rating.

Target price is $1.90 Current Price is $1.70 Difference: $0.2
If AMP meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.61, suggesting downside of -9.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates ARF as Accumulate (2) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Arena REIT is Accumulate rated with a lower target price of $4.35 from $4.40.

Target price is $4.35 Current Price is $3.89 Difference: $0.46
If ARF meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.34, suggesting upside of 10.2% (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

Ord Minnett rates ASK as Buy (1) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Abacus Storage King is Buy rated with a lower target price of $1.35 from $1.50.

Target price is $1.35 Current Price is $1.13 Difference: $0.225
If ASK meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.37, suggesting upside of 18.8% (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

Shaw and Partners rates AVL as Buy, High Risk (1) -

Shaw and Partners suggests a growing global battery requirement and commentary from President Trump around trade restrictions further highlight demand for critical minerals and the need to build sustainable, competitive Western supply chains.

The broker retains a Buy, High-Risk rating with a target price of 8c.

Target price is $0.08 Current Price is $0.01 Difference: $0.066
If AVL meets the Shaw and Partners target it will return approximately 471% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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, High Risk (1) -

Antipa Minerals is well funded for further exploration and development activities, according to Shaw and Partners, having completed the December quarter with a cash balance of $36.5m and no debt.

The cash balance partly derives from the Citadel joint venture sale ($17m) and the $16m equity raise during the quarter, explains the broker.

Buy, High Risk rating and 4c target price remain unchanged.

Target price is $0.04 Current Price is $0.03 Difference: $0.007
If AZY meets the Shaw and Partners target it will return approximately 21% (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 BRI as Buy (1) -

Despite near-term challenges, Bell Potter retains a Buy rating for Big River Industries, lowering the target price to $1.73 from $1.86, reflecting reduced earnings (EBITDA) forecasts by an average of -10.3%.

Big River reports 1H results on February 18, with the broker expecting ongoing revenue declines in the period due to residential market weakness, with a forecast -7% year-on-year drop.

More positively, the analysts anticipate stabilisation in the second half as cost reduction programs benefit EBITDA margins. Housing commencements are projected to rise by 7% in FY26, and non-residential construction is expected to recover, highlights Ord Minnett.

Target price is $1.73 Current Price is $1.26 Difference: $0.47
If BRI meets the Ord Minnett target it will return approximately 37% (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

Shaw and Partners rates BTR as Buy, High Risk (1) -

Gold exploration and development company Brightstar Resources has confirmed significant high-grade extensions to known mineralisation at the newly consolidated Sandstone Gold Project.

These are the final results from the reverse circulation (RC) drilling program completed in the December quarter 2024, explains the broker.

The Buy, High Risk rating and 4c target are maintained.

Target price is $0.04 Current Price is $0.02 Difference: $0.019
If BTR meets the Shaw and Partners target it will return approximately 90% (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 BUB as Initiation of coverage with Buy (1) -

Ord Minnett initiates coverage on Bubs Australia with a Buy rating and a target price of 20c, emphasising the company’s potential for sustainable long-term growth.

The company presents a promising turnaround story for 2025, according to the broker, supported by a new management team led by CEO Reg Weine, which has stabilised the business and driven 32% sales growth from FY23 to FY24.

Bubs' core goat-based infant milk formula products generate strong demand and over 40% gross margins, highlight the analysts, with the US market now being its largest growth driver.

The low penetration of goat-based formula is expected to support multi-year double-digit sales growth.

Target price is $0.20 Current Price is $0.11 Difference: $0.09
If BUB meets the Ord Minnett target it will return approximately 82% (excluding dividends, fees and charges).

Current consensus price target is $0.16, suggesting upside of 21.8% (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 CGF as Equal-weight (3) -

Morgan Stanley anticipates an improving operating environment for wealth management stocks under its coverage, supported by better flows, emerging longevity solutions, solid markets, and the potential for lighter regulation.

Unfortunately, the broker believes Challenger is falling short of its potential to develop cross-asset products and solutions, with recent subdued or negative annuity flows contrasting with global peers.

The target is lowered to $6.60 from $6.80. Equal-weight.

The broker's preferred exposure is Overweight-rated AMP.

Target price is $6.60 Current Price is $6.14 Difference: $0.46
If CGF meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.54, suggesting upside of 20.7% (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

Ord Minnett rates CHC as Hold (3) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Charter Hall is Hold rated with a lower target price of $15 from $15.50.

Target price is $15.00 Current Price is $15.22 Difference: minus $0.22 (current price is over target).
If CHC meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.74, suggesting upside of 2.6% (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

Ord Minnett rates CIP as Accumulate (2) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Centuria Industrial REIT is Accumulate rated with a lower target price of $3.10 from $3.35.

Target price is $3.10 Current Price is $2.86 Difference: $0.24
If CIP meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.47, suggesting upside of 19.1% (ex-dividends)

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

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

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Centuria Capital is upgraded to Accumulate from Hold with a $2 target price.

Target price is $2.00 Current Price is $1.77 Difference: $0.235
If CNI meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $1.97, suggesting upside of 9.0% (ex-dividends)

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

Ord Minnett rates CQE as Buy (1) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Charter Hall Social Infrastructure REIT is Buy rated with a higher target of $3.20 from $3.15.

Target price is $3.20 Current Price is $2.54 Difference: $0.66
If CQE meets the Ord Minnett target it will return approximately 26% (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

Bell Potter rates CRN as Buy (1) -

Fourth quarter saleable coal production and sales for Coronado Global Resources broadly matched Bell Potter's forecasts.

Aided by around 0.6mt of capitalised run-of-mine (ROM) inventory (i.e. prior to any processing), which will unwind in future quarters, mining costs beat the broker's forecast.

By mid-2025, management expects all three continuous mining machines will be operational at Mammoth.

The analysts highlight the company's production profile has de-risked with the commencement of ramp-up to 1.5-2.0mtpa incremental saleable production from its lower cost and less weather-affected Mammoth Underground operation.

The broker's target price falls to $1.20 from $1.40 on moderated production forecasts. Buy rating unchanged.

Target price is $1.20 Current Price is $0.71 Difference: $0.49
If CRN meets the Bell Potter target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 74.6% (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

Macquarie rates CRN as Outperform (1) -

Macquarie notes Coronado Global Resources reported 4Q24 saleable production and sales declines, which were below consensus estimates. Revenue came in below expectations by -12%, the analyst notes, with unit net costs better than expected, down -9%.

On balance it was a much improved quarter than the previous one, boosted by Curragh's cost outs, the broker observes.

The company commissioned Mammoth. Phase 1 ramp-up in 2025 is due, achieving production capacity of 1.5-2mtpa. The broker forecasts unit costs of US$105/t in 2025.

Macquarie believes the change in agreement with Stanwell is interesting, pointing to the sale of 2mtpa of Stanwell's coal until 2037 at prices more in line with export market prices.

The analyst lowers EPS forecasts by -66% in 2024 and -26% in 2025, even though there are "small absolute" tweaks to earnings.

The Outperform rating and $1 target price remain unchanged.

Target price is $1.00 Current Price is $0.71 Difference: $0.29
If CRN meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 74.6% (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

Morgans rates CRN as Speculative Buy (1) -

As expected by Morgans, weak steel demand continued to weigh on activities of Coronado Global Resources in 4Q24.

The broker observes a build-up of run-of-mine coal inventory, underscoring lower-than-possible sale production of 15.3mt over 2024, which would have come in at the upper end of guidance. The sales are expected to be realised in 1Q25.

The market remains focused on the company's "cash leakage," Morgans highlights. Coronado's 4Q free cash outflows hit -US$65m prior to tax and other adjustments, which was funded by debt, the analyst explains.

Morgans estimates the company can sustain three additional quarters of current hard coking coal prices before cash levels are tested. The broker believes the market is discounting the risk of equity issuance.

No change to the Speculative Buy rating. Target price slips to $1.10 from $1.40.

Target price is $1.40 Current Price is $0.71 Difference: $0.69
If CRN meets the Morgans target it will return approximately 97% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 74.6% (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

Ord Minnett rates CRN as Hold (3) -

Coronado Global Resources reported a strong finish to 2024, notes Ord Minnett, with 6.9mt of run-of-mine (ROM) production, exceeding expectations by 3%, and competitive costs of US$97/t following fleet reductions at Curragh.

Sales volumes were in line with the broker's forecast, while the cash balance of US$340m significantly outperformed, aided by cost control and working capital gains.

Bell Potter forecasts US$304m in EBITDA for 2025, supported by a 2.1mt production increase and ongoing cost savings. Free cash flow (FCF) is expected to remain minimal due to elevated capital expenditure.

The target price is reduced to 90c from $1.15, reflecting revised cost and capex assumptions. Bell Potter retains a Hold rating.

Target price is $0.90 Current Price is $0.71 Difference: $0.19
If CRN meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 74.6% (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

UBS rates CRN as Buy (1) -

Coronado Global Resources is making progress operationally, UBS comments in response to the release of December quarter data, but a miss on realised pricing weighs on EPS and returns.

Alas, for the company, met coal markets remain weaker-than-expected and UBS has downgraded its forecasts. Buy rating retained on the view that met coal markets should be better in 1-2 years from today.

Target price is $1.35 (down from $1.50). EPS is forecast to be negative (Ioss) for 2024, with the expected recovery in 2025 now significantly more moderate.

Target price is $1.35 Current Price is $0.71 Difference: $0.64
If CRN meets the UBS target it will return approximately 90% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 74.6% (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

Bell Potter rates CVL as Buy (1) -

Bell Potter suggests Civmec is well positioned to benefit from the favourable outlook for resources and energy projects in Australia.

The broker highlights the Department of Industry, Science and Resources’ annual review, which noted 455 major resource and energy projects under development as of 31 October 2024, up from 421 a year earlier.

For Civmec, Bell Potter expects improved results from FY26 onwards, supported by historically high tendering levels and a robust major project pipeline.

The broker maintains a Buy rating. The target eases to $1.70 from $1.75.

Target price is $1.70 Current Price is $1.33 Difference: $0.37
If CVL meets the Bell Potter target it will return approximately 28% (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 DXS as Buy (1) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Dexus is Buy rated with a lower target price of $7.70 from $8.25.

Target price is $7.70 Current Price is $6.80 Difference: $0.9
If DXS meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.54, suggesting upside of 10.7% (ex-dividends)

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

Bell Potter rates FEX as Buy (1) -

Bell Potter highlights Fenix Resources' progress towards achieving 4mtpa iron ore production by FY26, following its second quarter operational update.

Group production nearly doubled to 702kwt, exceeding the broker's forecast of 540kwt, driven by the ramp-up at Shine.

Management anticipates receiving final mining approval for Beebyn-W11, located 20km from the Iron Ridge operations, within the current quarter.

Bell Potter maintains a Buy rating with a 41c target price.

Target price is $0.41 Current Price is $0.27 Difference: $0.14
If FEX 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 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 FMG as Sell (5) -

Fortescue's second-quarter production aligned with Bell Potter's forecast and is tracking toward the midpoint of its FY25 guidance range.

Costs (C1) fell by -9.5% quarter-on-quarter, driven by a lower-than-expected strip ratio, improved material movements, and a weaker Australian dollar. This outcome is tracking significantly below the bottom of the FY25 guidance range, notes the broker.

The analyst notes price realisations disappointed, overshadowing the operational performance, alongside concerns relating to the market for the company's products.

Bell Potter raises its target price to $17.53 from $17.17 but retains a Sell recommendation.

Target price is $17.53 Current Price is $18.62 Difference: minus $1.09 (current price is over target).
If FMG meets the Bell Potter target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.78, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

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: -0.1

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

Citi rates FMG as Neutral (3) -

Citi highlights iron ore shipments of 49.4mt now take 1H shipments to 97.1mt, the highest ever for Fortescue.

Hematite shipments of 47.9mt matched the broker's estimate, while Iron Bridge shipments of 1.5mt exceeded expectations.

Hematite average revenue of US$87.40/dmt reflected an 85% realisation to the Platts 62% index, slightly below the analysts' 86% forecast.

A beat in hematite cash costs was due to increased ore mining volumes, a lower strip ratio, and favourable currency movements, explains Citi.

The broker tweaks EPS estimates by 2.8% up in FY25 and down by -0.6% in FY26. The Neutral rating and $21 target price are maintained.

Target price is $21.00 Current Price is $18.62 Difference: $2.38
If FMG meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $18.78, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

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: -0.1

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

Macquarie rates FMG as Underperform (5) -

Macquarie observes Fortescue's 2Q25 production and shipments met expectations, with an improvement in costs of 3% offset by lower-than-anticipated realised prices of -3%.

Iron Bridge undershot the targeted price by -10%, which Macquarie attributes to temporary US discounts to encourage mill trials and softer market conditions.

The cash balance at quarter-end came in at US$3.4bn, but the analyst notes net debt exceeded consensus expectations due to increased working capital and forex valuation changes.

The analyst lowers EPS estimates by -3% in FY25 and less than -1% in FY26 but retains concerns over free cash flow for FY25-FY27. With lower iron ore prices expected, the company will be challenged on costs and the sustainability of dividend payouts, Macquarie believes.

The Underperform rating and $15.25 target remain unchanged.

Target price is $15.25 Current Price is $18.62 Difference: minus $3.37 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.78, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

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: -0.1

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

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

Morgan Stanley expects positive consensus revisions following Fortescue's second quarter operational update, driven by stronger price realisations and a better-than-expected cost performance.

Hematite production of 49.3mt exceeded both the broker and consensus forecasts by 4%, while revenue realisation for hematite at 85% surpassed consensus by around 3%.

Hematite costs of US$18.2/t were approximately -3% below consensus and -1% below the broker’s estimate.

Equal-weight rating. Target $18.55. Industry view: Attractive.

Target price is $18.55 Current Price is $18.62 Difference: minus $0.07 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.78, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

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: -0.1

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

UBS rates FMG as Sell (5) -

Sell rating and $17.50 price target retained for Fortescue as UBS is of the view this week's Q2 trading update showed strong operations but also soft realised pricing and higher debt.

The broker opines the industry's outlook is now at the mercy of US trade and tariff policy.

UBS has trimmed its dividend forecast, suggesting the market is paying close attention, along with EPS downgrades. Realised pricing is expected to "normalise" in H2.

Target price is $17.50 Current Price is $18.62 Difference: minus $1.12 (current price is over target).
If FMG meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.78, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

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: -0.1

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

Citi rates FPR as Buy (1) -

Citi notes FleetPartners Group reported a weaker start to the current fiscal year than anticipated, as revealed in the company's 1H25 trading update, showing a decline of -7% in 1Q25 versus the previous quarter and a strong end to FY24.

The broker notes the group continues to generate underlying earnings improvements and remains positively surprised by the strength in end-of-lease payments for vehicles, which is expected to underpin future buybacks, the analyst states.

The NZ market remains challenged, Citi highlights, with near completion of the pipeline drawdown.

The broker tweaks EPS estimates and retains a Buy rating. Target sits at $3.90.

Target price is $3.90 Current Price is $3.06 Difference: $0.84
If FPR meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting upside of 29.3% (ex-dividends)

The company's fiscal year ends in September.

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 FPR as Overweight (1) -

FleetPartners Group's first-quarter trading update showed net operating income (NOI), excluding end-of-lease (EOL) income, grew by 6%.

Morgan Stanley attributes this growth to an increase in assets under management or financed (AUMOF), which offset lower extensions, with the growth rate tracking in line with FY25 consensus expectations.

The broker notes a decline in EOL income to $5,533 per vehicle from $6,141 in FY24, which is already accounted for in consensus forecasts.

Overweight rating. Target $3.90. Industry View of In-line.

Target price is $3.90 Current Price is $3.06 Difference: $0.84
If FPR meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting upside of 29.3% (ex-dividends)

The company's fiscal year ends in September.

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 GMG as Downgrade to Hold from Accumulate (3) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Goodman Group is downgraded to Hold from Accumulate with a lower target price of $39.50 from $41.

Target price is $39.50 Current Price is $38.19 Difference: $1.31
If GMG meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $38.89, suggesting upside of 1.7% (ex-dividends)

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

Ord Minnett rates GOZ as Buy (1) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Growthpoint Properties Australia is Buy rated with a lower target price of $2.60 from $3.

Target price is $2.60 Current Price is $2.36 Difference: $0.24
If GOZ meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 6.6% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Ord Minnett rates GPT as Accumulate (2) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

GPT Group is Accumulate rated with a lower target price of $4.90 from $5.10.

Target price is $4.90 Current Price is $4.45 Difference: $0.45
If GPT meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.25, suggesting upside of 17.2% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates HMC as Upgrade to hold from Sell (3) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

HMC Capital is upgraded to Hold from Sell with a higher target price of $9.15 from $6.50.

Target price is $9.15 Current Price is $9.45 Difference: minus $0.3 (current price is over target).
If HMC meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.13, suggesting upside of 7.0% (ex-dividends)

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

Citi rates IFL as No Rating (-1) -

Citi observes 2Q25 flows for Insignia Financial were slightly better than market expectations.

The broker highlights an additional $3bn of flows into cash and enhanced cash from an existing client consolidation, which drove a large proportion of the net inflows of $3.3bn.

Management indicated the company remains on track to simplify the Master Trust business.

Citi's rating and target price have been suspended.

Current Price is $4.52. Target price not assessed.

Current consensus price target is $4.53, 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

Ord Minnett rates IFL as Hold (3) -

Insignia Financial reported a better-than-expected second-quarter update, highlights Ord Minnett, with group funds under management and administration (FUMA) rising by 2.2% to $326.8bn.

Net flows of $2.3bn, excluding pension payments, marked a significant improvement from the first quarter, point out the analysts.

The broker raises earnings forecasts by 2-3%, reflecting the update's strength and incorporates a corporate appeal premium into its valuation.

This premium acknowledges two active acquisition proposals at $4.60, which Ord Minnett considers both credible and worthy of consideration.

The target is lifted to $4.60 from $3.70. Hold.

Target price is $4.60 Current Price is $4.52 Difference: $0.08
If IFL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.53, 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 IFL as Neutral (3) -

No change to the Neutral rating as UBS comments the Q2 market update from  Insignia Financial revealed "robust" inflows from both instos and retail in Asset Management.

Not too shabby either, suitor Bain Capital has raised its offer to $4.60 per share, matching CC Capital's revised bid.

The broker has upgraded forecasts. The price target is lifted in line with the latest bid.

Target price is $4.60 Current Price is $4.52 Difference: $0.08
If IFL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.53, 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

Citi rates IGO as Neutral (3) -

Citi points to the announced cessation of Train 2 at IGO Ltd's Kwinana lithium hydroxide plant as unsurprising.

The broker believes the key "question" in the 2Q25 activity report is how much time the company will allow for Train 1 to perform and whether the economics of conversion are viable at a cost of plus-US$8k/t.

Citi views investor sentiment towards Kwinana as "weak," as it uses up cash for Greenbushes, and suggests a finish to downstream would result in a better "capital return story."

The broker's estimated value of Kwinana Train 1 and 2 has declined to $227m from the acquisition at $525m. Current consensus estimates range from -$0.5bn to $1.1bn, Citi notes.

Neutral rated with a $5.40 target price.

Target price is $5.40 Current Price is $5.21 Difference: $0.19
If IGO meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.46, suggesting upside of 3.6% (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

Citi rates KGN as Sell (5) -

Kogan.com announced a 1H25 update that came in below consensus expectations by -7% at the earnings level, according to Citi.

The major impact came from the decline in adjusted earnings over the Black Friday and Christmas sales. Notably, revenue advanced, and earnings declined, the analyst highlights.

Citi hints at discounting to drive higher traffic during the period to boost more FIRST sign-ups, which may have contributed to an increase in marketing expenses.

Management also noted issues around the launch of Mighty Ape, where Kogan.com is invested, which could have had a further deleterious impact on margins, the analyst observes.

Sell rated. Target $4.50.

Target price is $4.50 Current Price is $5.98 Difference: minus $1.48 (current price is over target).
If KGN meets the Citi target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.23, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Ord Minnett rates LLC as Upgrade to Hold from Lighten (3) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Lendlease Group is upgraded to Hold from Lighten with a higher target price of $6.40 from $6.20.

Target price is $6.40 Current Price is $6.29 Difference: $0.11
If LLC meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.00, suggesting upside of 10.4% (ex-dividends)

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 MGR as Hold (3) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Mirvac Group is Hold rated with a lower target price of $2.15 from $2.20.

Target price is $2.15 Current Price is $1.94 Difference: $0.215
If MGR meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.31, suggesting upside of 18.5% (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 MHJ as Neutral (3) -

Citi observes Michael Hill's 1H25 trading update, released after market, came in below consensus expectations by -4% at the top line and -40% at the earnings level.

Despite management's pledges for an increase in sales momentum in 1Q25 across A&NZ, 2Q25 evidenced "sharp declines," the broker stresses.

The company failed to remove sufficient costs to counter sales declines, which Citi views as disappointing.

Neutral rated. Target 57c.

Target price is $0.57 Current Price is $0.54 Difference: $0.03
If MHJ meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Morgans rates NAN as Downgrade to Hold from Add (3) -

Morgans downgrades Nanosonics to Hold from Add with an unchanged target price of $3.75 due to the robust lift in the share price.

Management offered an upbeat 1H25 trading update, with sales growth of 18% on the previous corresponding period, driven by growth from consumables and service revenue, the analyst notes. Capital unit sales remained "flat."

Morgans has not changed earnings estimates at this stage, with the analyst waiting for a firmer breakdown of details around the mix of capital sales between new and upgraded units.

The broker's current forecasts already sit at the upper end of guidance.

Target price is $3.75 Current Price is $3.75 Difference: $0
If NAN meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $3.58, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

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

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

National Storage REIT is upgraded to Accumulate from Hold with a lower target price of $2.40 from $2.50.

Target price is $2.40 Current Price is $2.25 Difference: $0.15
If NSR meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 12.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Citi rates NWH as Buy (1) -

Citi doesn't diverge from its positive view on NRW Holdings despite the negative market sentiment from unexpected changes in the company's C-suite.

The company retains a robust order book, elevated pipeline, and win rate, inferring operations remain "sound", the analyst states.

Citi expects 1H25 results will confirm ongoing momentum for earnings despite the more "rigorous" procurement strategy. Management is anticipated to confirm guidance, with the broker viewing a guidance upgrade at some point as probable.

The stock remains Buy rated with a $4.05 target price.

Target price is $4.05 Current Price is $3.39 Difference: $0.66
If NWH meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 10.8% (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 NWL as Hold (3) -

Netwealth Group's second quarter custodial net inflows of $4.4bn were in line with Bell Potter's expectations, bolstered by $517m from an institutional account. Total funds under administration (FUA) reached $100.9bn.

Management expresses strong confidence in the net fund flow outlook for the remainder of FY25, observes the broker.

Bell Potter raises the target price to $28.10 from $27.80 and maintains a Hold rating.

Target price is $28.10 Current Price is $29.90 Difference: minus $1.8 (current price is over target).
If NWL meets the Bell Potter target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.86, suggesting downside of -5.9% (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

Citi rates NWL as Upgrade to Neutral from Sell (3) -

Citi upgrades Netwealth Group to Neutral from Sell post the 2Q25 trading update, with a lift in the target price to $30.70 from $28.90.

The company announced a rise in FUA of 30% growth, which was above Citi's estimate by 3%, from robust market moves and stronger inflows.

Citi lifts EPS forecasts by 2.4% and 5% for FY25/FY26, respectively, including an expected lift in Netwealth's growth in cost guidance of 19% for FY25.

The group's cash margin exceeded expectations with a 15bps increase over the quarter due to Netwealth reducing the rate offered to clients by -15bps to match the rate offered by Hub24 ((HUB)).

Citi finds the change surprising, as the analyst anticipated management would employ the change when trading conditions were more challenging.

Neutral. Target $30.70.

Target price is $30.70 Current Price is $29.90 Difference: $0.8
If NWL meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $28.86, suggesting downside of -5.9% (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

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

Morgan Stanley highlights continued positive momentum at Netwealth Group, following another funds under administration (FUA) beat in the second quarter, supported by strong net inflows.

FUA increased by 30% year-on-year, surpassing consensus by 1.5%, while net inflows of $4.47bn outpaced the $3.64bn consensus forecast.

Management is "confident in our inflows outlook for the remainder of FY25".

Morgan Stanley maintains an Equal-weight rating on Netwealth Group with a $27.50 target price but prefers Overweight-rated Hub24. Industry view: In-Line.

Target price is $27.50 Current Price is $29.90 Difference: minus $2.4 (current price is over target).
If NWL meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.86, suggesting downside of -5.9% (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

Ord Minnett rates NWL as Hold (3) -

Netwealth Group delivered a strong second quarter update, according to Ord Minnett, reporting record net flows of $4.5bn, exceeding the broker's $3.9bn forecast.

Group funds under administration (FUA) grew by 6.5% quarter-on-quarter to $101.6bn, reflecting a 30.2% year-on-year increase.

The broker upgrades EPS estimates by 2-8%, citing revenue growth supported by pricing adjustments and an active market environment. Higher costs were noted as a limiting factor for near-term revenue gains.

Bell Potter raises its target price to $31.00 from $27.00, maintaining a Hold rating due to valuation constraints despite the favourable growth outlook.

Target price is $31.00 Current Price is $29.90 Difference: $1.1
If NWL meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $28.86, suggesting downside of -5.9% (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 NWL as Neutral (3) -

Netwealth Group's Q2 market update was strong, but UBS sees limitations for further share price gains and thus sticks with its Neutral rating.

On slightly higher costs, the FY25 EPS estimate loses -1%, but FY26 sees its estimate increasing by 4.5%. The broker's target lifts to $30.75 from $28.

Target price is $30.75 Current Price is $29.90 Difference: $0.85
If NWL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $28.86, suggesting downside of -5.9% (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

Ord Minnett rates PMV as Buy (1) -

After a period of research restriction on Premier Investments, Ord Minnett resumes coverage after the approval by Myer ((MYR)) shareholders of the acquisition of the Apparel Brands assets.

The broker now has a Buy rating and $33 target. The prior target was 20.50 with a Sell rating (source FNArena database, based on Ord Minnett research from last March).

The analyst believes Premier is being undervalued by the broader market given the opportunities for domestic and offshore growth in the Peter Alexander brand, and the potential in overseas markets for Smiggle.

Ord Minnett also highlights the potential for interest rate cuts and sees a positive in Solomon Lew's willingness to engage in M&A when appropriate.

Target price is $33.00 Current Price is $26.85 Difference: $6.15
If PMV meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $32.25, suggesting upside of 12.3% (ex-dividends)

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

Bell Potter rates PNR as Hold (3) -

Pantoro reported second quarter gold production of 19,438oz from the Norseman Gold Project at costs (AISC) of $2,356/oz, slightly below Bell Potter's forecast of 20,993oz at $2,343/oz.

The broker attributes the production miss to lower-than-expected mill head grades and low stockpile ore feed grades. While operating costs were lower-than-forecast, sustaining, growth, and exploration capex exceeded expectations.

Bell Potter remains cautious about mining ramp-ups from multiple sources and the company’s US$-denominated debt exposure. The target price is lowered to 11.5c from 12.5c, with a Hold rating maintained.

Target price is $0.12 Current Price is $0.11 Difference: $0.005
If PNR meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

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

Bell Potter upgrades EPS forecasts for Praemium by 2-6% following a strong 2Q update, and raises the target price to 90c from 63c, reflecting improved revenue momentum and a positive outlook. The rating is upgraded to Accumulate fom Hold.

Group net inflows of $371m significantly improved from $139m in the prior quarter, note the analysts. The SMA platform contributed $261m in net inflows, up 58.2%, while Powerwrap reversed its previous outflows with $78m in net inflows.

Funds under administration (FUA) grew by 4% over the quarter to $30.2bn, marking a 31.7% increase year-on-year, supported by strong market conditions, explains Ord Minnett.

Target price is $0.90 Current Price is $0.85 Difference: $0.05
If PPS meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Ord Minnett rates RGN as Accumulate (2) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Region Group is Accumulate rated with a lower target price of $2.25 from $2.35.

Target price is $2.25 Current Price is $2.17 Difference: $0.08
If RGN meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.48, suggesting upside of 13.3% (ex-dividends)

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

Bell Potter rates RRL as Buy (1) -

Prior to its full second-quarter operational update released yesterday, Regis Resources had pre-reported gold production of 101.3koz, exceeding Bell Potter's forecast of 92.9koz and surpassing the run-rate required to meet FY25 guidance.

The full update revealed costs (AISC) of $2,317/oz, well below the broker's $2,642/oz estimate and tracking below the lower half of the FY25 guidance range.

Bell Potter describes the overall result as "excellent" and raises its target price for Buy-rated Regis Resources to $3.75 from $3.35.

Target price is $3.75 Current Price is $3.21 Difference: $0.54
If RRL meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Citi rates RRL as Neutral (3) -

Citi believes Regis Resources announced an "uneventful" December quarter activities report.

The broker noted Tropicana guidance was retained, suggesting a softer 2H25, with Duketon expected to produce 200-250koz through to FY28, the analyst states.

Citi observes management are more opaque against peers, and even with higher gold price assumptions, the value of Tropicana is estimated at less than the $900m paid in 2021 by -30%.

The analyst lowers FY25/FY26 EPS forecasts by -20.4% and -6.3%, respectively.

Neutral rated and $3 target unchanged.

Target price is $3.00 Current Price is $3.21 Difference: minus $0.21 (current price is over target).
If RRL meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.98, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Macquarie rates RRL as Outperform (1) -

Macquarie observes Regis Resources announced another robust result from Tropicana with consistency at Duketon in the company's 2Q25 activities report.

The company's production was pre-reported, and all-in-sustaining costs came in better than the broker's forecast by 4%.

Duketon North's restart boosted milling volumes by 19% over the quarter, with expectations by the analyst that low-grade stocks will be decreased over the next few months.

Macquarie highlights the company is tracking positively to FY25 guidance, and the cash balance advanced to $514m with $15m in bullion. Management repaid a $300m term facility.

The analyst lowers FY25 and FY26 EPS estimates by -22% and -2% due to increased depreciation and amortisation assumptions.

Target price lifts 3% to $3.50. No change to the Outperform rating.

Target price is $3.50 Current Price is $3.21 Difference: $0.29
If RRL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Morgans rates RRL as Add (1) -

The latest quarterly report from Regis Resources confirmed Morgans' positive stance on the company, resulting in a lift in the target price to $3.83 from $3.22.

Regis announced better-than-expected all-in-sustaining costs by 12% and record production at Tropicana, which achieved better-than-forecast 2Q25 production, the analyst notes. Management reconfirmed FY25 guidance.

Duketon's production met expectations, but gold sales were stronger, higher by 19% than forecast. Development of Garden Well Main and Rosemount Stage 3 are on schedule, the broker highlights.

Following the repayment of a $300m loan, the company is both unhedged and debt-free.

The Add rating is retained with a target of $3.83.

Target price is $3.83 Current Price is $3.21 Difference: $0.62
If RRL meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

UBS rates RRL as Sell (5) -

Sell rating unchanged with $2.40 price target (up from $2.10), despite Regis Resources releasing a "very strong" Q2 trading performance, with UBS admitting its own forecasts as well as consensus were solidly beaten.

The broker remains worried about the medium term outlook when production volumes are looking to decline without the contribution from McPhillamys.

The broker wants this to be resolved before turning more positive.

Target price is $2.40 Current Price is $3.21 Difference: minus $0.81 (current price is over target).
If RRL meets the UBS target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.98, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Ord Minnett rates SCG as Accumulate (2) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Scentre Group is rated Accumulate with a lower target price of $3.70 from $3.85.

Target price is $3.70 Current Price is $3.60 Difference: $0.1
If SCG meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 6.0% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Ord Minnett rates SGP as Downgrade to Hold from Accumulate (3) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Stockland is downgraded to Hold from Accumulate with a lower target price of $4.95 from $5.30.

Target price is $4.95 Current Price is $5.03 Difference: minus $0.08 (current price is over target).
If SGP meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.57, suggesting upside of 10.4% (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

Shaw and Partners rates SMI as Buy (1) -

Santana Minerals remains a top pick in Shaw and Partners' Top 10 small cap stocks for 2025 post the company's 2Q25 activities report.

The company announced completion of its pre-feasibility study and start of the engineering and mine permits for Bendigo-Ophir Gold project, the analyst highlights.

Cash on hand at the end of the quarter stood at $31m, with the potential for 79.9m options to convert at 36c per share by February 28.

Shaw and Partners maintains a Buy rating with added High Risk assessment. Target $1.14.

No change to the broker's earnings forecasts.

Target price is $1.14 Current Price is $0.46 Difference: $0.68
If SMI meets the Shaw and Partners target it will return approximately 148% (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 STO as Buy (1) -

Citi adjusts earnings forecasts for Santos post the 2025 guidance update, with sustaining capex in the Cooper Basin out to FY30 increased and a higher production plateau for LNG in PNG.

The broker highlights management has entered into a major amount of forex hedges at current levels, which sit below the analyst's estimates, notably for FY26.

Citi lowers EPS forecasts for FY25 and FY26 by -2.9% and -8.7%, respectively. The analyst anticipates dividend per share to grow at a 17% compound rate out to FY28, with gearing, excluding leases, to decline by -330bps.

Target $7.60. Buy rating maintained.

Target price is $7.60 Current Price is $7.13 Difference: $0.47
If STO meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.00, suggesting upside of 12.9% (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: 1.0

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

Morgan Stanley rates STO as Overweight (1) -

Morgan Stanley anticipates a muted market response to Santos’ 4Q operational report. The broker highlights production was 1% above consensus, with sales revenue meeting expectations.

Pre-growth free cash flow (FCF) of US$1.9bn fell short of Morgan Stanley’s forecast of US$2.0bn.

Management's 2025 production guidance is set at 90-97mmboe, broadly aligning with the broker and consensus forecast of 90mmboe.

Target $7.77. Overweight. Industry view: In-Line.

Target price is $7.77 Current Price is $7.13 Difference: $0.64
If STO meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $8.00, suggesting upside of 12.9% (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: 1.0

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

Ord Minnett rates STO as Buy (1) -

December quarter production and sales for Santos met market expectations, notes Ord Minnett, with guidance indicating reduced unit operating costs and increased production for 2025.

Upgraded production guidance for 90-97mmboe in 2025 compares with previous market and Ord Minnett expectations of 90mmboe and 96mmboe, respectively.

The inclusion of Barossa volumes is the primary driver of the guidance for lower 2025 unit operating costs, explains the analyst.

Ord Minnett maintains a Buy rating and $8.40 target price, noting strong free cash flow generation and shareholder returns as key catalysts, alongside the Barossa and Pikka developments.

Target price is $8.40 Current Price is $7.13 Difference: $1.27
If STO meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.00, suggesting upside of 12.9% (ex-dividends)

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: 1.0

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

UBS rates STO as Buy (1) -

On UBS's assessment, Santos released a December quarter performance in line with consensus forecasts. Sales proved better than  what the broker had penciled in.

UBS believes Santos' 2025 guidance beats consensus, at the midpoint, while the midpoint on cost guidance looks to be -10% below consensus.

The broker continues to see a multi-year strong growth story ahead and suggests the shares can re-rate on this prospect in the coming six months.

Price target is cut to $8.10 from $8.25 on a higher capex outlook.

Target price is $8.10 Current Price is $7.13 Difference: $0.97
If STO meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $8.00, suggesting upside of 12.9% (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: 1.0

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

Ord Minnett rates VCX as Accumulate (2) -

Ord Minnett has reviewed the property sector earnings forecasts, taking into account expectations commercial property is at the bottom of the cycle, while residential remains challenged.

The broker expects an uptick in retail rental growth on sales estimates of 2%-3% in 2025 with an increase in average daily office attendance to almost four days a week, and believes national office vacancy rates have topped out near 18%.

Regarding logistics, the broker points to a slowdown in demand and landlords' incentives offering discounts of between -15% to -20%. Vacancy rates are forecast to peak at 3%-4%, with book value write-downs of -5% for logistics.

Residential will continue to be challenged by high rates, the analyst notes, and affordability remains an issue.

Ord Minnett's top picks in the sector are Dexus, Scentre Group, Vicinity Centres, and Goodman Group, with a preference for Charter Hall Social, Growthpoint, and Arena in the smaller REIT cap space.

Vicinity Centres is Accumulate rated with a lower target price of $2.30 from $2.40.

Target price is $2.30 Current Price is $2.14 Difference: $0.16
If VCX meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.21, suggesting upside of 2.7% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Macquarie rates WGX as Outperform (1) -

Westgold Resources pre-reported 2Q25 production of 80.9koz. All-in-sustaining costs were higher than the consensus estimate by 7% but met the broker's forecast. Management did not provide a guidance update.

Notably, Bluebird's underground ramp-up was troubled by a change in ground support standards, Macquarie notes, with Beta Hunt experiencing ventilation and pump problems.

Macquarie lowers FY25 and FY26 EPS forecasts by -2% and -1%, respectively, due to lower grades at Big Bell in the near term.

The analyst notes much of the 2Q25 activities were pre-reported, and to achieve the FY25 forecasts, Westgold will need to put in an "impressive" half-on-half improvement in output.

The Outperform rating and $3.70 target remain unchanged.

Target price is $3.70 Current Price is $2.75 Difference: $0.95
If WGX meets the Macquarie target it will return approximately 35% (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 WGX as Buy (1) -

Westgold Resources delivered a second quarter update slightly below expectations due to higher costs at Beta Hunt, explains Ord Minnett.

Operational challenges at Beta Hunt included lower mining rates due to infrastructure issues, but upgrades in water, ventilation, and power are expected to support improved performance by Q4, notes the broker.

The company maintains FY25 guidance of 400-420koz at costs (AISC) of between $2,000-$2,300/oz, which requires a substantial production uplift in H2, observe the analysts. Management expects operational improvements at Bluebird and Beta Hunt.

The target price decreases to $3.60 from $3.70, with a Buy rating retained.

Target price is $3.60 Current Price is $2.75 Difference: $0.85
If WGX meets the Ord Minnett target it will return approximately 31% (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 WOR as Buy (1) -

Citi reiterates the market caution towards Worley's growth rates is "unwarranted." The broker adds an upside 90-day catalyst watch for the stock.

The analyst observes sustainability wins are in line with expectations for 1H25, and Worley's  markets are "generally" strong across the board, excluding chemicals, which remain oversupplied.

Management is expected to reconfirm double-digit earnings growth at the upcoming earnings report on February 26.

Citi highlights the stock's price-to-earnings valuation remains at a discount to its 10-year average. The previous times this transpired, the stock subsequently rallied strongly.

Buy rated. Target price $18.

Target price is $18.00 Current Price is $14.64 Difference: $3.36
If WOR meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $18.25, suggesting upside of 23.0% (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

Macquarie rates WOR as Outperform (1) -

Macquarie previews Worley's upcoming 1H25 earnings report on February 26. The broker expects growth in net profit of 16% with an earnings skew of 45:55 for 1H25 on 2H25.

The broker believes a Trump administration is a "net positive" for the company, with additional support for the oil and gas sector and the removal of the US LNG ban. Macquarie highlights the company is well-positioned to benefit from potential work tailwinds.

The stock continues to trade at a discount to global peers of -10% against a long-term premium valuation rating of 16%. No change to the Outperform rating, and the target price slips to $17.83 from $19.92.

Target price is $17.83 Current Price is $14.64 Difference: $3.19
If WOR meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $18.25, suggesting upside of 23.0% (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