0350 GMT - Mineral Resources needs higher commodity prices to make material inroads in reducing its debt load, Citi analyst Kate McCutcheon says in a note. She forecasts fairly flat net debt for the iron ore and lithium producer using Citi's base-case forecasts. However, using spot prices, Mineral Resources would reach its net debt target by FY 2027-end, she says. The miner "says there's no present need to raise equity and is reviewing opportunities for inorganic de-leveraging," says McCutcheon. "Our base case remains that the 2027 bonds are refinanced." Citi has a sell-high risk rating on Mineral Resources, with a A$34.00 target. The stock is up 0.4% at A$37.02. ([email protected]; @RhiannonHoyle)

0340 GMT - Lynas Rare Earths' equity raise makes sense given the recent improvement in market sentiment, Citi analyst Samuel Schubert says. However, the timing and structure of the raise suggests Lynas may not benefit from the same favorable terms as U.S. peer MP Materials, namely a US$110/kilogram neodymium-praseodymium price floor, says Schubert. He highlights the lack of direct government participation or official rare-earth price floor backing the A$750 million capital raise. "The market may perceive this as a signal that government support is not forthcoming immediately, reinforcing the view that sentiment has peaked and that near-term valuation is vulnerable to reset," Schubert says. Citi reiterates a sell rating on Lynas, although it raises its target sharply to A$9.50/share from A$5.50 before. Lynas is down 6.1% at A$13.83. ([email protected]; @RhiannonHoyle)

0302 GMT - Gold Road's 1H accounts include "little misses everywhere," say Moelis Australia analysts Paul Hissey and Nic McRostie. "But does it matter?" they say. The result is unlikely to get much investor interest given Gold Road has agreed to be acquired by South Africa's Gold Fields. Without that offer, "we might be more inclined to call this a 'soft' result," say the analysts. However, the only investors still holding Gold Road are likely to be those who are keen to see the Gold Fields deal through to the end, they say. Moelis Australia has a hold rating and a A$3.20 target on Gold Road. The stock is down 0.2% at A$3.325. ([email protected]; @RhiannonHoyle)

0022 GMT - There's plenty in Cettire's annual result to arouse RBC Capital Markets' curiosity. Analyst Wei-Weng Chen says the departure of Daniel Agostinelli from Cettire's board after just four months appears unusual. "As does the decision to give material cash pay rises to the CEO and CFO in a time of stress," RBC says. For RBC, Cettire's balance sheet is the key issue. Despite only a modest Ebitda loss in June, cash fell an additional A$8 million that month. "Adding to our balance sheet concerns is a reclassification of A$22 million of VAT receivables to non-current with Cettire noting that while the receivables are recoverable, timing is uncertain," RBC says. It has an underperform call on Cettire, which is up 17% at A$0.35 today. ([email protected]; @dwinningWSJ)

0014 GMT - Car parts company Bapcor's annual result does little to change Jefferies's view that it is a turnaround story. The result was poor overall, Jefferies says. Ebitda from its Trade segment in FY 2025 was up 5% on a year ago, but missed expectations by 3%. Retail earnings were also weaker than hoped. Analyst John Campbell says Bapcor's outlook commentary is very vague and suggests any material improvement is unlikely to be forthcoming in FY 2026. At best, it would seem any meaningful upturn from Bapcor isn't likely before 2H of FY 2027 at the earliest, Jefferies says. Bapcor is down 1.3% at A$3.89 in early trading. ([email protected]; @dwinningWSJ)

2310 GMT - Wesfarmers's key retail businesses have more sales momentum than Citi expected, prompting the bank to upgrade its stock to neutral. Wesfarmers's Bunnings home-improvements chain is benefiting from an expanded tool shop, which Citi expects will be a meaningful driver of sales growth in FY 2026. "We now expect Bunnings to generate Ebit growth of 9% in FY 2026 (was 4%) on higher sales growth and improved operating leverage," analyst Adrian Lemme says. Similarly, Citi sees discount department-store chain Kmart holding its own even as consumer spending picks up. It now forecasts 10% Ebit growth in Kmart, compared to 4% before. "While the valuation is high, we no longer see an obvious earnings catalyst to warrant a sell rating considering our bullish view on consumer spending into FY 2026," Citi says. ([email protected])

2303 GMT - Lifestyle Communities has largely eliminated concerns about its balance sheet, and gets a new bull in Citi as a result. Analyst Suraj Nebhani says investors had been concerned about its interest cover ratio covenant of more than 1.75x heading into this week's annual earnings result. Lifestyle Communities said debt peaked at A$490 million in May, and is now trending down. It expects to shave around A$100 million more off its debt over the six months through December. "We believe that with the debt reductions, Lifestyle Communities may be able to be comfortable on covenants even with annual settlements at 200," Citi says. It upgrades Lifestyle Communities to buy, from neutral. "We also remove high risk rating given we no longer see covenant/capital raising risk," Citi says. ([email protected])

2248 GMT - Jefferies is a big fan of everything about car dealership Eargers Automotive--except its valuation. Eagers's share price rose 12% on Thursday after beating expectations in 1H. Revenue of A$6.5 billion was 7% ahead of consensus hopes, while gross profit was 2% ahead of estimates. Jefferies says Eagers controls 14% of new vehicle sales in Australia, compared to the largest U.S. dealer, which has 2% of the market there. It's also big in used-vehicle sales. That makes it attractive for auto makers looking to establish a retail presence in Australia. Still, Jefferies says Eagers's valuation metrics following Thursday's short squeeze just look too high. "The market appears to be pricing in deals yet to happen," says analyst John Campbell. "We can't get there." ([email protected]; @dwinningWSJ)

2237 GMT - Private hospital operator Ramsay Health Care expects earnings in Australia to rise in FY 2026. Jefferies thinks any improvement will be modest due to labor cost pressures. "Ramsay seen significant wage rises from all public payers, which likely has flow-on effects for the private sector," analyst David Stanton says. Wage bargaining negotiations have been finalized in New South Wales and Western Australia states, which represent 27% of group Ebit. Deals remain outstanding in Queensland and Victoria, also representing 27% of Ebit. Also, a new contract for Joondalup, Western Australia, will deal a A$37 million hit to Ebit. Jefferies retains a hold call on Ramsay, cuts its price target by 11% to A$34.50/share. Ramsay ended Thursday at A$34.09. ([email protected])

(END) Dow Jones Newswires