0355 GMT - Origin Energy keeps its bull at Goldman Sachs despite the Australian power company's weaker-than-expected 1Q revenue from liquefied natural gas. The GS analysts trim their full-year Ebitda forecast by about 1% but keep a buy rating on the stock. They tell clients in a note that they still like its cashflow profile and potential for a 6% dividend yield in fiscal 2026. They also point to potential for market-share or margin growth in Australian gas, plus the opportunity for its minority owned Octopus Energy business. GS trims its target price 1% to A$10.30. Shares are up 0.5% at A$9.68. ([email protected])

0335 GMT - Australian bank margins could benefit from delayed cuts to the country's cash rate, Macquarie analysts say. They tell clients in a note that ASX cash-rate futures indicate that the market doesn't expect the Reserve Bank of Australia to start cutting rates until May. This is later than expected prior to the release of recent economic data. The analysts point out that banks already pared term-deposit rates in October and that maintenance of current term-deposit spreads offers a small upside risk to their fiscal 2025 margin forecasts. ([email protected])

0317 GMT - Cochlear shakes off its bear at Macquarie but remains less attractive to the investment bank's analysts than other Australia-listed medical-technology stocks. Shares in the hearing-implant manufacturer have fallen by about 16% since August. This leaves the stock at a level implying market-share gains and profit margins in line with Macquarie analysts' expectations. However, they point out that it is trading at about 42 times EPS on a 12-month forward basis, compared with about 27 for vaccine maker CSL and 25 for breath-tech provider ResMed. Both those companies are forecast to grow fiscal 2025 EPS at a faster rate, they add. Macquarie raises its target price by 2.1% to A$289.00 and upgrades its recommendation to neutral from underperform. Shares are up 0.35% at A$284.24. ([email protected])

0247 GMT - Macquarie could still log a strong fiscal second-half result if can realize its green-asset investments, UBS analysts say in a note. The Australian financial giant's first-half cash earnings were about 7% lower than the average analyst forecast. The UBS team notes Macquarie's cautious tone around the outlook for the rest of fiscal 2025, but doesn't immediately rule out the chances of it hitting market expectations for the full year. The timing of green-asset realizations will be crucial and Macquarie needs to record its third-highest six-month cash earnings to meet expectations, they add. UBS has a neutral rating and A$200.00 target price on the stock, which is down 4.1% at A$221.12. ([email protected])

0232 GMT - Market expectations for Macquarie's annual cash earnings could drop by up to 10% after the Australian bank's weaker-than-expected 1H, Citi analyst Brendan Sproules says. He points to a softer outlook for investment-related income at Macquarie Capital and income at its commodities unit. He also notes a caveat in Macquarie's otherwise unchanged outlook for other net operating income. While Macquarie still expects this category to be significantly higher in fiscal 2025, it now says this is subject to market conditions and transaction timing. Citi maintains a sell rating and a target price of A$176.00 on the stock, which is down 4.1% at A$221.94. ([email protected])

0224 GMT - When asked after reporting 1H earnings how the result of the U.S. election might affect global markets, Macquarie CEO Shemara Wikramanayake says markets are subdued. "When there's uncertainty, the market gets a bit calmer." She said there's been a lot of investment-grade debt issuance ahead of the election, "because people don't know what sort of implications there could be post-election." For Macquarie, the short-term market reaction after the election doesn't have a huge impact on its business, so it's not a big focus, she said. "We have been in the U.S. for 30 years and worked through many different governments there," she said. Macquarie shares are down some 4% to A$222.06 in recent trading despite a 14% rise in 1H profit, after the investment bank flagged that it maintains a cautious stance in its outlook. ([email protected]; @Mike_Cherney)

0029 GMT - Jefferies says the appointment of Scott Marshall to run Metcash's hardware business is a significant positive. Marshall joins from Reece, where he most recently headed up its Australia and New Zealand operation. Before that he was at Metcash where he was highly regarded, analyst Michael Simotas says. Marshall demonstrated a strong track record of servicing independent retailers, and effectively balanced the interests of the wholesaler, retailers and consumers, Jefferies says. "Hardware is facing cyclically weak demand, but in our view this appointment positions Metcash even better for an eventual recovery in construction activity," Jefferies says. It has a hold call on Metcash's stock. ([email protected]; @dwinningWSJ)

2340 GMT - Risks to building materials supplier James Hardie's earnings in the short term have grown, says Jarden. It points to mortgage rates bouncing off September lows and U.S. homebuilders reporting slower-than-expected activity in the September quarter. "Whilst housing demand remains solid, affordability remains the key concern (as mortgage rates back up)," analyst Rohan Gallagher says. James Hardie is also facing pressure from higher commodity costs, notably pulp. Jarden cuts its FY 2025 EPS forecast by 4.3%, and lowers its expectations for FY 2026-2027 as well. The bank downgrades James Hardie to overweight, from buy, and trims its price target by 3.7% to A$52.00/share. James Hardie is down 1.1% at A$48.34. ([email protected]; @dwinningWSJ)

2332 GMT - There's too much uncertainty about Corporate Travel Management's earnings outlook for Morgans to remain bullish about its stock. Corporate Travel Management yesterday warned that spending on travel by the U.K. government, its largest customer in Europe, could hurt its annual result. The company had guided to Europe revenue to fall 18% with an Ebitda margin of 49% in FY 2025. Morgans now assumes Europe revenue drops 26% on year, with an Ebitda margin of 42%. "While this issue is out of Corporate Travel Management's control, this is now the third large downgrade we have made to our forecasts in 2024," analyst Belinda Moore says. "It demonstrates the risk associated with having too much exposure to a particular customer." Morgans downgrades Corporate Travel Management to hold, from add. ([email protected]; @dwinningWSJ)

2240 GMT - Mineral Resources's sale of natural-gas assets to Hancock Prospecting could impact Strike Energy's West Erregulla project, reckons Macquarie. Hancock will pay A$804 million upfront to Mineral Resources for its exploration permits. It will pay another A$327 million if certain resource thresholds are met. In a note, Macquarie says the deal creates a misalignment in the West Erregulla and Erregulla Deep joint venture. That's because Hancock is now more heavily invested in acreage that it operates to the north. "An optimal outcome for Stroke Energy shareholders could be to monetize EP469 discoveries (West Erregulla & Erregulla Deep) to Hancock, and recycle this capital to other opportunities," Macquarie says. This would eliminate what could be a lengthy period of uncertainty in Strike's main asset, it adds. ([email protected]; @dwinningWSJ)

2229 GMT - JB Hi-Fi's persistent sales strength prompts Jefferies to upgrade the electronics retailer to hold, from underperform. Analyst Michael Simotas said his previous bearish call was predicated on consumer pressure eroding more of the benefits to sales and earnings achieved during the Covid-19 pandemic. "But there have been no signs of cracking and consumer sentiment is now improving," Jefferies says. Also, he thinks JB Hi-Fi's lack of commentary about profit margins is probably positive because management is typically strong when it comes to disclosure. Jefferies raises JB Hi-Fi's price target by 15% to A$70.00/share. JB Hi-Fi ended Thursday at A$82.03. ([email protected]; @dwinningWSJ)

2223 GMT - Citi had expected supermarket operator Coles to announce a new automated distribution center in Australia's Victoria state, but it was pleasantly surprised by the timing. Coles expects the project to begin next year and take up to five years for the center to be finished. Citi says Coles's decision signals more confidence in its near-term earnings outlook. It also underscores the success of other automated distribution centers in Queensland and New South Wales states. "Though the A$880 million project cost is slightly higher than expected (A$750 million), we still believe it's worthwhile and expect A$100 million of cost-of-goods-sold benefits to come through around FY 2031/2032," analyst Adrian Lemme says of the planned Victoria center. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires