0222 GMT - Alkane's 1Q result is softer than Moelis Australia expected, with all three of the company's gold mines reporting production marginally below the bank's forecasts, say analysts Paul Hissey and Nic McRostie. "There was no individual asset driver, with the variance broadly distributed across the portfolio," resulting in a 3,600-ounce shortfall overall, the analysts say. "We're unconcerned, however, given the nuance of the timing of deal completion and therefore the commencement of aggregated production," they say, referring to Alkane's merger with Mandalay Resources in August. Cash is also lower than forecast, although that appears in part due to higher-than-expected deal costs, they say. Moelis Australia has a buy rating and A$1.50 target on Alkane, which is down 5.2% at A$1.10. ([email protected]; @RhiannonHoyle)

2344 GMT - Investors should be wary of Bank of Queensland's 2H results commentary leading the market to lower its revenue outlook. Morgan Stanley expects 2H revenue to rise 7% on the prior six months to A$848 million. It sees the 2H margin increasing by 12 basis points to 1.69%. Analyst Richard E. Wiles expects Bank of Queensland to guide to a 'slightly lower' margin in FY 2026. "We see downside risk to consensus revenue estimates from ongoing mortgage runoff, sub-system business loan growth, and lending competition," MS says. It retains an equal-weight call on Bank of Queensland. ([email protected]; @dwinningWSJ)

2330 GMT - Capstone Copper's outlook improves on a rising copper price, according to Morgans, which raises its target on the stock to A$16.00 from A$12.10. "Copper prices are up 11.5% in the last month and CSC, in our view, remains the most leveraged to further price upside," Morgans analyst Annabelle Sleeman says in a note. This year is a "transformational" one for Capstone, with production forecast to rise by 28% and unit costs to fall by 15% based on guidance, Sleeman says. "Post CY25, CSC has several brownfield and greenfield growth opportunities it can pursue," she says. The broker revises its recommendation to "accumulate" from "buy" following a sharp rise in the miner's stock since April. Capstone is down 3.0%, at A$14.30. ([email protected]; @RhiannonHoyle)

2324 GMT - Rural-services provider Elders's earnings guidance materially missed expectations by some 9%, but Morgans thinks it is just a blip. Elders signaled Ebit of A$142 million-A$146 million in FY25. It blamed dry conditions in South Australia and heightened competition driving lower crop protection margins, although the weather has recently improved. "While its 2H performance was disappointing, the improved seasonal conditions didn't eventuate until the 4Q," says analyst Belinda Moore. "Importantly, FY 2026 should benefit from a positive rainfall outlook, higher selling prices, acquisitions and the transformation projects." Morgans retains a "buy" call on Elders, adding that regulatory approval of its acquisition of Delta Agribusiness this week provides certainty. ([email protected]; @dwinningWSJ)

2317 GMT - For Mexican food chain Guzman y Gomez, 1Q is likely to be the low point for same-store sales growth this year, reckons Morgans. Guzman y Gomez reported a 4.0% rise in like-for-like sales in Australia during the three months through September. That marked an acceleration on the 3.7% growth reported for the first seven weeks of the period. Analyst Billy Boulton notes positive commentary from Guzman y Gomez about the performance of its Caesar menu, which launched on Sept. 30. Guzman y Gomez said the Caesar menu has boosted same-store sales more early in 2Q. "Given Guzman y Gomez has specifically called out the early improvement in 2Q comp sales growth, we think this implies the uplift in comps is material," Morgans says. It retains a "buy" call on the stock. ([email protected]; @dwinningWSJ)

2215 GMT - Much is riding on Strike Energy's ability to rejuvenate its Walyering natural-gas field in Western Australia, suggests RBC Capital Markets. Strike in August cut its reserves assessment at Walyering, triggering an impairment charge. The company has shut in the Walyering-7 well as part of an upgrade aimed at mitigating output decline and extending the life of the gas field. RBC expects production rates will be constrained at 20 TJ/day. "Strike is planning a Walyering West appraisal well for drilling in 2026, and if this well is unsuccessful we estimate Walyering could run out of gas by mid-FY 2028," analyst Gordon Ramsay says. RBC highlights that Walyering is Strike's only cash generative asset until the South Erregulla Power Project starts up. ([email protected]; @dwinningWSJ)

2213 GMT - Uranium miner Peninsula Energy looks great value to Shaw & Partners when measured against U.S.-based peers enCore Energy and Ur-Energy. Peninsula Energy has the largest resources base of the trio, and also greater comparable uranium production capacity, says analyst Andrew Hines. Yet Peninsula trades at just one-fifth of their market valuation. "On an enterprise valuation-to-resource multiple, Peninsula appears to be outstandingly cheap," Shaw says. "Peninsula is only trading at US$1.84/lb, compared to enCore at US$14.53/lb and Ur-Energy at US$22.15/lb." It retains a buy call on Peninsula and A$1.33/share price target. Peninsula ended Thursday at A$0.59. ([email protected]; @dwinningWSJ)

2207 GMT - Cinema software company Vista faces a growing challenge to achieve guidance in the U.S., suggests Forsyth Barr. Analyst James Lindsay says U.S. box office data for September was soft. That "highlights the challenge of the film industry reaching Vista's US$9.4 billion estimate in FY 2025, with the 10% growth assumption now unlikely to be achieved given the current slate of upcoming films and the U.S. economy," Forsyth Barr says. Sentiment toward Vista could be tested if new customer contracts are delayed or President Trump's proposed film tariffs proceed. Vista says a material enterprise win would support FY 2025 guidance of 1,600 Cloud and digital sites in operation. "The pending announcement of this marquee win, which has not yet been made, would likely ease investor concerns over revenue phasing," Forsyth Barr says. ([email protected]; @dwinningWSJ)

2203 GMT - Rural-services provider Elders's latest trading update was negative, but only mildly so, Jefferies says. Elders said it has felt the effects of dry conditions in South Australia and heightened competition driving lower crop protection margins. "This was flagged at the 1H result, but the impact's worse than expected," analyst John Campbell says. "That said, FY 2026 carry-over should be modest." Jefferies, which has a hold call on Elders, cuts its FY 2025 EPS forecast by 16%. It also lowers its EPS view for FY 2026 and FY 2027 by 7% and 4%, respectively. The update accompanied news of regulatory approval of Elders's acquisition of Delta Agribusiness, which Jefferies was confident would happen. ([email protected]; @dwinningWSJ)

2201 GMT - Moody's Ratings and S&P Global Ratings have lowered their ratings on Dye & Durham Corp., with both saying their outlook for the company is negative. Moody's said it cut its rating to B3 from B2. "Governance is a key driver of the rating action, which is influenced by management turnover, ongoing shareholder activism, delayed filing of fiscal 2025 financial statements, and the Competition Bureau's investigation of the company concerning allegations of anticompetitive behavior," Moody's said. S&Plowered its rating on the company to B- from B. It said the company's performance "has weakened due to softness in real estate markets and higher operating costs." S&P also said "Despite plans to prepay senior debt, leverage will likely remain elevated through 2026 and could rise further in a softening market environment." ([email protected])

2140 GMT - Wealth-management platform provider Netwealth's 1Q result slightly beat consensus hopes, but Jefferies says it reflected a larger-than-expected positive market movement that can reverse suddenly. Netwealth reported an A$8.0 billion increase in total funds under management to A$120.8 billion over the three months through September. Market movements contributed A$3.9 billion of that growth. Still, analyst Simon Fitzgerald says A$4.1 billion in net inflows was a solid outcome and represents the second-highest quarterly inflow on record. Jefferies retains a hold call on Netwealth, and raises its price target by 1.5% to A$33.00/share. Netwealth ended Thursday at A$30.87. ([email protected]; @dwinningWSJ)

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)

(END) Dow Jones Newswires