0357 GMT - NextDC's bull at Macquarie remains confident that the Australian data-center owner will continue to win contracts. NextDC doesn't allocate capital expenditure without knowing customers' demand intentions, an analyst at the investment bank says in a note. With that in mind, the note says that the company has started work on building its S4 Sydney center. The note adds that several of NextDC's centers are strategically important to Google. Macquarie raises its target price by 0.9% to A$22.10 and keeps an outperform rating on the stock. Shares are up 1.2% at A$16.705. ([email protected])

0343 GMT - Perpetual's cost cuts aren't enough to turn Macquarie analyst Elizabeth Miliatis more positive on the Australian investment manager. Perpetual's so-called simplification program delivered more fiscal 2025 savings than anticipated and will have cost less-than-expected to achieve by the time it is completed. Even so, she tells clients in a note that the company stopped short of formally increasing its targets. Continued elevated outflows also mean she sees limited chance of Perpetual beating near-term earnings expectations. Macquarie lifts its target price by 48% to A$22.85 but stays neutral on the stock, which is down 3.2% at A$21.04. ([email protected])

0222 GMT - South32 is being pinched by rising costs and that loses it a bull in Macquarie. Increases to costs at its Cannington mine in Australia and South African Manganese operation have all but eroded value for those assets, Macquarie says. Similar increases in Sierra Gorda mining costs have driven a 25% reduction to its net asset value. There are few catalysts for the stock in the near term, says Macquarie. South32's Hermosa development in the U.S.--where the company is building a $2.16 billion zinc, lead and silver mine called Taylor--is some two years away. "Action is required to either rectify the portfolio imbalance, reduce costs or outline a pathway back for the troubled assets," Macquarie says. ([email protected]; @dwinningWSJ)

0143 GMT - Any confidence at Morgans that Bank of Queensland's earnings could positively surprise has been dented by the lender's removal of its fiscal 2026 return-on-equity target. Analyst Nathan Lead lowers his fiscal 2026 cash earnings forecast to factor in lower revenue growth and further restructuring costs. He tells clients in a note that the removal of the target increases uncertainty and downside risk, offsetting what he sees as an attractive dividend. Bank of Queensland continues to operate at a disadvantage on scale, funding costs, and technology compared with Australia's major banks, Lead warns. Morgans lowers its target price by 6.0% to A$6.62 and maintains a trim rating. Shares are down 1.9% at A$7.135. ([email protected])

0127 GMT - NextDC's strong share-price rally leads Morgans analyst Nick Harris to temper his bullishness on the stock. Harris moderates his rating to accumulate from buy following Friday's 17% jump. He tells clients in a note that the Australia-listed company remains well placed to benefit from significant and ongoing structural growth, including from cloud-computing demand. He says medium-term growth looks underpinned by contracted demand, but points out that it will be several years until this is fully revenue generating. Morgans raises its target price 1.1% to A$19.00. Shares are up 1.5% at A$16.745. ([email protected])

0111 GMT - Australian consumers' engagement with Aussie Broadband and Superloop appears to have grown further at the start of the country's new financial year, Citi analysts say. They tell clients in a note that visits to the telecommunication providers' websites increased by 4% in July from a month earlier. They say that app downloads were also positive, rising 19% from June, and by 7% on a year earlier. They sound unconcerned by a 69% on-year drop in the volume of app downloads for Aussie Broadband-owned Buddy, saying that the telco has placed less emphasis on growing the mobile brand since agreeing to sell it. ([email protected])

2305 GMT - Citi thinks investors are underestimating the earnings potential of military shipbuilder Austal in FY 2026. Analyst Sam Teeger notes consensus expectations are for Austal to make A$119.7 million of Ebit in FY 2026. That appears conservative, given the contribution from Austal's Module Manufacturing Facility in the U.S. will be higher, Citi says. Austal expects a contribution of some A$23 million from MMF. Citi retains a neutral/high risk call on Austal. ([email protected]; @dwinningWSJ)

2240 GMT - Rox Resources increasingly stands out as an opportunity for investors as gold prices set new highs, Euroz Hartleys says. Rox is priced like gold is US$1,200/oz or less, analyst Kyle De Souza says. Yet the precious metal ended August at US$3,473.70/oz. Rox's appeal should grow as high-grade, near surface underground ore reserves become depleted in Australia, Euroz says. It believes the stock could be the next Pantoro, which has a market value of A$1.82 billion. "It's the only other single asset, underground story with similar grades capable of generating 100,000 oz per annum in Western Australia outside of Ramelius Resources's Dalgaranga (formerly Spartan Resources)," Euroz says of Rox. Rox ended last week at A$0.355, giving it a market value of A$265.2 million. ([email protected]; @dwinningWSJ)

2233 GMT - Operational delivery by Aeris Resources remains key, along with successful asset sales, to reduce balance sheet pressure, Ord Minnett says. Aeris ended FY 2025 with A$28 million in cash and A$40 million of debt. "Recent management changes (e.g. Paul Harris - COO), improved mining physicals in FY 2025 at Tritton and a new enhanced focus on drilling gives us more comfort in this regard," analyst Paul Kaner says. Aeris has allocated A$20 million of its FY 2026 budget toward drilling. Ord Minnett expects Aeris's cash flows to be more subdued in 1H on investment in growth projects. "However, successful delivery of Murra open pit in 1H would see a big 2H uplift in copper production and cash flow generation" of some A$100 million, Ord Minnett says. ([email protected]; @dwinningWSJ)

2228 GMT - Westgold Resources's share buyback surprises Ord Minnett. Westgold plans to buy back up to 5% of its issued share capital. It also unveiled a new dividend policy for FY 2026, which will see it pay out at least A$0.02/share and sets a minimum required net cash balance of A$150 million. Analyst Paul Kaner says the unexpected buyback highlights Westgold's "confidence in the cash flow outlook of the business but also the value discrepancy versus peers." Ord Minnett estimates Westgold is trading on a price-to-net asset value multiple of 1.1x. That compares to 1.3x for peers in Australia's gold-mining sector. Ord Minnett retains a buy call on Westgold. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires