I see there's an article about Strawman in 'Microcap Monitor Magazine', a new mag produced by the AFR:

0110 GMT - What did retirement-village operator Ryman Healthcare do to drive an improvement in unit volumes? That's likely to be the focus of Ryman's 1H results on Nov. 27, Forsyth Barr says. Ryman last month reported 9% growth in 2Q sales, compared to 1Q. So, analyst Will Twiss says the extent to which Ryman leaned on discounting and incentives to drive these sales will be key. "We forecast a contraction in unit prices and margins in 1H, with our data picking up discounting across Ryman's portfolio over the period," Forsyth Barr says. It retains a neutral call on Ryman. ([email protected]; @dwinningWSJ)

0034 GMT - For engineering giant Worley, the U.S. power sector is a prospective area for growth, says Macquarie. AI adoption could also provide upside to margins, the bank says. Macquarie's remarks follow Worley's annual general meeting, where the company said it intends to outline a three- to five-year growth strategy in May. It referenced "new growth adjacencies and the benefit from AI adoption," Macquarie says. Worley also highlighted it would record some one-off restructuring costs in 1H FY 2026, without elaborating. "We expect WOR to quantify both one-off restructuring costs and related benefits at Feb result which should enable better assessment of underlying performance," Macquarie says. The bank reiterates an outperform rating on the stock but trims its target to A$15.75 from A$16.00. Worley is down 1.4% at A$13.03. ([email protected]; @RhiannonHoyle)

0026 GMT - Two bidders are battling it out for Australian travel agent Webjet. RBC Capital Markets says it's not unreasonable to think another suitor could enter the fray. Private-equity firm BGH Capital has raised an offer for Webjet to A$0.91/share in cash. That appears to trump Helloworld's A$0.90/share bid for Webjet submitted days earlier. "We continue to believe Webjet possesses attributes (strong market position, brand awareness, cash generation and cash balance etc.) that would appeal to both trade and financial buyers alike," analyst Wei-Weng Chen says. RBC has a price target of A$1.10/share on Webjet. The stock is up 2.8% at A$0.915. ([email protected]; @dwinningWSJ)

0016 GMT - Mineral Resources' remarks at its annual general meeting have given UBS more confidence in the miner's strategy. The company is making progress on a governance overhaul, with "more to come," UBS analysts say. It is also introducing a more sophisticated capital management framework, which UBS welcomes, they add. Mineral Resources has removed the timeline for founder Chris Ellison's departure, instead implementing "a comprehensive and holistic succession strategy" that the analysts reckon is a sensible response to succession risk. UBS has a neutral rating and A$52.60 target on the stock. It is down 3.0% at A$49.27 following a 4.5% jump Thursday. ([email protected]; @RhiannonHoyle)

0012 GMT - Footwear retailer Accent's shares drop 14% to their lowest level in more than five years after signaling a big miss to market expectations for its earnings. Accent now expects 1H EBIT of A$55 million-A$60 million. That compares with prior guidance for a result roughly in line with the A$80.7 million achieved a year ago. RBC Capital Markets says this is a 28% miss to consensus expectations at the midpoint of the range. "Negatively, Accent are expecting the remainder of FY 2026 to remain soft with guidance assuming flat 2H like-for-like," sales, analyst Wei-Weng Chen says. "Risk of operating deleverage is high for retailers that are operating at sub-inflation like-for-likes--suggesting pressure on profitability in the absence of additional cost cuts." Accent was recently at A$1.04. ([email protected]; @dwinningWSJ)

2234 GMT - Costume jewelry retailer Lovisa's trading update suggests its like-for-like sales slipped in recent weeks. Lovisa said same-store sales rose by 3.5% in the first 20 weeks of FY 2026. RBC Capital Markets points out that this was down from 5.6% when Lovisa updated the market in August. However, total sales that include store openings were up 26% and ahead of consensus expectations of 22% for 1H as a whole. "Limited details were provided that might explain why sales were better despite softer like-for-like sales," analyst Wei-Weng Chen says. "We believe this dynamic could be an outcome related to store roll-outs in higher revenue regions." RBC notes Lovisa previously highlighted that stores in these regions would exhibit a higher cost of doing business. ([email protected]; @dwinningWSJ)

2226 GMT - Jefferies trims its earnings forecasts and price target for Worley after the Australian engineering contractor signaled a heavier earnings skew in FY 2026 than prior years. Jefferies's new target is A$15.50/share, down 4.2% on before. Worley told shareholders attending its annual meeting this week that FY 2026 earnings are likely to rise moderately. However, earnings are expected to be more heavily skewed to 2H than prior years due to restructuring costs as Worley repositions its operations in Europe. "We assume a 2H skew of 60% versus historic of 55%, and have cut estimates reflecting ongoing macro related weakness," analyst Ramoun Lazar says. Still, Jefferies retains a buy call on Worley, which ended Thursday at A$13.22. ([email protected]; @dwinningWSJ)

2221 GMT - Auckland International Airport has the edge over Australia-listed tollroad owner Transurban for investors seeking to invest in local infrastructure stocks, according to Jefferies. Auckland Airport is trading on an enterprise value-to-Ebitda multiple of 19.8x. That's below Transurban's multiple of 21.5x. "The inverse correlation with interest rates suggests potential for multiple expansion as monetary policy eases, and passenger growth returns," analyst Amit Kanwatia says. Jefferies has a hold call on Auckland Airport, and raises its price target by 7.6% to NZ$8.50/share. Auckland Airport is down 0.6% at NZ$7.75 today. ([email protected]; @dwinningWSJ)

2216 GMT - Duratec's decision not to provide FY 2026 revenue and Ebitda guidance to shareholders attending its annual meeting doesn't unsettle Shaw & Partners. Duratec, like other companies, continues to feel a pinch from tender delays in the defense and mining sectors. Still, analyst Abraham Akra points out that Duratec's contracts to upgrade infrastructure at HMAS Stirling in Western Australia are on track. It was awarded the two contracts in 2Q of FY 2025. Duratec this week said the Early Contractor Involvement contracts will start in 2Q of FY 2026, and Shaw estimates they are worth A$500 million. "We see such an announcement to be a catalyst for a re-rate, as well as the potential Learmonth (A$150 million) announcement," Shaw says. It retains a buy call on Duratec. ([email protected]; @dwinningWSJ)

2210 GMT - Travel agency Helloworld could lift its EPS by 10%-15% by acquiring Webjet, before accounting for any savings from combining the businesses, Shaw & Partners says. Helloworld is offering A$0.90/share for the roughly 83% of Webjet that it doesn't already own. This implies Webjet's equity is worth some A$353 million. Shaw assumes Helloworld uses debt totaling A$200 million to help fund the takeover. "Revenue synergies include better cross-sell of Webjet's existing airline-only customers, and we estimate potential cost synergies of around A$6.6 million," Shaw says. It adds that Helloworld could boost its EPS by more if it uses less debt and more cash to fund the deal. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires