0202 GMT - Platinum Investment Management's merger talks with L1 Capital are positive for the Australia-listed financial group, Bell Potter analyst Marcus Barnard says. He tells clients in a note that a combination would offer benefits of scale and diversify the range of strategies and distribution channels open to Platinum. There are potential cost synergies, but Barnard wants more clarity on these and growth prospects before making any changes to his forecasts or valuation. Bell Potter has a hold rating and a target price of A$0.58 on the stock, which is up 7.1% at A$0.68. ([email protected])

0048 GMT - Judo Capital's downgraded lending guidance suggests that the Australian business bank is being slightly more selective in its loan approvals, Barrenjoey analysts reckon. They think that Judo is putting more emphasis on maintaining front-book lending spread of 450 basis points over the bank bill swap rate. Looking further ahead, they see Judo lowering its average funding costs and supporting its net interest margin thanks to its plans for retail high-interest savings and business accounts. However, they point out in a note to clients that this target has been pushed out again. Barrenjoey cuts its target price 12% to A$2.20 and keeps an overweight rating on the stock, which is down 5.1% at A$1.405. ([email protected])

0032 GMT - WiseTech Global's bull at Citi thinks that an acquisition of supply chain platform provider e2open would accelerate the Australian company's development and monetization of new products, including those already in progress. Analyst Siraj Ahmed writes in a note to clients that e2open could speed the development of WiseTech's Container Transport Optimization, and its Customs and Compliance. However, he points out that the acquisition would be margin dilutive and comes with execution risks. There are also questions about the timing of any deal given that WiseTech has no permanent CEO or CFO, Ahmed adds. Citi has a buy rating and A$115.50 target price on the stock, which is down 0.2% at A$94.21. ([email protected])

0023 GMT - WiseTech Global's mooted acquisition of supply chain platform provider e2open makes strategic sense to Jefferies analyst Roger Samuel. He explains in a note to clients that e2open has a strong presence among shippers and beneficial cargo owners, while WiseTech's main customers are freight forwarders. Acquiring the U.S.-listed company would therefore expand WiseTech's total addressable market, he says. There are also potential synergies from a combination, Samuel adds. Jefferies has a buy rating and A$115.50 target price on the stock, which is up 0.7% at A$95.00. ([email protected])

0006 GMT - Woolworths's non-food businesses remain a problem child, with W Living set to lose some A$113 million in FY 2025 when Petstock is excluded. That appears to frustrate Barrenjoey, which has an overweight call on Woolworths and prefers its stock to that of chief supermarket rival Coles. The forecast losses for W Living come despite that division generating around A$4.8 billion of annual sales. "We think considerable opportunities must exist within these businesses to remove cost and improve productivity," analyst Tom Kierath says. "Given Woolworths trades at a multiple in line with Coles, one could argue that the market is currently ascribing a negative value for these non-core businesses." ([email protected]; @dwinningWSJ)

2358 GMT - Corporate Travel Management's guidance downgrade was not entirely unexpected given recent results from U.S. airlines, Citi analyst Samuel Seow says. He points out that, while the A$167 million in annual Ebitda implied by the new guidance is 15% lower than the average analyst forecast, the stock has already fallen materially. Seow writes in a note that U.S. corporate volumes have probably fallen in a percentage in the mid-single digits, leading to fewer transactions and missed override tiers. Citi has a last-published buy rating and A$17.55 target price on the stock, which is at A$13.00 ahead of the open. ([email protected])

2305 GMT -- Woolworths's non-food businesses remain a problem child, with W Living set to lose some A$113 million in FY 2025 when Petstock is excluded. That appears to frustrate Barrenjoey, which has an overweight call on Woolworths and prefers its stock to that of chief supermarket rival Coles. The forecast losses for W Living come despite that division generating around A$4.8 billion of annual sales. "We think considerable opportunities must exist within these businesses to remove cost and improve productivity," analyst Tom Kierath says. "Given Woolworths trades at a multiple in line with Coles, one could argue that the market is currently ascribing a negative value for these non-core businesses." ([email protected])

2300 GMT - Logistics group Qube gets a boost from Brookfield's sale of its share of the Patrick container terminals business, Jefferies contends. Brookfield is selling its 50% equity interest to another fund that it controls and some existing investors. Qube said yesterday the transaction was at a modest premium to the enterprise value of Patrick of A$6.6 billion that was disclosed alongside its 1H result. Analyst Anthony Moulder previously estimated the business was worth A$6.3 billion. Updating that number adds some A$0.10/share to Jefferies's valuation of Qube. ([email protected]; @dwinningWSJ)

2246 GMT - Qube's trading update after the market closed should give its stock price a boost today, says Barrenjoey. The logistics group kept its annual earnings guidance unchanged and said it so far hasn't felt any pain from tariffs. It also said Brookfield's share of the Patrick container terminals business has been sold. Barrenjoey estimates the transaction was at a 35% premium to its current valuation of Patrick. Finally, Qube said it has completed the acquisition of the Melbourne International RoRo & Automotive Terminal. "We see each of the announcements as positive and expect the shares to react favourably," analyst Matt Ryan says. Qube ended Thursday at A$4.04, and is up 1.8% in 2025 so far. ([email protected]; @dwinningWSJ)

2240 GMT - Packaging company Amcor's debt metrics are likely to stay elevated for longer, signals Barrenjoey. Amcor's 3Q cash flow of US$101 million fell short of hopes, as did that of recently acquired Berry. Analyst Brook Campbell-Crawford says the market often does a poor job of profiling Amcor's cash flow, which mostly comes through in 4Q. "Nevertheless, we do believe Amcor's cash earnings persistently underperform its adjusted profit-and-loss earnings," Barrenjoey says. That's partly due to regular FX headwinds from emerging markets and capex. "While Amcor is only trading on 11x our near-term EPS, we don't expect the shares to re-rate given cash conversion remains weak, volume growth is subdued, and there could be structural issues in North America Beverage," says Barrenjoey. ([email protected]; @dwinningWSJ)

2233 GMT - Coronade Global Resources's balance sheet is under stress, with its net debt rising to US$170 million in the last quarter and heavy capex continuing near term. It's also facing weak coal prices with little sign of a market upturn on the horizon. Ord Minnett expects Coronado to cover its funding shortfall using US$230 million of cash and additional debt of US$210 million over 2H of 2025 and through 2026. At that point cash flows should start to improve. "However, alternative options could be implemented to alleviate this balance sheet pressure including selling assets (or minority stakes), raising equity or temporarily closing assets until prices recover," says analyst Tim Elder, who rates Coronado at hold.([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires