0313 GMT - Serko's bull at Citi thinks that the key question arising from the travel-software provider's 1H result is whether its annual income guidance is conservative. Analyst Siraj Ahmed points out that the dual-listed company has maintained guidance for NZ$115 million-NZ$123 million in full-year income even though the NZ$61.8 million reported in 1H was ahead of both his and consensus forecasts. He concedes that this could be because 2H revenue in Australia and New Zealand is usually lower than in 1H. Serko subsidiary GetThere could also be affected by the U.S. government shutdown, he adds. Citi has a last-published buy rating and a A$3.45 target price on Serko's Australia-listed stock, which is up 5.0% at A$2.31. ([email protected])

0255 GMT - Catapult Sports' bull at UBS reminds investors to look at the full picture when assessing the athletic-tech provider's 1H results. The company's Australia-listed stock fell heavily after reporting 1H earnings that looked short of consensus expectations. Yet analyst Evan Karatzas tells clients in a note that they should adjust expectations for a one-off expense from the vesting of share-based payments to management. In short, he reckons that the results look fine and calls out its impressive incremental margins. UBS has a last-published buy rating on the stock. Shares are down 9.5% at A$4.94. ([email protected])

2351 GMT - Alcidion's bull at Bell Potter thinks that the Australian medical-software provider is well placed to further extend its contract with Leidos's local subsidiary. Alcidion this week increased the total contract value of its agreement with Leidos to A$12.3 million and analyst Thomas Wakim is optimistic that this gets extended from 2028 through to 2036. Noting Alcidion's track record of low churn, he tells clients in a note that there is also potential for Leidos to take up additional modules over time. Bell Potter raises its target price 7.7% to A$0.14 and keeps a buy rating on the stock, which is up 4.6% at A$0.115. ([email protected])

2327 GMT - Technology One's surprise special dividend makes the enterprise-software provider's annual result a bit sweeter for its bull at RBC. Analyst Garry Sherriff tells clients in a note that the Australia-listed company's fiscal 2025 performance was largely in line with consensus expectations. He observes that 53% growth in free cash flow is much stronger than the 36% growth expected by the market, but points out that this was only due to in-advance billing growth and the pull forward of creditor payments. The special dividend, which is on top of the final dividend, means Technology One's payout is 44% higher than Sherriff had anticipated. RBC has a last-published "outperform" rating and A$45.00 target price on the stock, which is down 13%, at A$30.90. ([email protected])

2308 GMT -- Catapult Sports' bull at Jefferies sounds reasonably positive about the athletic-tech provider's fiscal first-half performance. Analyst Wei Sim tells clients in a note that results reported Tuesday are at or above the mid-point of guidance ranges published last month. While churn rates were higher than a year earlier, Sim points out that this was driven by Catapult's previously flagged exit from Russia. Stripping out that move, churn was flat compared with a year earlier, and down on the prior half year. Jefferies has a last-published buy rating and A$8.60 target price on the stock, which is down 7.0% at A$5.08. ([email protected])

2304 GMT - Australian rural-services provider Elders already has a decent bench as it prepares a CEO change, suggests Macquarie. Current CEO Mark Allison has signaled he will stay on until at least September. Meantime, Elders is running a process to identify potential successors. "We think there are internal candidates, e.g. Real Estate divisional CEO Tom Russo, who are prospective," Macquarie says. It restarts coverage of Elders with an "outperform" call and A$8.25/share price target. Elders ended Monday at A$7.41. ([email protected]; @dwinningWSJ)

2256 GMT -- Patience can be rewarded with Australian coal miner New Hope, suggests Morgans. Catalysts for thermal coal look limited in the short term, analyst Chris Creech says. Still, New Hope "is well-positioned to deliver low-cost, high-margin cash flow from its thermal coal operations, even in today's challenging pricing environment," Morgans says. It believes coal prices can rebound meaningfully above consensus over time. If this happens then New Hope is positioned to capitalize, driving stronger cash flow and shareholder returns, Morgans says. "In the meantime, its robust financial position enables it to navigate the downturn and support attractive dividend yields for patient investors," the bank adds. It rates New Hope at accumulate. ([email protected])

2258 GMT - While Elders's FY25 was somewhat disappointing, FY26 should be a big year for the rural-services provider. That's the view of Morgans following Elders's annual earnings that reflected the effect of cyclones and drought in different parts of Australia. Sales rose 2.2%, underlying Ebit was up 12% and net profit increased 34%. "Elders has many growth projects in place to deliver strong earnings growth over coming years," says analyst Belinda Moore. Morgans notes recently acquired Delta Agribusiness has performed strongly. Elders expects to generate A$12 million of cost savings from the deal over two years, beating an initial target of three years. "Elders's trading multiples are undemanding and it also offers an attractive dividend yield," says Morgans, sticking with a "buy" call on the stock. ([email protected]; @dwinningWSJ)

2245 GMT - Next year should be a strong one for risk assets, Morgan Stanley says. It points to support from an unusually pro-cyclical policy mix. That should free up markets to shift focus from global macro concerns, which have dominated 2025, to micro, asset-specific narratives. Morgan Stanley says this will especially involve those relating to AI-related investments. "Such a constructive environment calls for a risk-on tilt," Morgan Stanley says. "We recommend equities over credit and government bonds, with a strong preference for U.S. assets." It highlights three themes, including the likely outperformance of U.S. equities to rest-of-world stocks in 2026. ([email protected]; @dwinningWSJ)

2237 GMT - Shifting expectations around Australian interest rates are stoking concerns among investors about Australian property. Morgan Stanley touts Scentre as a good bet among REITs. "Downside risk to earnings forecasts are minimal," says analyst Simon Chan. "And even if rates remain at current levels, we think our 6% 2026 estimate (for) funds-from-operations growth is secure." MS has an "overweight" call on Scentre. It points out that if rates don't fall as far in future because of elevated inflation then Scentre's revenue line could benefit. "Its specialty leases (excluding Victoria) escalate on a CPI+2% basis, whilst we also expect leasing spreads to remain positive over the next 12 months," MS says. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires