Australian Broker Call

Morgans rates ACF as Buy (1) -

Morgans maintains its Buy rating on Acrow and views the company's outlook as robust due to rising civil infrastructure works as well as a burgeoning pipeline of potential opportunities in Industrial Access, Jumpform and Screens.

The analyst accepts short-term uncertainty around the start of awarded contracts but sees longer-term value in the stock with a $1.32 target price retained.

Acrow has combined organic and acquisition growth, with earnings (EBITDA) advancing by 58% organically and 42% acquisitively between FY18–FY25.

No changes to EPS estimates.

Target price is $1.32 Current Price is $1.08 Difference: $0.24
If ACF meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.31, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates AEL as Buy (1) -

Amplitude Energy has raised $133m via an institutional entitlement offer and placement at 24c per share, with a further $20m retail offer expected.

Bell Potter explains proceeds will fund the Nestor exploration well, part of the East Coast Supply Project, costing -$105-125m. It's thought success could lift output to 130TJ/day from 90TJ/day. Management may also restart Patricia Baleen, adding 4.5TJ/day.

The analysts highlight pro forma cash of around $220m against net debt of $84m, with FY26 production and spending guidance unchanged. 

Bell Potter lowers its target price to 28c from 29c and retains a Buy rating.

Target price is $0.28 Current Price is $0.24 Difference: $0.045
If AEL meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $0.31, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates ALL as Buy (1) -

Bell Potter notes Aristocrat Leisure currently has stronger operating momentum than Light & Wonder. However, the broker continues to prefer Light & Wonder over the longer term given its more compelling growth-at-a-reasonable-price (GARP) profile relative to peers.

In the top New Core game rankings, the analysts obsserve Aristocrat Leisure has enhanced its dominance with 46% share, followed by Light & Wonder with 19% share, the second highest supplier in the rankings.

Aristocrat’s Phoenix Link continues to outperform at 2.4 times the floor average, a level Bell Potter views as supportive of further game installations.

For Aristocrat Leisure, the Buy rating and $79 target are maintained.

Target price is $79.00 Current Price is $68.40 Difference: $10.6
If ALL meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $73.09, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in September.

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 ARF as Neutral (3) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

No change to Arena REIT's spread assumptions.

Neutral. Target unchanged at $4.01.

Target price is $4.01 Current Price is $3.96 Difference: $0.05
If ARF meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates ASX as Underweight (5) -

ASX futures volumes rose 12% year-on-year in September, but are still tracking down -3% year-to-date, Morgan Stanley notes.

Domestic capital markets remain soft, with equity capital markets down -14% and M&A down -21% in the first quarter, supporting the broker’s view that FY26 revenue growth will remain in the low single digits.

The analysts highlight ongoing cost pressures, with the RBA downgrading eight risk compliance ratings and citing resourcing concerns in the CHESS replacement project.

Morgan Stanley now sees upside risks to its FY26 cost growth forecast and flags elevated expenses into FY27-28, weighing on cash generation and dividend sustainability.

Morgan Stanley retains an Underweight rating and $54.05 target. Industry View: In-line. 

Target price is $54.05 Current Price is $60.54 Difference: minus $6.49 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $63.70, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Macquarie rates CHC as Underperform (5) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for Charter Hall to a modest +5bps expansion, compared with the +30bps widening previously assumed.

Underperform. Target rises to $19.01 from $18.60 (was $18.29 on August 22).

Target price is $19.01 Current Price is $22.76 Difference: minus $3.75 (current price is over target).
If CHC meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.85, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates CIP as Neutral (3) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for Centuria Industrial REIT to a modest +18bps expansion, compared with the +43bps widening previously assumed.

Neutral. Target rises to $3.56 from $3.32 (was $3.29 on August 7).

Target price is $3.56 Current Price is $3.53 Difference: $0.03
If CIP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.61, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates CLW as Underperform (5) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for Charter Hall Long WALE REIT to a modest +12bps expansion, compared with the +39bps widening previously assumed.

Underperform. Target rises to $4.20 from $3.81 (was $3.62 on August 7).

Target price is $4.20 Current Price is $4.55 Difference: minus $0.35 (current price is over target).
If CLW 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 $4.43, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates CNI as Underperform (5) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for Centuria Capital to +22bps expansion, compared with the +60bps widening previously assumed.

Underperform. Target rises to $2.10 from $2.04.

Target price is $2.10 Current Price is $2.25 Difference: minus $0.15 (current price is over target).
If CNI meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.13, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates CQR as Upgrade to Outperform from Neutral (1) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for Charter Hall Retail REIT to a modest +6bps expansion, compared with the +31bps widening previously assumed.

Rating upgraded to Outperform from Neutral. Target rises to $4.41 from $4.12 (was $3.91 on August 19).

Target price is $4.41 Current Price is $4.18 Difference: $0.23
If CQR meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.34, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates DGT as Outperform (1) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

No change to Digico Infrastructure REIT's spread assumptions.

Outperform. Target unchanged at $3.90.

Target price is $3.90 Current Price is $2.77 Difference: $1.13
If DGT meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 54.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates DRR as Neutral (3) -

Deterra Royalties signed an agreement to sell its gold offtakes acquired via the Trident deal for US$56m. This follows the earlier sale of La Preciosa for US$22m, bringing total proceeds from non-core gold disposals to US$78m.

The company assesses the sale is delivering a 25% pre-tax IRR based on carrying value at acquisition. Macquarie notes the proceeds will be used to reduce net debt, improving balance sheet flexibility for growth.

The broker highlights the company is now returning to its core proposition which is an industrial metals-focused royalty vehicle, likely targeting base metals and counter-cyclical opportunities.

Target unchanged at $4.20 as deal inflow offsets royalty value contribution. Neutral retained.

Target price is $4.20 Current Price is $4.19 Difference: $0.01
If DRR meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.23, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

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

Deterra Royalties will divest non-core gold offtakes and royalties to US/Canadian-listed Vox Royalty for US$60m, broadly in line with Morgan Stanley’s $75m valuation.

The broker feels the sale reflects consensus expectations with much of the package related to offtakes rather than royalties. The divestment is seen as strategically sensible, with proceeds directed to reduce net debt of $271m as at June 30, 2025.

Deterra Royalties will recognise revenue and earnings until deal completion within days.

Equal-weight. Target $4.00. Industry View: Attractive.

Target price is $4.00 Current Price is $4.19 Difference: minus $0.19 (current price is over target).
If DRR 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 $4.23, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates DXI as Outperform (1) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for Dexus Industrial REIT to +18bps expansion, compared with the +43bps widening previously assumed.

Outperform. Target rises to $3.14 from $2.97 (was $2.92 on August 14).

Target price is $3.14 Current Price is $2.93 Difference: $0.21
If DXI meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates DXS as Outperform (1) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for Dexus' office assets to +10bps from +17bps before, and for industrial to +18bps from +43bps before.

Outperform. Target rises to $8.46 from $8.24 (was $7.96 on August 21).

Target price is $8.46 Current Price is $7.18 Difference: $1.28
If DXS meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.96, suggesting upside of 11.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates EVN as Neutral (3) -

Citi raises its FY26 gold earnings forecasts by 20-30% on higher gold price assumptions, resulting in higher target prices among gold stocks under its coverage.

December quarter forecasts rise by US$200/oz to US$3,700/oz, while the 2026 estimate increases to US$3,250/oz, up US$500/oz.

Long-term real prices are now set at US$2,500/oz from US$2,200/oz, while Citi also lifts its long-term equity model pricing to US$2,600/oz from US$2,300/oz, in line with consensus.

EPS momentum versus consensus remains positive, explain the analysts, with equities yet to fully reflect spot pricing as seen in prior cycles.

Citi explains miners have expanded margins, are showing no appetite for potentially value-destructive M&A, and are generating around $11bn of positive free cash flow (FCF) in this cycle. This compares to around -$16bn of FCF burnt between 2000-2013.

The broker's preferred ASX100 pick remains Evolution Mining, supported by organic growth options, high-quality long-life assets, consistent operational delivery, and copper exposure. Outside the ASX100, a Buy rating is maintained on Greatland Resources.

The Neutral rating is kept for Evolution Mining and the target raised to $10.50 from $8.00.

Target price is $10.50 Current Price is $10.28 Difference: $0.22
If EVN meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.03, suggesting downside of -21.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Citi rates GGP as Buy (1) -

Citi raises its FY26 gold earnings forecasts by 20-30% on higher gold price assumptions, resulting in higher target prices among gold stocks under its coverage.

December quarter forecasts rise by US$200/oz to US$3,700/oz, while the 2026 estimate increases to US$3,250/oz, up US$500/oz.

Long-term real prices are now set at US$2,500/oz from US$2,200/oz, while Citi also lifts its long-term equity model pricing to US$2,600/oz from US$2,300/oz, in line with consensus.

EPS momentum versus consensus remains positive, explain the analysts, with equities yet to fully reflect spot pricing as seen in prior cycles.

Citi explains miners have expanded margins, are showing no appetite for potentially value-destructive M&A, and are generating around $11bn of positive free cash flow (FCF) in this cycle. This compares to around -$16bn of FCF burnt between 2000-2013.

The broker's preferred ASX100 pick remains Evolution Mining, supported by organic growth options, high-quality long-life assets, consistent operational delivery, and copper exposure. Outside the ASX100, a Buy rating is maintained on Greatland Resources.

The target for Greatland Resources rises to $8.70 from $7.00.

Target price is $8.70 Current Price is $7.24 Difference: $1.46
If GGP meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates GMD as Neutral (3) -

Citi raises its FY26 gold earnings forecasts by 20-30% on higher gold price assumptions, resulting in higher target prices among gold stocks under its coverage.

December quarter forecasts rise by US$200/oz to US$3,700/oz, while the 2026 estimate increases to US$3,250/oz, up US$500/oz.

Long-term real prices are now set at US$2,500/oz from US$2,200/oz, while Citi also lifts its long-term equity model pricing to US$2,600/oz from US$2,300/oz, in line with consensus.

EPS momentum versus consensus remains positive, explain the analysts, with equities yet to fully reflect spot pricing as seen in prior cycles.

Citi explains miners have expanded margins, are showing no appetite for potentially value-destructive M&A, and are generating around $11bn of positive free cash flow (FCF) in this cycle. This compares to around -$16bn of FCF burnt between 2000-2013.

The broker's preferred ASX100 pick remains Evolution Mining, supported by organic growth options, high-quality long-life assets, consistent operational delivery, and copper exposure. Outside the ASX100, a Buy rating is maintained on Greatland Resources.

The Neutral rating is kept for Genesis Minerals and the target raised to $5.70 from $4.40.

Target price is $5.70 Current Price is $5.66 Difference: $0.04
If GMD meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.44, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates GMG as Neutral (3) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

No change to spread assumptions for Goodman Group.

Neutral. Target unchanged at $34.73.

Target price is $34.73 Current Price is $33.55 Difference: $1.18
If GMG meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $37.64, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates GOZ as Outperform (1) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for Growthpoint Properties Australia to +32bps expansion, compared with the +38bps widening previously assumed for office. For industrial, it is +18bps now from +43bps before.

Outperform. Target rises to $2.69 from $2.58.

Target price is $2.69 Current Price is $2.58 Difference: $0.11
If GOZ meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates GPT as Outperform (1) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for GPT Group to +12bps expansion for office, compared with the +20bps widening previously assumed. For retail, it is -27bps spread from +23bps before and for industrial, it is +18bps from +43bps.

Outperform. Target rises to $6.26 from $5.67.

Target price is $6.26 Current Price is $5.33 Difference: $0.93
If GPT meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.79, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates HCW as Neutral (3) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

No change to assumptions for HealthCo Healthcare & Wellness REIT.

Neutral. Target unchanged at 78c.

Target price is $0.78 Current Price is $0.72 Difference: $0.065
If HCW meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.86, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates HDN as Neutral (3) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for HomeCo Daily Needs REIT to a modest +6bps expansion, compared with the +31bps widening previously assumed.

Neutral. Target rises to $1.41 from $1.31 (was $1.24 on August 15).

Target price is $1.41 Current Price is $1.38 Difference: $0.035
If HDN meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates IFT as Buy (1) -

Citi's upside view on Infratil based partly on expectations of new contracts, has come to fruition with the announcement of an additional 100MW of new contracted capacity by CDC data centres.

This brings the total contracted capacity to 575MW, compared with the operational capacity of 372MW in May 2025. Importantly, the company has now secured 95% of the incremental EBITDA required to achieve its target of doubling EBITDA by FY27 vs FY25.

The broker expects the new contracted capacity to support a potentially higher CDC valuation at the next update, likely during 1H26 result in mid-November.

Buy. Target price NZ$14.10.

The broker retained a short-term upside view expiring December 18.

Current Price is $11.03. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates IFT as Outperform (1) -

Following Infratil's investor day last week, Macquarie lifted the target price to NZ$12.91 from NZ$12.47. Outperform maintained.

Around 50% of the target price rise is from densification and resultant cost benefit at CDC's Marsden Park data centre and an increase in FY27 contracted capacity to 95% from 85%.

The broker also accounted for slightly lower FY26 EBITDA based on guidance, and minor discount rate adjustments.

The remaining 50% reflects a reduced IV discount applied to Longroad Energy, following stronger indications of safe-harbouring.

FY26 and FY27 EPS forecasts cut by -3% each.

Current Price is $11.03. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates IGO as Neutral (3) -

UBS highlights its two-year bearish stance on the lithium sector, but supply disruptions from the Chinese lepidolite producers resulted in significant price upgrades recently.

A recovery is still expected, but the broker has shortened the length of producers’ outages. This follows leads from the UBS China team about CATL Jianxiawo and seven other mines renewing their mining permits and restarting either Nov/Dec 2025 or March 2026.

The broker lowers spodumene price forecasts by -7% for 2025 to US$835/t and by -12% for 2026 to US$1,100/t.

IGO Ltd continues to be rated Neutral with a $5.65 target price.

UBS downgrades its EPS forecasts by -63% for FY26 and -6% for FY27, also noting the stock has considerably underperformed Pilbara Minerals ((PLS)) due to Kwinana write-downs and weaker-than-expected FY26 guidance.

Target price is $5.65 Current Price is $5.02 Difference: $0.63
If IGO meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.93, suggesting downside of -4.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates INR as Speculative Buy (1) -

ioneer's FY25 annual report contained no material changes, with Ord Minnett keeping its target price of 25c and Speculative Buy rating unchanged.

The broker highlights shares lifted 18% on news the US administration may seek an equity stake in Lithium Americas’ Thacker Pass project after debt concerns.

The broker stresses issues at Thacker Pass are not relevant to ioneer's Rhyolite Ridge where contracts are take-or-pay, with half supported by price collars, ensuring secure cash flow. 

Overall, Ord Minnett believes the prospect of US government equity in Thacker Pass is positive for ioneer, suggesting stronger official support for domestic lithium projects. 

Target price is $0.25 Current Price is $0.16 Difference: $0.09
If INR meets the Ord Minnett target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

UBS rates KMD as Neutral (3) -

KMD Brands' FY25 group sales beat forecasts by NZ$6m, on higher Rip Curl and Oboz sales, partly offset by lower Kathmandu sales, UBS explains.

Higher-than-forecast operating expenses of around -$10m and lower gross margins resulted in earnings (EBITDA) coming in below the estimate by -21%. Positively, inventory levels fell for the third year, and wholesale trends are improving.

Online sales rose 14.6% in FY25 compared to 13.6% for the prior year. The first seven weeks of FY26 show Kathmandu sales up 19% y/y and gross profit up 11%, inferring a recovery in the brand.

Debt levels also fell, viewed as another positive. UBS lowers its FY26 underlying earnings (EBITDA) forecast by -32% due to higher cost of goods sold assumptions and increased opex.

The FY27-28 earnings (EBITDA) downgrades are less severe due to expected improvements in gross margins and operating leverage.

Neutral rating retained. Target slips -13% to NZ$0.28 from NZ$0.32.

Current Price is $0.21. Target price not assessed.

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Citi rates LLC as Buy (1) -

According to a media report, Lendlease's APPF Industrial fund vote again failed due to a lack of quorum, which Citi views as a near-term positive. The broker believes another vote is unlikely given the repeated absence of quorum.

They were to vote on whether to replace Lendlease as manager of the APPF Industrial fund and install Mirvac Group ((MGR)) in its place.

The analysts expect the outcome to pave the way for fund redemptions, with the next redemption window opening in November 2026. 

Buy. Target price $6.70.

Target price is $6.70 Current Price is $5.22 Difference: $1.48
If LLC meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates LLC as Outperform (1) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

No change to assumptions for Lendlease Group.

Outperform. Target unchanged at $6.74.

Target price is $6.74 Current Price is $5.22 Difference: $1.52
If LLC meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.46, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Bell Potter rates LNW as Buy (1) -

Bell Potter notes Aristocrat Leisure currently has stronger operating momentum than Light & Wonder. However, the broker continues to prefer Light & Wonder over the longer term given its more compelling growth-at-a-reasonable-price (GARP) profile relative to peers.

The analysts highlight 44% of the highest-ranked new games in the Premium Leased & Wide Area Progressive (PLW) category were made by Light & Wonder.

In the top New Core game rankings, the broker observes Aristocrat Leisure has enhanced its dominance with 46% share, followed by Light & Wonder with 19% share, the second highest supplier in the rankings.

The target price for Light & Wonder falls to $176 from $178. Buy rating retained.

Target price is $176.00 Current Price is $133.51 Difference: $42.49
If LNW meets the Bell Potter target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $188.33, suggesting upside of 45.4% (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: 1.0

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

UBS rates LTR as Sell (5) -

UBS reinstates coverage of Liontown Resources with a Sell rating after coming off the restriction list, with the new target set at 80c, up 50% after factoring in the latest lithium price forecast changes and a $372m equity raising.

The Sell rating is due to the strong share price performance, even as the broker acknowledges a stronger balance sheet is more positive.

UBS highlights its two-year bearish stance on the lithium sector, but supply disruptions from the Chinese lepidolite producers resulted in significant price upgrades recently.

A recovery is still expected, but the broker has shortened the length of producers’ outages. This follows leads from the UBS China team about CATL Jianxiawo and seven other mines renewing their mining permits and restarting either Nov/Dec 2025 or March 2026.

The broker lowers spodumene price forecasts by -7% for 2025 to US$835/t and by -12% for 2026 to US$1,100/t.

Target price is $0.80 Current Price is $0.91 Difference: minus $0.11 (current price is over target).
If LTR meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.67, suggesting downside of -26.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.7

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

Macquarie rates MGR as Outperform (1) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for Mirvac Group to +13bps expansion for office, compared with the +20bps widening previously assumed. For retail, it is a modest +1bp from +90bps before, and industrial +18bps from +43bps.

Outperform. Target rises to $2.70 from $2.57 (was $2.48 on August 18).

Target price is $2.70 Current Price is $2.27 Difference: $0.43
If MGR meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.45, suggesting upside of 7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates MIN as Neutral (3) -

UBS updates its earnings estimates for Mineral Resources following the refinancing of its US corporate bond at a slightly better yield. The company has refinanced US$700m due May 2027 at 7% against the prior coupon of 8.125% with robust demand.

The analyst also marks-to-market lithium prices post expectations of CATL's Jianxiaowo mine restarting as early as Nov/Dec 2025 or in March 2026.

The pull-forward results in more supply coming on stream than prior expectations, prompting the broker to cut its spodumene price forecasts by -7% to -10% for 2025–2026, though this still means the 2026 price estimate is up 32%. 

The analyst trims Mineral Resources' EPS forecasts by -17% in FY26 and -2% for FY27. No change to Neutral rating and $43.20 target price.

Target price is $43.20 Current Price is $40.57 Difference: $2.63
If MIN meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $36.62, suggesting downside of -12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Ord Minnett rates NIC as Buy (1) -

Nickel Industries has secured a six-month extension on US$126.5m of the Excelsior Nickel Cobalt (ENC) project payments to Shanghai Decent. 

The broker notes no interim dividend was declared in August, as the company preserves cash and considers refinancing. A new US$500-550m bond issue is expected to replace the current US$400m bonds on better terms.

The ENC project remains on track, highlights Ord Minnett, with cathode and sulphide plants nearly complete and the mixed hydroxide precipitate plant due by end 2025, adding around 80,000tpa.

Ord Minnett retains a Buy rating and $1.80 target price.

Target price is $1.80 Current Price is $0.72 Difference: $1.085
If NIC meets the Ord Minnett target it will return approximately 152% (excluding dividends, fees and charges).

Current consensus price target is $1.03, suggesting upside of 41.1% (ex-dividends)

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: 0.5

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

Macquarie rates NSR as Outperform (1) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

No change to assumptions for National Storage REIT.

Outperform. Target unchanged at $2.63.

Target price is $2.63 Current Price is $2.36 Difference: $0.27
If NSR meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.57, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates NST as Neutral (3) -

Citi raises its FY26 gold earnings forecasts by 20-30% on higher gold price assumptions, resulting in higher target prices among gold stocks under its coverage.

December quarter forecasts rise by US$200/oz to US$3,700/oz, while the 2026 estimate increases to US$3,250/oz, up US$500/oz.

Long-term real prices are now set at US$2,500/oz from US$2,200/oz, while Citi also lifts its long-term equity model pricing to US$2,600/oz from US$2,300/oz, in line with consensus.

EPS momentum versus consensus remains positive, explain the analysts, with equities yet to fully reflect spot pricing as seen in prior cycles.

Citi explains miners have expanded margins, are showing no appetite for potentially value-destructive M&A, and are generating around $11bn of positive free cash flow (FCF) in this cycle. This compares to around -$16bn of FCF burnt between 2000-2013.

The broker's preferred ASX100 pick remains Evolution Mining, supported by organic growth options, high-quality long-life assets, consistent operational delivery, and copper exposure. Outside the ASX100, a Buy rating is maintained on Greatland Resources.

The Neutral rating is kept for Northern Star Resources and the target raised to $23 from $18.

Target price is $23.00 Current Price is $23.11 Difference: minus $0.11 (current price is over target).
If NST meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.71, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates PLS as Downgrade to Sell from Neutral (5) -

UBS highlights its two-year bearish stance on the lithium sector, but supply disruptions from the Chinese lepidolite producers resulted in significant price upgrades recently.

A recovery is still expected, but the broker has shortened the length of producers’ outages. This follows leads from the UBS China team about CATL Jianxiawo and seven other mines renewing their mining permits and restarting either Nov/Dec 2025 or March 2026.

The broker lowers spodumene price forecasts by -7% for 2025 to US$835/t and by -12% for 2026 to US$1,100/t.

Pilbara Minerals is downgraded to Sell from Neutral, following the 100% rise in the share price since the start of June. UBS cut its FY26 EPS estimates by -57% and FY27 by -9%.

Target falls to $2.25 from $2.30.

Target price is $2.25 Current Price is $2.41 Difference: minus $0.16 (current price is over target).
If PLS meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.08, suggesting downside of -13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

UBS rates PMT as Buy (1) -

UBS highlights its two-year bearish stance on the lithium sector, but supply disruptions from the Chinese lepidolite producers resulted in significant price upgrades recently.

A recovery is still expected, but the broker has shortened the length of producers’ outages. This follows leads from the UBS China team about CATL Jianxiawo and seven other mines renewing their mining permits and restarting either Nov/Dec 2025 or March 2026.

The broker lowers spodumene price forecasts by -7% for 2025 to US$835/t and by -12% for 2026 to US$1,100/t.

Buy rating and target retained at 65c for PMET Resources.

The company's long-dated Shaakichiuwaanaan project is not sensitive to changes in the broker's short-term price changes. UBS retains its long-term SC6 CFR China price forecast of US$1,200/t.

Target price is $0.65 Current Price is $0.44 Difference: $0.215
If PMT meets the UBS target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $0.71, suggesting upside of 58.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates PMV as Neutral (3) -

On Citi's early assessment, Premier Investments' FY25 release slightly beat forecasts by the broker and market consensus.

Sales for Peter Alexander have slightly underperformed but Smiggle has made up for it, even though momentum overall remains negative, the broker points out.

The 50c final dividend represents an upside surprise. While the gross margin surprised negatively, Citi lauds costs management (CODB).

Taking into account the weak share price performance leading into today's release, Citi thinks the share price should respond well.

Target $24. Neutral.

Target price is $24.00 Current Price is $20.37 Difference: $3.63
If PMV meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $24.90, suggesting upside of 22.4% (ex-dividends)

The company's fiscal year ends in July.

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

Citi rates PRU as Neutral, High Risk (3) -

Citi raises its FY26 gold earnings forecasts by 20-30% on higher gold price assumptions, resulting in higher target prices among stocks under the broker's coverage.

December quarter forecasts rise by US$200/oz to US$3,700/oz, while the 2026 estimate increases to US$3,250/oz, up US$500/oz.

Long-term real prices are now set at US$2,500/oz from US$2,200/oz, while Citi also lifts its long-term equity model pricing to US$2,600/oz from US$2,300/oz, in line with consensus.

EPS momentum versus consensus remains positive, explain the analysts, with equities yet to fully reflect spot pricing as seen in prior cycles.

Miners have expanded margins, are showing no appetite for potentially value-destructive M&A, and are generating around $11bn of positive free cash flow (FCF) in this cycle. This compares to around -$16bn of FCF burnt between 2000-2013, highlights Citi.

The broker's preferred ASX100 pick remains Evolution Mining, supported by organic growth options, high-quality long-life assets, consistent operational delivery, and copper exposure. Outside the ASX100, a Buy rating is maintained on Greatland Resources.

The Neutral, High Risk rating is kept for Perseus Mining and the target raised to $4.80 from $3.70.

Target price is $4.80 Current Price is $4.76 Difference: $0.04
If PRU meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Macquarie rates QAL as Outperform (1) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

No change to assumptions for Qualitas. Outperform. Target unchanged at $3.98.

Target price is $3.98 Current Price is $3.30 Difference: $0.68
If QAL meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates RGN as Neutral (3) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for Region Group to a modest +6bps expansion, compared with the +31bps widening previously assumed.

Neutral. Target rises to $2.47 from $2.32.

Target price is $2.47 Current Price is $2.41 Difference: $0.06
If RGN meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates RPL as Buy (1) -

Regal Partners reported August funds under management (FUM) of $19.2bn, up 8% since June and ahead of Bell Potter's forecasts. The broker had assumed FUM would reach $18.1bn by end September, and $18.5bn by the end of the year.

The analysts now estimate inflows of $1.7bn in FY25, almost 10% of opening FUM, with investment returns of around 11%. Around 78% of FUM is at or within 5% of High-Water Mark, up from 74% in July.

The broker highlights no change to its performance fee assumptions, expecting $40m in the second half, compared with $42m in the first half.

Despite stronger metrics, shares remain below $3.00, highlight the analysts, with share conversions weighing on sentiment.

Bell Potter raises its target price to $4.10 from $3.55 and retains a Buy rating.

Target price is $4.10 Current Price is $2.92 Difference: $1.18
If RPL meets the Bell Potter target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $3.93, suggesting upside of 31.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates RRL as Sell (5) -

Citi raises its FY26 gold earnings forecasts by 20-30% on higher gold price assumptions, resulting in higher target prices among stocks under the broker's coverage.

December quarter forecasts rise by US$200/oz to US$3,700/oz, while the 2026 estimate increases to US$3,250/oz, up US$500/oz.

Long-term real prices are now set at US$2,500/oz from US$2,200/oz, while Citi also lifts its long-term equity model pricing to US$2,600/oz from US$2,300/oz, in line with consensus.

EPS momentum versus consensus remains positive, explain the analysts, with equities yet to fully reflect spot pricing as seen in prior cycles.

Citi explains miners have expanded margins, are showing no appetite for potentially value-destructive M&A, and are generating around $11bn of positive free cash flow (FCF) in this cycle. This compares to around -$16bn of FCF burnt between 2000-2013.

The broker's preferred ASX100 pick remains Evolution Mining, supported by organic growth options, high-quality long-life assets, consistent operational delivery, and copper exposure. Outside the ASX100, a Buy rating is maintained on Greatland Resources.

The Sell rating is kept for Regis Resources and the target raised by $1.00 to $4.80.

Target price is $4.80 Current Price is $5.91 Difference: minus $1.11 (current price is over target).
If RRL meets the Citi target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.84, suggesting downside of -17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates SCG as Upgrade to Neutral from Underperform (3) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for Scentre Group to -27bps compression, compared with the +23bps widening previously assumed.

Rating upgraded to Neutral from Underperform. Target rises to $4.15 from $3.51 (was $3.37 on August 27).

Target price is $4.15 Current Price is $4.06 Difference: $0.09
If SCG meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in December.

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 SDR as Buy (1) -

Following a thorough analysis of SiteMinder's investor day presentation, Citi believes its data and insights capabilities remain underappreciated and provide a clear competitive edge for Demand Plus (DR+) and the broader platform.

The broker upgraded forecasts for DR+, supported by stronger monetisation of insights and demand channels and for Smart Platform gross margins, benefiting from scale efficiencies.

Risk in the near term is a slower-than-expected revenue ramp-up for C+, which is still in the scaling phase.

Buy. Target lifted to $8.40 from $8.00.

Target price is $8.40 Current Price is $7.28 Difference: $1.12
If SDR meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.10, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgan Stanley rates SDR as Overweight (1) -

Morgan Stanley likes SiteMinder's “Revenue Flight Deck” analogy, describing an integrated dashboard and toolkit for hotel revenue managers, though the pathway to full realisation still appears somewhat unclear.

The broker highlights hotels’ under-monetisation and SiteMinder's 50k customer base, cross-sell potential and proprietary data. Monetisation is just 0.3% of gross booking value versus 1.5% if all products were adopted.

The broker points to annual recurring revenue (ARR) momentum, with FY26 growth guided in line with the 27% achieved in FY25, alongside margin gains in earnings (EBITDA) and free cash flow. 

Morgan Stanley maintains an Overweight rating and $7.70 target price. Industry view: In-Line.

Target price is $7.70 Current Price is $7.28 Difference: $0.42
If SDR meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $8.10, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates SGP as Neutral (3) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for Stockland to +16bps expansion for office, compared with the +25bps widening previously assumed. For retail, it is a modest +6bps from +31bps before, and industrial is +18bps from +43bps prior.

Neutral. Target rises to $6.16 from $6.02 (was $5.90 on August 21).

Target price is $6.16 Current Price is $6.10 Difference: $0.06
If SGP meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgans rates SYL as Initiation of coverage with Buy (1) -

Morgans initiates coverage of Symal Group with a Buy rating and $2.40 target price. The analyst proposes the stock is trading at a -50% PER valuation relative to its peers as a civil contractor exposed to infrastructure investment and energy transition.

The discount is attributed to investor concerns around construction contracting, which is viewed as overly conservative given Symal's contingent liabilities to revenue and its exposure aligns with competitors.

The contractor offers exposure to long-term infrastructure and sustainability themes with a vertical business model including civil construction, material recycling and equipment hire.

Morgans highlights the current valuation multiple for FY27 earnings of 7.7x to around half of the Australian market's valuation and international peers.

Target price is $2.40 Current Price is $1.68 Difference: $0.725
If SYL meets the Morgans target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates TUA as Buy (1) -

Citi maintains its Buy rating and $9.95 target for Tuas following a further review of yesterday's FY25 result.

A summary of the broker's initial research follows.

Tuas today released its FY25 results. The later conference call with management left Citi (at first glance) more positive on the outlook.

The broker highlights group earnings (EBITDA) included acquisition costs, which masked an underlying margin above 45.3%.

A broadband average revenue per user (ARPU) uplift reflects migration to 10Gbps from 2.5Gbps plans and the broker believes this higher level should be maintained. A gross margin step down stems from investment to support growth, explain the analysts.

Subscriber growth in FY26 is tracking in line with the historic pace of around 100,000 per half, while the SGD12 per month mobile plan is seen driving ongoing ARPU gains.

Target price is $9.95 Current Price is $7.34 Difference: $2.61
If TUA meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates TUA as Overweight (1) -

Last week, Tuas reported FY25 results broadly in line with pre-guidance, with revenue 2% ahead of Morgan Stanley’s forecasts and earnings (EBITDA) 3% higher.

Earnings margins were stronger at 45.2%, up 70bps versus the broker's forecast, while FY26 capex guidance of -SGD50-55m remains modest.

The analysts observe mobile subscriber growth of 19% year-on-year to 1.25m, in line with forecasts, with net additions of 94k in 2H25.

Broadband subscribers of 25.6k were below Morgan Stanley's expectations, though still early in rollout. Mobile average revenue per user (ARPU) eased slightly to SGD9.60 per month.

Operating cash flow (OCF) of SGD81.2m supported strong cash conversion of 118%, note the analysts, lifting cash by SGD25.4m to SGD80.7m.

Tuas continues to progress its M1 acquisition, with approval expected in coming months.

Overweight rating. Target $9.50. Industry View: In-line.

Target price is $9.50 Current Price is $7.34 Difference: $2.16
If TUA meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates VCX as Upgrade to Neutral from Underperform (3) -

Macquarie has increased valuation and target price for the majority of its listed property sector coverage on stronger income fundamentals, together with improved access to and cost of capital.

Weighted average cap rate assumptions lowered by -25bps to -50bps across retail, office, and industrial, reflecting tighter spreads to bonds.

The broker notes commercial real estate transactions rose 19.1% y/y to $28.7bn in the year to June, with retail the standout, up 56% y/y.

The broker highlights equity inflow in some sectors beat expectations, with Charter Hall a good example, raising $1.75bn (with more demand) when it was seeking $300m.

The broker updated the spread to bonds for Vicinity Centres to a modest -13bps compression, compared with the +31bps widening previously assumed.

Rating upgraded to Neutral from Underperform. Target rises to $2.49 from $2.21.

Target price is $2.49 Current Price is $2.48 Difference: $0.01
If VCX meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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