0139 GMT - National Australia Bank's better-than-expected 3Q net interest margin helps offset the impact of the lender's spike in bad debts and increased operating expenses, according to its bears at Jarden. NAB didn't disclose its net interest margin but the Jarden analysts think that its commentary points to 4 bps of expansion, once treasury and markets are stripped out. NAB's unexpected A$130 million costs for issues with its payroll system mean that it has walked away from its annual expense guidance, they add. The Jarden analysts make no change to their earnings estimates and keep an underweight rating on the stock. Its target price is A$29.00. Shares are up 1.6% at A$39.80. ([email protected])

0118 GMT - Indications that Iress has received further interest from potential suitors is seen positively by E&P analyst Olivier Coulon. He points out in a note that the financial technology provider's statement that it is in talks with third parties includes an acknowledgement that some have emerged over the past 10 days. It looks as though the Australian company's board now understands shareholders are supportive of a change-of-control transaction, Coulon says. The reaction to the eventual announcement of a new CEO will depend on the caliber of the appointment, he adds. E&P has a positive rating and A$10.01 target price on the stock, which is up 2.3% at A$9.24. ([email protected])

0049 GMT - National Australia Bank's bear at Citi reckons that the A$130 million cost of sorting out its latest payroll problems is unlikely to upset investors. Analyst Thomas Strong tells clients in a note that the cost is likely to be treated as a one-off item by the market, with the bank appearing to manage its underlying costs well. The lender's A$254 million 3Q charge for bad and doubtful debts was higher than consensus but Strong also thinks that investors will wait until November's annual result announcement to judge asset quality. Citi has a last-published sell rating and A$30.50 target price on the stock, which is up 1.9% at A$39.95. ([email protected])

0049 GMT - Another disappointment in Aurizon's bulk business will be a concern, according to Citi analyst Samuel Seow. The miss in bulk puts more pressure on Aurizon to realize value from its network business, as the company undertakes an ownership review, he says in a note. No update on the network ownership review is provided, Seow notes. "However, interestingly, AZJ changing revenue recognition for the segment... presumably to smooth revenue/earnings and potentially increase the attractiveness of the asset," he says. Citi has a neutral rating and A$3.25 target on Aurizon. The stock is up 0.9% at A$3.30. ([email protected]; @RhiannonHoyle)

0024 GMT - Australia rail-freight company Aurizon misses dividend expectations in an otherwise in-line earnings result, RBC Capital Markets says in a note. Consensus expectations were for a final dividend of 6.9 Australian cents a share, versus the actual 6.5 Australian cent payout. Aurizon will buy back shares, however, the broker notes. RBC has a sector perform rating and A$3.20 target on Aurizon. The stock is up 1.2% at A$3.31. ([email protected]; @RhiannonHoyle)

0018 GMT - Citi says the latest industry data on mobile phones is a good sign for Australian electronics retailer JB Hi-Fi. The JB Hi-Fi bull says the value of Australian consumer mobile phone shipments in calendar 2Q increased 3%, up from the 2% increase in 1Q. Citi believes JB Hi-Fi is continuing to take share from main telecom Telstra's own-store network as the market shifted to outright handset sales about five years ago. And Citi adds that mobile phone unit growth will improve in the short to medium term, given that replacement rates appear to stabilizing after falling in recent years. "Overall, we view this data as a positive read-through for JBH," Citi concludes. ([email protected])

2356 GMT - A2 Milk's overhaul of its supply chain is a significant step, but Citi raises a key question about the move. A2 Milk is buying an integrated nutritional manufacturing facility in New Zealand for around NZ$282 million from a unit of China Mengniu Dairy. That deal brings two product registrations for the China-label infant formula market. A2 Milk also plans to sell interests in the Mataura Valley Milk to Open Country Dairy. Citi says this approach reduces risks around A2 Milk's stock and paves the way for special dividends down the track. "However, on our mind is that the company is investing a large amount of capital into a shrinking part of the market (China label)," analyst Sam Teeger says. Citi has a neutral call on A2 Milk. ([email protected]; @dwinningWSJ)

2347 GMT - Investors betting on higher dividends from Origin Energy could be disappointed. Barrenjoey thinks payouts are likely to be flat for some time after assessing its balance sheet. Origin expects to be within its net debt-to-Ebitda target band of 2.0X-3.0X times in FY 2026-2027, after being below it in FY 2025. That's due to investments in batteries and lower earnings from trading liquefied natural gas. Still, analyst Dale Koenders says Origin could need to contribute more equity to Octopus Energy and allocate capital to the Yanco Delta wind farm. Origin also wants to invest more in the energy transition and natural-gas markets. "We do question how much more capacity exists in Origin's balance sheet," says Barrenjoey. It expects a flat dividend for several years. ([email protected]; @dwinningWSJ)

2340 GMT - BlueScope's FY 2H Ebit of A$429 million is at the top end of the steelmaker's A$360 million-A$430 million guidance, but below market expectations of A$455 million, Jefferies analyst say in a note. The midpoint of its 1H FY 2026 guidance--of A$550 million to A$620 million--is also below market expectations around A$618 million, the analysts say. They expect the stock to fall as a result. Jefferies has a buy rating and A$29.00 target on BlueScope. The stock ended Friday at A$24.24. ([email protected]; @RhiannonHoyle)

2336 GMT - Mirvac's annual result persuades Citi to join the bulls. Analyst Suraj Nebhani says Mirvac's forecast return to EPS growth in FY 2026 is a positive. Citi is encouraged by stronger residential sales, as well as by the solid performance of Mirvac's investments division, and a growing funds platform. Mirvac's earnings growth profile beyond FY 2026 looks strong, with development projects contributing to net operating income growth, funds under management and development profits, Citi says. "We therefore see upside to the current price-to-earnings multiple at 18x FY 2026 estimates (based on mid-point of 12.8-13.0 Australian cents guidance)," That view is supported by expectations of 12-13% compound annual growth in EPS from FY 2026-2028. "We also see upside to consensus numbers in FY 2027 and FY 2028," Citi says. ([email protected]; @dwinningWSJ)

2324 GMT - A2 Milk's FY 2026 guidance is tricky to assess but Barrenjoey thinks it's stronger than market hopes. A2 Milk expects to achieve an Ebitda margin of 15-16% in FY 2026, which excludes any contribution from the Mataura Valley Milk business that the company intends to sell. Analyst Tom Kierath says the margin compares to a consensus forecast of 15.2% when calculated on the same basis. Barrenjoey also notes that A2 Milk's guidance for high single-digit revenue growth in FY 2026 compares to consensus forecasts of 8% and its own estimate of a 10% rise. A2 Milk's share price in New Zealand is up 3.2% at NZ$9.00 early on Monday. ([email protected]; @dwinningWSJ)

2308 GMT - GPT's share price can move higher today after the property owner and manager upgraded its annual earnings view. GPT now expects at least 3% growth in funds from operations per security in 2025, or a minimum of 33.2 Australian cents. Citi says this is slightly above its forecast of 33 cents, and an even larger beat to consensus hopes of 32.8 cents. "Operational performance was strong across retail, office and industrial, with funds management execution continuing," analyst Howard Penny says of GPT's 1H result. "We expect the market to receive the results positively." GPT ended last week at A$5.27. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires