2329 GMT - Emerald Resources and Australia's benchmark S&P/ASX 200 index head in different directions on Monday, after the gold miner's 1Q output at its Okvau mine in Cambodia missed guidance. Emerald falls 4.5% to A$4.89/share. In contrast, the ASX 200 index is up 0.3% in the first half hour of trading. Emerald said 1Q gold output is likely to be around 22,000 troy ounces. It blamed the miss on heavy rainfall during September that restricted access to high grade ore scheduled to be mined and milled at the end of the month. Still, it kept annual production and cost guidance unchanged. Emerald's shares are up some 46% since the start of August, despite Monday's fall. ([email protected]; @dwinningWSJ)

2321 GMT - Almond grower Select Harvests's update was better than feared in the context of its depressed share price, UBS says. Select Harvests only signaled a 1.5% decline in its FY 2025 almond price assumptions. Crop volume of 24,700 tons was at the lower end of the company's prior guidance range. "We think the market remains worried about a material downgrade in FY 2026, which we are not convinced will play out based on current almond prices and positive early signs for the upcoming crop," analyst Apoorv Sehgal says. UBS forecasts a price of A$9.70/kg in FY 2026, but says that could be conservative. "A flat almond price in FY 2026 (A$10.17/kg) would imply 18% EPS upside potential," UBS says. It retains a buy call on Select Harvests. ([email protected]; @dwinningWSJ)

2313 GMT - The risk of a benign U.S. hurricane season is on the rise, and that's good news for QBE Insurance, says UBS. Historical trends indicate that approximately 75-80% of hurricanes typically form by end-September. However, analyst Kieren Chidgey notes that the 2025 season shows significantly lower activity compared to this pattern. No major hurricanes have affected the U.S., and 3Q has been favorable for QBE so far. "While too early to adjust catastrophe cost estimates, we see growing upside risk to FY 2025 EPS on this front though note this could fuel further rate softening across RI and Property classes in FY 2026," UBS says. ([email protected]; @dwinningWSJ)

2306 GMT - UBS thinks investors in Challenger would be skeptical of any attempt to buy a partial stake in Pepper Money. Media reports suggest there's interest in a deal, but no formal offers have been made. Analyst Kieren Chidgey says Pepper would expand Challenger's loan origination capability. That would support a greater focus on fixed income following proposed revisions by regulator APRA to annuity capital requirements. Still, UBS believes investors would prefer regulatory capital releases to be diverted into share buybacks. "As such, we view the possibility of Challenger acquiring a stake in Pepper Money as a potential downside catalyst," UBS says. ([email protected]; @dwinningWSJ)

2258 GMT - DigiCo Infrastructure REIT has some operational momentum as it seeks to put a testing year following its IPO behind it. DigiCo Infrastructure REIT signaled Australian contracted IT capacity will increase to 41 MW by June next year. That's up from 21MW at end-FY 2025. Bell Potter cuts its forecast for funds from operations by 29% to A$73.4 million. Its dividend assumption drops by 29% to A$0.12/share, from A$0.17/share, to align with company guidance. Still, analyst Andy MacFarlane says positive momentum and an improving outlook for FY 2027 is more important. DigiCo Infrastructure REIT's update suggests an annualized run-rate Ebitda of A$180 million for FY 2027. That "should help to narrow the prevailing gap to asset backing (19% discount to net tangible assets," Bell Potter says. ([email protected]; @dwinningWSJ)

2216 GMT - Ord Minnett says Iluka Resources's share price is rallying on rare-earths mania and it cannot keep up. So, the bank downgrades Iluka to sell, from hold, even as its price target rises 9.1% to A$6.00/share. Iluka has more than doubled in value since its April low. "On a 12-month view, we expect the mania will fade when investors realize that buyers will not pay the US$110/kg Neodymium-Praseodymium being implied in pure plays," analyst Matthew Hope says. With mineral sands weak and two years until production of rare earths starts at the Eneabba mine, a large upgrade is unwarranted, Ord Minnett adds. Iluka ended Friday at A$7.10. ([email protected]; @dwinningWSJ)

2206 GMT - Ord Minnett stays bullish about Select Harvests despite the almond grower downgrading expectations for volume and pricing in FY 2025. Select Harvests now expects an annual crop of 24,700 tons. That's below the midpoint of earlier guidance of 25,520 tons. Average prices of A$10.14-A$10.20/kg are below prior guidance of A$10.35/kg. Analyst John Lawlor says the market reaction was muted as attention turns toward next season. "With that in mind Select Harvests noted that it finished FY 2025 in a strong position with net debt reducing to A$80 million and with a positive bloom for the 2026 season crop which we estimate will return to historical average volumes," Ord Minnett says. It forecasts 28,250 tons. The bank's FY 2025 and FY 2026 Ebitda forecasts are cut by 10% each. ([email protected]; @dwinningWSJ)

2156 GMT - More catalysts loom for Brazilian Rare Earths following a maiden mineral resource for its Amargosa bauxite project, Ord Minnett says. Amargosa's total resource is some 568 million tons at 29.8% alumina with gallium as a by-product. Analyst Matthew Hope says the company's focus remains commercializing its best-defined rare-earths project, known as Monte Alto. "But the rise in the bauxite price to circa US$75/ton cost, insurance-and-freight China this year, provides the opportunity for an export bauxite project at initial modest capex," Ord Minnett says. "This is likely to be a spin-out or IPO for independent funding." Brazilian Rare Earths intends to release a scoping study for Armagosa by end-December, with progress at Monte Alto also set to drive its share price. ([email protected]; @dwinningWSJ)

2131 GMT - Bank of Queensland's bear at Jefferies highlights three themes for the lender to address at its FY 2025 result on Oct. 15. It wants to know how protected BOQ's net interest margin has been given weak balance sheet growth and a shift toward business lending. It's also seeking an update on funding and BOQ's capital. "Given BOQ has now walked away from its previous return-on-equity targets, we think our FY 2025-2027 average ROE forecast of circa 6.5% can only justify a payout ratio at the bottom end of the current target range," Analyst Andrew Lyons says. "As such, we will be looking for any update on this target." Jefferies expects BOQ to raise its final dividend by 1 Australian cent to A$0.18/share. It retains an underperform call on BOQ. ([email protected]; @dwinningWSJ)

2125 GMT - DigiCo Infrastructure REIT's customer wins please Jefferies, but there's a risk that it won't be able to deliver all the built capacity. Analyst Roger Samuel notes that DigiCo Infrastructure REIT had only 11 megawatts of spare capacity before it announced the new contracts, with a further 9 MW under construction at its SYD1 data center in Sydney. DigiCo Infrastructure REIT is expanding this 9 MW site. "We expect DigiCo Infrastructure REIT will be able to deliver the 9 MW by year-end, though further upsizing may take longer," Jefferies says. "Hence there is a risk that DigiCo Infrastructure REIT may not have the space to deliver contiguous deployments for the new 20 MW in contract wins by July." It retains a hold call on DigiCo Infrastructure REIT, amid concerns its gearing is too high. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires