0230 GMT - Rapidly improved rare-earths market conditions have allowed Lynas to tap equity markets to support growth plans to 2030, Jefferies analyst Mitch Ryan says in a note. "Securing strategic new offtakes or downstream partnerships would support [its] current valuation," says Ryan, who adds that Lynas is well-positioned to achieve that. He says Lynas's FY 2025 profit results are stronger than expectations. Jefferies is positive on its medium- to long-term outlook, with Lynas strategically placed to take advantage of strength in the rare-earths market, Ryan says. Jefferies has a buy rating and a A$12.50 target on Lynas. Shares are halted and last traded at A$14.73. ([email protected]; @RhiannonHoyle)

0143 GMT - Jarden analysts say Wesfarmers delivered "another quality result" with its FY 2025 earnings. Jarden, which has an underweight call on Wesfarmers, says that cash flow was strong and the trading update was positive. They say that a capital-distribution plan to shareholders was also a positive, though it suggests a low likelihood of major M&A in the near term. They add that there were no negative surprises and that the result is "another reminder why WES trades at such a premium." Wesfarmers reported that its annual net profit, excluding significant items, rose about 4%. Wesfarmers shares haven't moved much following the result, with the stock down 0.8% in recent trade. ([email protected])

0142 GMT - WiseTech Global keeps its bull at Bell Potter despite its annual revenue miss and weaker-than-expected guidance. Analyst Chris Savage tells clients in a note that while fiscal 2025 revenue was below both guidance and his forecast, stronger margins helped statutory Ebitda come in 4% ahead of his expectation. He adds that the softer Ebitda guidance is explained by the accounting treatment of earnings from the logistics tech provider's recently acquired e2open business, along with integration costs. Bell Potter cuts its target price 5.6% to A$127.60 and keeps a buy rating on the stock, which is down 4.0% at A$97.94. ([email protected])

0129 GMT - Wesfarmers announced a hefty capital return to shareholders at its annual result, including a final dividend and a capital-distribution plan that all up totals A$3.56/share. That raises questions about whether the company still has the financial flexibility to pursue M&A. But on a call with reporters, Wesfarmers executives say the company still has plenty of debt capacity for acquisitions, as well as investments in its current businesses. Wesfarmers CFO Anthony Gianotti says the company's leverage ratio at the end of the 2025 fiscal year was 1.7X, versus limits of 2.75X and 3.25X from the main ratings agencies. "We don't see this as a question of, do we give cash back to shareholders or do we make an investment," CEO Rob Scott says. "We see them as two very distinct opportunities." ([email protected])

0118 GMT - Australian consumer sentiment is expected to improve after the RBA's rate cuts, possibly hitting demand at Kmart, which until now has done well with its range of budget products. But on a post-results call, Rob Scott, CEO of Kmart-owner Wesfarmers, says that Kmart has been improving the quality of products in its Anko range, and that Anko products are starting to resonate with higher-income families and customers. He says Kmart has refreshed the look and feel of some of its stores. And he adds that Kmart will be revamping the website. "We're seeing some stronger sales of our one-up and two-up products, which suggest that customers are feeling a bit more confident about their capacity to spend," he says, referring to the higher-quality items. ([email protected])

0102 GMT - Karoon Energy could unlock US$200 million-US$300 million of value from the Neon oil field offshore Brazil if it sells a 40% interest, says Citi. Karoon plans to open a data room to potential investors in Neon next month. A deal could reduce the capex risk from developing a deposit that won't come online until 2029, analyst Tom Wallington says. It would also add balance-sheet flexibility from 2H 2026. Citi includes the Neon sell-down among a range of catalysts that support its buy call on the stock. ([email protected]; @dwinningWSJ)

0057 GMT - WiseTech Global's opportunity remains intact but will play out over a longer timeline, according to its bulls at UBS. The investment bank's analysts are unruffled by the logistics-software provider's weaker-than-expected fiscal 2025 revenues and what they see as the temporary impact of its shift to a new commercial model. They tell clients in a note that management sound increasingly confident of delivering large synergies following the integration of the e2open acquisition, supporting a UBS forecast of A$50 million in synergies from fiscal 2028. They also see landside revenue of US$1.1 billion by fiscal 2032. UBS cuts the stock's target price 10% to A$130.00 and keeps a buy rating. Shares are down 4.2% at A$97.75. ([email protected])

0058 GMT - Private hospital operator Ramsay Health Care drops 13% to A$33.18, with RBC Capital Markets pointing to a hat-trick of negative news. Ramsay's Australian and U.K. earnings in FY 2025 were weaker than expected. Ramsay also pointed to a A$37 million hit to EBIT coming in FY 2026 from a new funding agreement that affects its Joondalup campus in Western Australia. Also included in its guidance are projected net financing costs of A$600 million-A$620 million, which RBC says are higher than consensus expectations. Ramsay's share price fall on Thursday virtually erases all gains since hitting a low in mid-April. ([email protected]; @dwinningWSJ)

0035 GMT - Jefferies analysts and Qantas bulls Anthony Moulder and Amit Kanwatia say the outlook for Australia's largest carrier is looking positive. The Jefferies analysts say the airline's FY 2025 underlying profit before tax result was slightly ahead of market expectations, and that travel demand is expected to remain strong through 1H FY 2026. That will support higher capacity growth than expected, they note. Qantas said earlier today that its FY 2025 underlying profit before tax rose some 15%. Investors seem pleased, with Qantas shares rising 13% in recent trade. ([email protected])

0027 GMT - South32's portfolio continues to pivot toward base metals, "with Hermosa remaining the core long-term valuation anchor," Jefferies analyst Mitch Ryan says in a note following the miner's FY profit result. South32 missed profit expectations, and its dividend was also a tad light, Ryan notes. FY 2026 guidance also points to higher operating costs across most operations, he says. Jefferies has a hold rating and A$3.10 target on South32. The stock is down 3.1% at A$2.82. ([email protected]; @RhiannonHoyle)

0020 GMT - South32's FY 2025 underlying profit is 5% below consensus and its FY 2026 cost forecasts are higher than envisaged, a modest negative, says Citi analyst Paul McTaggart. "Unit cost guidance for FY26 shows modest cost inflation," he says. Underlying Ebitda and net cash are in line with expectations, McTaggart adds. Citi has a neutral rating and A$3.20 target on South32. The stock is down 2.1% at A$2.85. ([email protected]; @RhiannonHoyle)

2332 GMT - WiseTech Global's guidance looks conservative to its bull at Jefferies. Analyst Roger Samuel points to the number of users arriving with the signing of major new customers and set his forecast for FY 2026 Ebitda 5% above the midpoint of the logistics-tech provider's guidance. Samuel tells clients in a note that the number of users yet to go live has more than doubled in a year, while cost efficiencies are also running ahead of target. As for worries about margin dilution from WiseTech's recent acquisition, he reminds readers that margins have swiftly recovered following previous acquisitions and even exceeded expectations. Jefferies cuts its target price 10% to A$125.60 and keeps a buy rating on the stock, which is at A$102.02 ahead of the open. ([email protected])

1112 ET - Dollarama's CEO Neil Rossy says that he expects lessons learned with its home business and in Latin America will inform how it builds its newly acquired Australia business. Rossy says in an earnings call that The Reject Shop, now renamed Dollarama Australia, should see a the culture unify over the next few years. "It's a new market with a whole new set of challenges," he says, but says that the similarities of the businesses and the strength of the leadership there should help. "It's not like we're pulling out the Dollarama cult manual. There's going to be ups and downs, and I'm sure as a business we'll only get better as time goes on," he says.([email protected])

0928 GMT - Rio Tinto would probably be best off divesting its borates and titanium businesses, Citi analyst Paul McTaggart says after the miner announced a restructure that includes a strategic review of those assets. Those operations "are now too small within the Rio portfolio and are not growth assets," he says. He reckons a sale or spinoff could be possible. McTaggart says the simplification of Rio Tinto's structure to focus on three key businesses seems positive. "Rio's management structure has looked a little cumbersome so the reduction in reporting lines to new [CEO] Simon Trott will be welcomed by most," he says. Citi has a neutral rating and A$119 target on Rio Tinto's Australian shares. The miner ended at A$116.63 in Sydney. ([email protected]; @RhiannonHoyle)

0828 GMT - Rio Tinto's portfolio simplification and senior leadership changes aren't surprising but don't constitute a significant management shake-up, RBC Capital Markets analysts write. Placing its borates and titanium division under review--which constitutes around 2% of its Ebitda and net asset value--could be seen as low-hanging fruit, they write. The Anglo-Australian miner still has to make significant decisions on its capital-allocation priorities across its pipeline of lithium projects, iron ore replacement mines and copper growth projects, they add. Rio Tinto's London-listed shares rise 0.7% to 4,615.5 pence. ([email protected])

(END) Dow Jones Newswires