Corporate Results Monitor
FNArena's All-Year Round Australian Corporate Results Monitor.
Currently monitoring March-July 2026.
Figures shown as at 14 May 2026
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TOTAL STOCKS:
24
Beats
10
In Line
3
Misses
11
Previous Corporate Results Updates
| Company | Result | Upgrades | Downgrades | Buy/ Hold/Sell | Prev Target | New Target | Brokers | Commentary |
|---|---|---|---|---|---|---|---|---|
| AAI - Alcoa | MISS | 1 | 0 | 2/1/0 | 101.00 | 106.00 | 3 | Alcoa’s March-quarter operating earnings missed expectations, largely due to inventory repositioning within the US and logistical issues, which weighed on shipments despite broadly in-line production. Ord Minnett views these shortfalls as timing-related, with underlying demand remaining strong and supply constrained by smelter shutdowns in the Middle East, creating potential upside for Alcoa. Higher diesel costs are expected to pressure the company's Western Australian bauxite operations, particularly in 2H 2026. Citi retains a Buy on the stock due to its "structurally bullish" outlook on aluminium, irrespective of the Middle East, as well as viewing Bill Oplinger as a "transformational CEO". UBS sits on Neutral. Ord Minnett has upgraded to Accumulate from Hold. |
| AMC - Amcor | MISS | 0 | 0 | 4/1/0 | 72.78 | 65.65 | 5 | Amcor's March quarter earnings were largely in line, but FY26 guidance has been downgraded. Judging from the share price response, the market was fearing a lot worse. There remains potential for cost-of-living impacts on demand although Macquarie assesses the company's consumer staples end markets remain defensive. Ord Minnett believes near-term expectations have been sufficiently cleared and valuation support is becoming more evident. Thus far, four Buy ratings. |
| ANZ - ANZ Bank | IN LINE | 3 | 0 | 2/3/1 | 35.25 | 35.18 | 6 | ANZ Bank's FY26 financials are broadly in line, with here and there minor misses. Citi highlights net interest margin of 1.53% was -3 basis points below expectations, largely a function of market drag. New Zealand was also a drag because of FX translation. Costs were better than expected, supported by FX, and guidance has improved with the bank guiding to costs being down -5% on the FY25 baseline. Bad debts were largely in line with expectations. Strategy components across FY26 and FY27 appear on track. Morgans notes asset quality remains resilient, while capital levels are strong, allowing the bank to neutralise its dividend reinvestment plan and reduce dilution. Many point out the valuation is cheaper than for local peers. Following three upgrades, two Buy ratings are outnumbered by three on Neutral/Hold, plus one soft Sell. |
| ARX - Aroa Biosurgery | BEAT | 0 | 0 | 2/0/0 | 0.82 | 0.95 | 2 | Aroa Biosurgery FY26 revenue and normalised earnings both exceeded guidance. Bell Potter (Buy) notes growth was driven by the company's flagship wound care product range Myriad, which delivered standout performance and accelerated US momentum. Myriad grew 52% on a constant currency basis versus FY25. Margins benefited from operating leverage and favourable FX. A higher assumed risk-free rate to 10.8% results in a slight downgrade to Morgans' price target price to $0.77 from $0.79, but this Buy rating remains equally in place. Bell Potter's target shifted to $1.12 from $0.85. |
| BOQ - Bank of Queensland | MISS | 1 | 4 | 1/3/2 | 6.86 | 6.55 | 6 | Bank of Queensland's FY26 missed market consensus by some -3%. Margins softened in the half but are expected to improve in 2H26, supported by funding, mix and hedging tailwinds. Morgans highlights a stronger capital position, enabling higher dividends and potential capital returns, which may appeal to income-focused investors. Morgans upgrades to Accumulate from Hold. In contrast, Macquarie downgrades to Underperform from Neutral, pointing to downside risks from rising provisions and ongoing loss of market share. Citi downgrades to Neutral from Buy, as does UBS. Morgan Stanley sticks with a Neutral-equivalent view expecting a return to growth in home lending in FY27. Ord Minnett had downgraded to Lighten before the result and hasn't bothered to update post the result. |
| CSC - Capstone Copper | BEAT | 0 | 0 | 4/0/0 | 15.56 | 15.92 | 4 | Capstone Copper announced 1Q2026 earnings (EBITDA) of US$329m, a record and 16% above consensus, boosted by higher realised copper prices of US$5.92/lb. Alas, sulphuric acid costs are a major headwind for margins as prices have lifted to around US$420/t in Chile from US$180/t in January. Sulphuric acid is a significant input for Capstone's cathode production at Mantoverde and Mantos Blancos. Citi observes 2026 guidance remains unchanged. Key upcoming catalysts are seen as progress at the Mantoverde Optimised (upgrade and expansion project) and permitting and study milestones at Mantos Blancos (also in Chile). Four out of four Buy ratings. |
| EBR - EBR Systems | MISS | 0 | 0 | 2/0/0 | 2.69 | 2.24 | 2 | EBR Systems' 2025 financial performance proved broadly in-line with forecasts but gross margins are expected to decline in 2026 to reflect current inventory costs before rising again in 2027. Both Bell Potter and Morgans retain a positive view, but reduced forecasts weigh down on respective price targets. Morgans does highlight EBR Systems has made a strong start to 2026 amid favourable reimbursement and growing physician engagement. Two Buys. |
| FPR - FleetPartners Group | BEAT | 0 | 0 | 4/0/0 | 3.45 | 3.48 | 4 | Morgan Stanley notes FleetPartners Group's first half results were ahead across the board, with the new business writing (NBW) trajectory improving and "marginal growth in NBW" reiterated for FY26. A second half skew now looks more achievable with strong exit momentum. The April pipeline is the largest in last 12 months and 27% above the first half monthly average. Thus far, one Buy-equivalent rating. |
| LNW - Light & Wonder | MISS | 0 | 0 | 8/0/0 | 195.50 | 187.13 | 8 | Light & Wonder's Q1 performance missed consensus, mostly because SciPlay disappointed with adjusted earnings (AEBITDA) of -$66m (negative) below a positive $75m estimate while corporate costs were higher. Management reiterated FY26 guidance for mid-to-high single-digit growth in adj earnings (AEBITDA). UBS comments underlying performance remains stronger than headline numbers suggest, with several temporary factors including legal costs, UK iGaming tax changes and Grover Indiana setup costs weighing on results. Macquarie agrees with accelerating the share buyback in the second quarter, which should provide a 5% annualised EPS accretion. While forecasts and target are reduced, seven out of seven ratings remain on Buy. |
| LTR - Liontown | BEAT | 3 | 0 | 3/3/0 | 1.95 | 1.96 | 6 | Liontown Resources reported a smaller-than-expected first-half FY26 loss as lower tax charges and inventory movements offset higher depreciation. FY26 production guidance for Kathleen Valley was reaffirmed, targeting a 1.5Mtpa run rate by the March quarter and 2.8Mtpa by June 2027. Morgans notes the balance sheet strengthened materially following last year's equity raising and conversion of the LG Energy Solution notes. Morgans and Citi upgrade to Neutral/Hold, Ord Minnett upgrades to Accumulate from Hold. Bell Potter and UBS have a Buy. Macquarie is on Neutral. In the aftermath, both Macquarie and UBS upgraded lithium pricing forecasts. |
| MQG - Macquarie Group | BEAT | 0 | 1 | 2/3/0 | 240.70 | 251.26 | 5 | Better investment-related income across markets, commodities and MacCap supported a record half for Macquarie Group, handsomely beating analysts forecasts. Citi notes asset realisations featured strongly, led by the sale of the meters business but also other technology and infrastructure exits. Macquarie is seen hoarding capital to pursue opportunities. UBS points out that while the guidance remains strong, investor attention may shift to earnings growth for FY27, given the elevated base and questions around the sustainability of these results. So far, two Neutral/Hold ratings. |
| MYR - Myer | MISS | 0 | 0 | 1/1/0 | 0.68 | 0.44 | 2 | Myer's FY25 result broadly met Morgan Stanley's expectations, but the accompanying trading update proved rather weak. Ord Minnett had higher expectations. Management's guidance has been maintained for costs. The new marketplace platform is on track for launch in May with expanded product offerings. Morgan Stanley notes ongoing strength in Just Jeans was offset by other brands. A new analyst in charge at Ord Minnett has literally slashed its price target. One Buy and one Hold. |
| NHC - New Hope | MISS | 2 | 0 | 1/3/0 | 4.42 | 5.30 | 4 | Significantly lower coal prices and higher depreciation expenses caused New Hope's H1 performance to significantly miss market expectations. The board tried to offer compensation via a materially higher dividend payout. Broker don't seem to fussed about it, as they continue to see New Hope as well-positioned to deliver low-cost, high-margin cash flow and able to capitalise on a rebound in coal prices, which will then drive stronger cash flow and shareholder returns. War in the Middle East has raised the alarm over energy security and thermal coal is one of the obvious beneficiaries. Both Bell Potter and Macquarie upgrade to Neutral/Hold, joining Morgans and Ord Minnett for four out of four. |
| NEM - Newmont Corp | BEAT | 0 | 0 | 5/0/0 | 205.00 | 203.00 | 5 | Newmont Corp's quarterly revealed gold, silver and copper production above expectations, on lower costs. Operating earnings and free cash flow exceeded forecasts by 16% facilitating a rise in the gold producer's share buyback program by US$6bn. Morgans concludes the result reinforces the company's position as a high-quality cash-generating gold producer with a strong balance sheet and increased capacity to return capital to shareholders. Macquarie highlights higher Brent oil prices would add to the gold producer's costs. At around US$110/bbl, that would add an estimated -US$240m to the cost base, or -US$48/oz, or circa -3% in total. Five brokers, five Buy-equivalent ratings. |
| NWS - News Corp | BEAT | 1 | 0 | 3/0/0 | 50.20 | 52.13 | 3 | News Corp's quarterly update beat consensus on revenue and earnings (EBITDA). Among the stand-outs identified are Dow Jones earnings (EBITDA) with risk and energy the main earnings drivers. Ongoing geopolitical conflicts are attributed as the factor underpinning resilient growth. Move was also highlighted with a beat at the top line due to premium listing in an otherwise weak US housing market. NewsMedia remained "soft" and was affected by the launch of California post. Thus far, UBS on Buy. |
| ORI - Orica | BEAT | 0 | 0 | 7/0/0 | 26.19 | 26.27 | 7 | First half results from Orica beat expectations across all business units, with Morgans noting cash flow was much stronger than previously feared and the balance sheet is in good shape. Macquarie notes management remains confident in securing a cost-effective North American ammonium nitrate supply in coming months. Gold remains the company's largest end market exposure and there is strong demand across blasting, SMC and digital. Morgan Stanley suggests Middle East impacts remain manageable, and faster-growing Digital and Specialty Chemicals continue to lift earnings quality and resilience. Bell Potter adds the majority of benefits from a $100m cost-out program underway is expected to be realised in FY27 and beyond. Seven from seven Buy ratings. |
| PNR - Pantoro Gold | MISS | 0 | 0 | 3/1/0 | 6.66 | 5.49 | 4 | Pantoro Gold posted a first half result slightly better than some forecasts and in line with others, but production guidance for the full year has been downgraded by -15%, driven by multiple factors such as rain at Scotia, equipment/personnel availability, as well as a transition to a new underground mining contractor. A more conservative approach from analysts has reset expectations. With gold prices elevated, Morgans still assesses the leverage to spot prices is significant for an unhedged and debt-free producer. Three Buy ratings with Bell Potter on Hold. |
| PMV - Premier Investments | MISS | 0 | 0 | 5/1/0 | 20.23 | 16.28 | 6 | Premier Investments delivered first half results that were in line with guidance. Macquarie welcomes the greater disclosure in Peter Alexander earnings amid improved trading in the UK. Smiggle disappointed (yet again) and management announced a reset strategy under a new Managing Director appointed. A transition period is expected to weigh on margins despite stable FY26 guidance. Against a challenging consumer backdrop, and with increased competition, UBS argues execution risk is high regarding the strategic reset for struggling Smiggle. Bell Potter highlights the stock is trading at a discount to its coverage, considering the retail division has two global brands, along with equity investments, a land bank and cash position that supports M&A. Four Buy ratings versus Citi on Neutral/Hold. |
| REA - REA Group | IN LINE | 0 | 0 | 5/1/0 | 213.43 | 211.64 | 6 | REA Group's Q3 performance slightly underwhelmed against consensus, but April trading proved stronger-than-expected and management suggesting operational costs can be lowered in face of forward-looking uncertainty was welcomed on the day. Both Citi and UBS attribute much of the 3Q26 misses on timing issues. UBS also mentions impact from -2% deferral in Resi. Thus far, two Buy ratings. |
| RMD - ResMed | BEAT | 0 | 0 | 6/0/0 | 46.66 | 44.41 | 6 | ResMed's Q3 slightly beat forecasts on most metrics, amidst plenty of market doubts and speculation about margin pressures and where potential disappointment might stem from. But while analysts covering the company unanimously label it a "robust" and "better-than-expected" performance, the shares met with selling pressure. Was it because of a slightly dilutive acquisition? Or maybe because long serving CFO, Brett Sandercock, is to retire? We might never find out. Ex-US performed better than the US market. Citi highlights the company is now in deal-making mode. Six Buys out of six. |
| SM1 - Synlait Milk | MISS | 0 | 0 | 0/1/2 | 0.72 | 0.42 | 3 | Synlait Milk's release of interim financials showcased yet another weak performance, and price targets are falling further in response. Macquarie highlights surplus milk processing and inefficiencies drove a sharp gross profit decline. Recovery is expected to take time, as manufacturing execution must improve to restore margins and profitability. Valuation is considered 'cheap' but related to ongoing execution risks and rising debt. Synlait Milk should expect pressure on its balance sheet to ease following the upcoming sale of North Island assets, UBS asserts, although EBIT improvement is likely to be restricted by a2 Milk's internalisation of the English-label infant formula manufacturing in FY27/FY28. Two Sell ratings with Bell Potter on Hold. |
| TUA - Tuas | BEAT | 0 | 0 | 2/0/0 | 9.98 | 9.98 | 2 | Tuas reported underlying EBITDA of $42m (excl. transaction costs of -$10.5m), up 27% yoy and ahead of analysts' forecasts. The 'beat' was driven by stronger than expected revenue ($5m higher) partially offset by lower than expected gross margin. No fresh news was forthcoming on the M1 transaction other than to mention engagement with IMDA remains ongoing. As Citi points out, this deal remains the number one catalyst for the stock. Morgan Stanley suggests there is a range of incremental synergy opportunities if the M1 deal is completed, and the catalyst will be the timing and completion of it, following a lengthy process. Two Buy ratings. |
| WAF - West African Resources | MISS | 0 | 0 | 1/0/0 | 4.90 | 4.00 | 1 | West African Resources' 2025 performance missed Macquarie's forecast by -7% on higher tax expenses and higher other costs. Operating cash flow including exploration beat Macquarie and consensus by 16%/9%, respectively, with total capex lower than both estimates. Management did not offer any guidance for 2026 and has indicated updated reserves, resources and a 10-year production target will be released by the end of 1Q2026. One Buy. |
| WBC - Westpac | IN LINE | 1 | 0 | 0/1/4 | 35.08 | 33.61 | 5 | Westpac's interim reports had pluses and minuses, but proved all-in-all broadly in line with expectations as revenue trends were weaker, though partially offset by better cost control. Morgan Stanley sees emerging risks of an earnings downgrade cycle, with the volume/margin trade-off becoming more apparent and limited scope for cost improvements relative to peers. Macquarie states risks are building for banks generally around slowing volumes from higher rates and a softer economy, alongside more intense competition and deteriorating credit quality. Citi questions whether management is sacrificing NIMs for higher growth than peers. Citi on Neutral stands out against four Sell-equivalent ratings. |
Total: 24
ASX50 TOTAL STOCKS:
6
Beats
3
In Line
2
Misses
1
Total Rating Upgrades:
4
Total Rating Downgrades:
1
Total target price movement in aggregate:
-0.47%
Average individual target price change:
-1.68%
Beat/Miss Ratio:
3.00
ASX200 TOTAL STOCKS:
19
Beats
8
In Line
3
Misses
8
Total Rating Upgrades:
12
Total Rating Downgrades:
5
Total target price movement in aggregate:
-0.82%
Average individual target price change:
-2.57%
Beat/Miss Ratio:
1.00
Yet to Report
Indicates that the company is also found on your portfolio
Friday
22 May
Friday
29 May
Monday
1 June
Tuesday
2 June
Wednesday
3 June
Thursday
4 June
Friday
5 June
Listed Companies on the Calendar
| Date | Code | |
| 15/05/2026 | ALK | FY26 earnings report |
| 13/05/2026 | ALL | 1H26 earnings report |
| 18/05/2026 | ALQ | FY26 earnings report |
| 26/05/2026 | ARX | FY26 earnings report |
| 19/05/2026 | CAT | earnings report |
| 20/05/2026 | CAT | FY26 earnings report |
| Date | Code | |
| 26/05/2026 | CIA | FY26 earnings report |
| 11/05/2026 | DNL | 1H26 earnings report |
| 18/05/2026 | ELD | 1H26 earnings report |
| 25/05/2026 | FPH | FY26 earnings report |
| 14/05/2026 | GNC | 1H26 earnings report |
| 26/05/2026 | IFT | FY26 earnings report |
| Date | Code | |
| 20/05/2026 | JHX | FY26 earnings report |
| 27/05/2026 | NUF | 1H26 earnings report |
| 19/05/2026 | TNE | 1H26 earnings report |
| 28/05/2026 | WEB | FY26 earnings report |
| 12/05/2026 | WGX | earnings report |
| 21/05/2026 | WJL | FY26 earnings report |
| Date | Code | |
| 14/05/2026 | XRO | earnings report |
