0427 GMT - Australian miners are expected to report modestly softer production and higher unit costs quarter-on-quarter, given the three-month period through September is typically maintenance-heavy, RBC Capital Markets analysts say. That should be "followed by a normalization" in the quarter to Dec. 31, they say. "Given it's 1Q for much of our coverage, we see little risk to guidance," say the analysts. Still, they reckon base-metal miners will need to deliver on their promises to justify current lofty multiples. "And given recent copper-price gains, we believe miners could push for incremental tons," they say. Overall, however, Australian mining valuations look less appealing following recent share-price gains, say the analysts. They reiterate their preference for base and battery metals over bulks. ([email protected]; @RhiannonHoyle)

0343 GMT - Keppel REIT's expansion into Australian retail likely reflects the limited inorganic growth opportunities in the office sector, says Morningstar's Xavier Lee in a note. He notes the lack of high-quality, attractively-priced office assets in Singapore, while acquisitions into the Australian office market are less appealing due to high vacancy rates. The mall that Keppel REIT is buying a majority stake in focuses on nondiscretionary retail, which likely offers defensive characteristics and could help mitigate the office sector's cyclical risks, the analyst adds. Keppel REIT remains Morningstar's top sector pick. Morningstar maintains its fair value estimate at S$1.16. Units are down 1.9% at S$1.01.([email protected])

0141 GMT - Building materials supplier James Hardie may be approaching a cyclical low. That is Morgans's takeaway from James Hardie's 2Q update, which materially beat earnings forecasts published on Aug. 20. Analyst Liam Schofield says demand has proved more resilient, destocking less material and the outlook is incrementally better. "The currently elevated earnings multiple reflects depressed earnings," Morgans says. "More importantly, however, earnings remain correlated with U.S. housing markets, which are likely toward the bottom of the cycle, hence why we see a medium-term opportunity." It retains an accumulate call on James Hardie and lifts its price target by 3.8% to A$38.50/share. James Hardie is down 0.1% at A$33.21. ([email protected]; @dwinningWSJ)

0136 GMT - Uranium miner Paladin Energy appears to be "entering a period of relative stability," according to Bell Potter analyst Regan Burrows. As production at its Langer Heinrich mine steadies, "the market should gain comfort around the performance of the asset and value the business without the discount overhang," says Burrows. Today, Paladin looks cheap versus its domestic and international peers, he says. The broker reiterates a buy rating on Paladin and raises its target to A$10.30 from A$9.00. Paladin is up 1.9% at A$9.05. ([email protected]; @RhiannonHoyle)

0041 GMT - NRW Holdings' FY 2026 earnings guidance appears conservative, according to Citi analysts William Park and Sam Teeger. They expect a recovery in mining margins, back to FY 2024 levels around 9%, supported by dry conditions in Australia's Queensland state. Combined with steady margins in civil, possibly wider margins in its METS division and potential benefits from the takeover of Fredon Industries, it "could translate to further upside," the analysts say. They forecast annual Ebita of A$261 million off revenue of A$4.05 billion. "We could be in for an upgrade cycle," say Park and Teeger. Citi has a buy rating on the stock and raises its target to A$5.50 from A$4.05. NRW is up 2.1% at A$4.86. ([email protected]; @RhiannonHoyle)

0027 GMT - NRW Holdings' 1Q update suggests more good things will follow, Canaccord Genuity says. NRW has completed its takeover of Fredon Industries. The engineering contractor also pointed to FY 2026 Ebita of A$255 million-A$265 million. This guidance was 4% ahead of Canaccord's expectations at the midpoint of the range. NRW's better-than-expected guidance "reflects an impressive 1Q performance and paints a picture of likely ongoing outperformance for FY 2026," analyst Cameron Bell says. Canaccord forecasts 25% EPS growth in FY 2026 and retains a buy call on NRW's stock. "The commodity backdrop is supportive, the longevity of earnings has improved with the recent acquisition, and the company's pipeline suggests ongoing contract wins and potential Return on Capital improvements," Canaccord says. ([email protected]; @dwinningWSJ)

0014 GMT - Woodside Energy's sales revenue likely fell 7% to US$3.06 billion in 3Q when compared to the previous three months, says RBC Capital Markets. The forecast decline reflects lower contract pricing of liquefied natural gas and flat LNG spot pricing, analyst Gordon Ramsay says. Still, he expects slightly higher realized oil pricing, increased LNG hub sales and solid seasonal pipeline gas sales cushioned the quarterly revenue fall. "We expect Sangomar oil production to remain high over 3Q from a combination of good reservoir performance and high facility availability, despite Woodside's guidance for production decline to start over the period," says RBC, referring to Woodside's oil project in Senegal. Overall, RBC estimates Woodside produced 48.9 million barrels of oil equivalent in 3Q, with sales volumes totaling 50.6 million BOE. ([email protected]; @dwinningWSJ)

0009 GMT - Guzman y Gomez's decision to launch a A$100 million share buyback surprises RBC Capital Markets. Guzman y Gomez says the buyback will begin in 2Q and reflects the Mexican food chain's robust balance sheet and cash generation. Analyst Michael Toner says it's relatively small at 3.5% of Guzman y Gomez's issued capital. But the buyback is still "unexpected in the context of a significant multi-year growth pipeline which is somewhat capital intensive, particularly for corporate drive-thru stores," RBC says. Guzman y Gomez's shares are up 4.1% at A$28.11 today. Guzman y Gomez separately reported 19% sales growth world-wide in 1Q, with comparable sales in Australia up 4.0%. RBC notes Australian sales improved on the 3.7% growth recorded by Guzman y Gomez for the first 7 weeks of 1Q. ([email protected]; @dwinningWSJ)

2227 GMT -- Lynas Rare Earths' deal with Noveon Magnetics fits with its strategy of forming partnerships to gain access to magnet manufacturing, says Morgan Stanley analyst Rahul Anand. "We continue to see LYC as a key beneficiary of downstream and government support being in a unique position as the only ex-China separated light and heavy rare earths producer of scale," Anand says in a note. MS recently downgraded Lynas to equal-weight, from overweight, citing valuation. The stock has more than tripled year to date. MS has a A$19.45 target on Lynas, which closed Wednesday at A$19.55. ([email protected])

2203 GMT - Australian stocks are poised to open higher, with ASX SPI200 futures up by 0.4%. The market has a tailwind from Wall Street, where the S&P 500 index and the Nasdaq composite closed at all-time highs. Australia's gold stocks should also continue to benefit from rallying metal prices, which have notched new record highs. Before the bell, Guzman y Gomez reported a 19% lift in first-quarter sales and said it plans to buy back shares worth A$100 million. Late Wednesday, Lynas said it said it will partner with U.S. manufacturer Noveon Magnetics on building out the U.S. supply chain for rare-earth permanent magnets. ([email protected]; @RhiannonHoyle)

2159 GMT - The devil was in the detail of Magellan Financial's 1Q update of its assets under management. Magellan reported quarterly net inflows of some A$500 million. However, Morgan Stanley notes the mix of flows was skewed toward lower-margin institutional channels. In contrast, retail outflows totaled A$400 million. "Challenging retail flows mean that we see downside to base management fees," analyst Andrei Stadnik says. "We forecast 2 basis points base fee compression half-on-half in 1H of FY 2026." Morgan Stanley retains an underweight call on Magellan. ([email protected]; @dwinningWSJ)

2154 GMT - Is an annual earnings beat by James Hardie Industries on the cards? Morgan Stanley thinks it's possible after the building materials supplier's 2Q profit came in stronger than expected. James Hardie reported preliminary Ebitda of US$326 million-US$331 million for 2Q. That was some 18% ahead of consensus forecasts. Morgan Stanley says it reflected a better-than-expected trend of customers reducing stockpiles and seeking to replenish supplies. "If 2Q run-rate holds, FY 2026 Ebitda could exceed the upper end of guidance," analyst Joseph Michael says. "However, visibility remains low, especially for Siding & Trim, given the wide swings in sales and earnings expectations across recent quarters." In August, James Hardie forecast FY 2026 adjusted Ebitda of US$1.05 billion-US$1.15 billion. ([email protected]; @dwinningWSJ)

2133 GMT - Ora Banda Mining's cash build in 1Q catches the eye of Euroz Hartleys. Ora Banda reported cash of A$122.7 million at end-September. That was up 46% on three months earlier and the Australian gold miner has no debt. Ora Banda has benefited record gold prices, which closed at a record high of U.S.$4,043.30/oz on Wednesday. Analyst Mike Millikan points out that Ora Banda's cash pile is growing even as it invests heavily in growth. Ora Banda has an exploration budget of A$73 million in FY 2026, and aims to spend some A$86 million on plant improvements, mine development and new infrastructure that include a camp upgrade, an airstrip and haul roads, Euroz Hartleys says. It retains a buy call on the stock. ([email protected]; @dwinningWSJ)

2130 GMT - Shaw & Partners upgrades its price target on Boab Metals for the second time in a month as precious metals prices continue to soar. Gold has risen above $4,000/oz and silver prices are closing in on $50/oz. "Silver inventories in London have dropped below 150 million oz, which is well below daily trading volume of 250 million oz," analyst Andrew Hines says. "There is obvious potential for a short squeeze in silver." Boab Metals owns Sorby Hills, one of the most advanced silver-mining projects on Australia's ASX. Its share price has doubled over the past month and ended Wednesday at A$0.475. Shaw sees the rally continuing and lifts its price target by 28% to A$0.77/share. ([email protected]; @dwinningWSJ)

2126 GMT - Transurban's traffic growth in 1Q was stronger than Jefferies expected and was achieved despite heavy rain in Sydney in September. Transurban said average daily traffic on its network of toll roads rose by 2.7% in the period, with growth across all of its markets. "However, we expect heavy traffic growth to slow in 2Q across Melbourne in particular," analyst Anthony Moulder says. Jefferies raises its price target by 1.5% to A$14.30/share, reflecting an upgrade to its traffic forecasts. It retains a hold call on Transurban, which ended Wednesday at A$14.14. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires