0430 GMT - ANZ is seen by UBS analyst John Storey as the most interesting name in Australian banking as the lender prepares for a new CEO. Storey says that Nuno Matos will have a clean slate when he starts work next week, calling out costs, capital and provisions as three areas of focus. He says ANZ is expected to change significantly under Matos and adds that investors are wondering whether it can improve shareholder returns. The stock is trading at a steep discount to peers and its own historic ratings, he adds. UBS cuts its target price by 3.2% and stays neutral on the stock, which is down 0.7% at A$29.19. ([email protected])

0427 GMT - ANZ is likely to cut its dividend at the end of its current fiscal year, Macquarie analysts reckon. They tell clients in a note that Nuno Matos is likely to review the Australian bank's capital structure after taking over next week, which would lead to a lower shareholder payout. Macquarie analysts see significant execution risks in ANZ's technology overhaul and integration of its Suncorp Bank acquisition. With soft underlying trends and a lack of visibility on outlook, they see little chance of the stock rerating. Macquarie cuts its target price by 1.8% to A$27.50 and keeps a neutral rating on the stock. Shares are down 0.85% at A$29.15. ([email protected])

0422 GMT - Temple & Webster's bull at Canaccord Genuity sees no reason for the stock to derate providing that the Australian furniture retailer keeps hitting revenue-growth targets and expanding margins. Analyst Owen Humphries tells clients in a note that the company's revenue is slightly softer than he had expected so far in the June half, but that any weakness comes amid tariff uncertainty. He points out that growth appears to have accelerated through the period and that it sounds like it is still growing. Consumer demand should grow with interest-rate cuts, he adds. Canaccord Genuity raises its target price 8.6% to A$19.00 and keeps a buy rating on the stock, which is up 2.5% at A$18.89. ([email protected])

0039 GMT - Suncorp's mixed messages on weather and capital puzzle Barrenjoey. Suncorp has signaled that natural hazard claims are likely to fall below its allowance in FY 2025. Still, Suncorp passed on the chance to announce capital management initiatives, citing market volatility. "The message that everything is going well, but capital management is on hold doesn't reconcile," analyst Andrew Adams says. "That said, ahead of a reinsurance renewal and with insurance assets potentially up for sale in the market and recent investment market volatility, holding off a few months makes some sense." Barrenjoey has a neutral call on Suncorp. ([email protected]; @dwinningWSJ)

2343 GMT - The current quarter is a big opportunity for Aeris Resources now that its refinancing is squared away, according to Bell Potter. Analyst David Coates says it's positive that no copper or gold hedging was required by its new loan facility with Washington H. Soul Pattinson. "However, we also estimate that an increase in debt service costs of A$4 million-A$5 million per annum will partially offset the cash release and delayed repayment schedule," Bell Potter says. It sees the current quarter as a chance for Aeris to lift production materially "This would contribute to debt reduction by end 2025 and demonstrate the latent production capacity at Tritton--both key positive catalysts, in our view," Bell Potter says, referring to its copper mine. ([email protected]; @dwinningWSJ)

2314 GMT -- The reasons for REA Group's slightly softer-than-expected 3Q earnings could limit any negative share-price impact from the miss, E&P analyst Entcho Raykovski reckons. He tells clients in a note that March quarter Ebitda was 5.5% lower than he had anticipated, but points out that this was due to revenue deferrals and the phasing of marketing costs. He thinks there could be some short-term share price weakness but not much more. E&P has a neutral rating and A$221.90 target price on the stock, which is at A$250.08 ahead of the open. ([email protected])

2312 GMT -- Generation Development Group's agreement with BlackRock to co-design and distribute a new product aimed at providing tailored solutions for Australian retirees gets a tick from Jefferies. It views the alliance as an incremental step that could lead to consistent growth for GDG over many years. "At this early stage, product development will be the priority, followed by adviser education," analyst Simon Fitzgerald says. "These elements are essential to building a successful product, even if the time frame to meaningful earnings growth is difficult to judge." Jefferies highlights the example of GDG's Lifetime annuity. It launched in 2022 and is yet to reach scale. ([email protected])

2310 GMT -- Orica, the world's largest maker of industrial explosives, has the balance sheet to support more share buybacks, contends Jefferies. It expects leverage of 1.45x at 1H to move toward the bottom end of Orica's 1.25-2x target range through 2H. "We forecast leverage will moderate further in coming periods, which provides Orica with ample flexibility to top up the existing A$400 million buyback with further capital management initiatives, further underpinning the underlying EPS growth profile," analyst Ramoun Lazar says. Jefferies has a buy call on Orica. ([email protected])

2301 GMT -- Jefferies now thinks banking group ANZ will lower its dividend from 2H of FY 2025 in the wake of an underwhelming result. ANZ's 1H earnings fell short of expectations, with its net interest margin weak and fee trends disappointing. "Capital was also softer compared to consensus expectations," says analyst Andrew Lyons. "To this end, we expect capital generation to again be constrained in 2H due to capital floors and elevated expense growth, and we now assume a 10% dividend cut from 2H." Jefferies rates ANZ at hold. ([email protected])

0559 GMT - NAB's bear at Citi sees pressure on dividends if Australia's central bank delivers interest-rate cuts on a scale widely anticipated by economists. Analyst Thomas Strong writes in a note that NAB's first-half core earnings held up reasonably well, but that there may have been a benefit from a cost skew toward the second half. The outlook for that period, and beyond, gets tougher given that the Reserve Bank is expected to resume rate cuts next week. NAB sees a terminal cash rate of 2.85% and Citi thinks 3.1% is more likely. Strong sees anything on this scale pressuring forward earnings and the sustainability of NAB's dividend. Citi has a sell rating and A$30.50 target price on the stock, which is up 1.9% at A$36.54. ([email protected])

0550 GMT - Life360's bulls at Morgan Stanley will be paying close attention to the tracking app developer's active user numbers when it announces its 1Q results. They remind clients in a note that the final three months of 2024 showed the lowest number of new monthly active users in almost two years, with international markets especially soft. They say that user growth, engagement and retention are key to monetization, and are looking for 4.1 million net new users in the March quarter. MS has an overweight recommendation and a A$28.60 target price on the stock, which is up 0.6% at A$23.38. ([email protected])

(END) Dow Jones Newswires