0222 GMT - Web Travel's full-year earnings guidance looks conservative to its bulls at UBS. Analysts Tim Plumbe and Evan Karatzas tell clients in a note that typical seasonality means the Australian travel agency's revenue as a proportion of total transaction value over its fiscal second half--which runs through March--should be higher than the 6.5% recorded in its first half. With total transaction value growth tracking above consensus so far in the second half, the pair sees reason to think that the A$147 million-A$155 million full-year Ebitda guidance could be on the low side. UBS has a last-published buy rating and a target price of A$5.75 on the stock, which is up 8.75% at A$4.35. ([email protected])

0127 GMT - Bendigo and Adelaide Bank's bear at Citi warns that concerns of potential money-laundering through one of its branches could weigh on the stock until the lender formulates its full response. Analyst Thomas Strong tells clients in a note that there is a history of sanctions and remedial plans across the Australian banking industry. With management yet to address risk issues that appear to extend across the group, uncertainty over the final outcome will probably keep downward pressure on Bendigo's shares, he adds. Citi has a last-published sell rating and A$11.00 target price on the stock, which is down 8.1% at A$10.11. ([email protected])

0057 GMT - Megaport's new bull at Morgans sees potential for the stock to rerate as the company demonstrates the value of its latest acquisition. Raising his recommendation to buy from accumulate, analyst Nick Harris tells clients in a note that the Australia-listed tech-connectivity provider is paying a reasonable price for Latitude.sh. He thinks the private-cloud provider will accelerate revenue and Ebitda growth. Harris says the combination with Megaport's existing telecommunications network makes the company very well placed to solve key customer issues including unpredictable costs. Morgans raises its target price 3.0% to A$17.00. Shares are up 3.7% at A$13.91. ([email protected])

0030 GMT - The stronger-than-expected sales contribution from Reece's new stores may ease investor concerns about the Australian plumbing-supplies provider's roll-out strategy, Citi analyst Samuel Seow says. Reece's 15 new stores, including 10 in the U.S., helped drive 8% first-half sales growth across the group. Seow wonders whether the expansion will reduce concerns that Reece's recent share buyback may have signaled a shift in its capital-allocation strategy. He tells clients that 2% like-for-like sales growth in Australia may point to a positive inflection in the country's housing construction trends. Citi cuts the target price by 5.3% to A$12.40 and stays neutral on the stock, which is down 1.0% at A$12.25. ([email protected])

0020 GMT - Bell Potter analyst Chami Ratnapala stays cautious on Kogan.com ahead of what she expects to be a fiercely competitive holiday trading period. Ratnapala warns that the online retailer's performance from November onwards will be compared with a stronger year-earlier performance and reckons that the company may find it hard to grow market share. Higher-than-expected losses at Kogan's New Zealand business are weighing on group earnings, although Ratnapala likes the sales growth it is showing ahead of the holiday period. Bell Potter cuts its target price by 20% to A$3.30 and keeps a hold rating on the stock, which is down 1.0% at A$2.99. ([email protected])

0002 GMT - Accent Group loses its bull at Citi amid risk that the athletic-apparel retailer's efforts to cut staff costs hit service levels and sales. Lowering his recommendation to neutral from buy, analyst Sam Teeger warns that there may not be much room for Accent to trim costs once it has looked at its front-line staff. He tells clients in a note that the Australian company's annual earnings guidance looks achievable, but points out that Accent isn't assuming any pickup in like-for-like sales over the second half despite a relatively softer performance in the year-earlier period. Citi cuts its target price by 41% to A$1.08. Shares are down 0.3% at A$0.9675. ([email protected])

2314 GMT - Web Travel's ability to grow total transaction value while expanding revenue margin against a volatile global backdrop will impress investors, Citi analyst Samuel Seow writes in a note. The Australian travel agency's 6.5% first-half revenue margin beat Seow's 6.3% forecast, and he sees reason to think that the margin is potentially running ahead of company guidance for 6.5% over the whole of fiscal 2026. He tells clients that growth in the Americas was higher than in Europe, and that the result potentially shows early results from Web Travel's investment into direct contracting. Citi has a last-published buy/high risk ratingand A$5.50 target price on the stock, which is up 11% at A$4.45. ([email protected])

2308 GMT - Steel & Tube's newest bear expects the New Zealand steel distributor to rack up more losses in coming months. Forsyth Barr downgrades Steel & Tube to underperform, from neutral, and lowers its price target by 23% to NZ$0.60/share. Analyst Rohan Koreman-Smit says Steel & Tube isn't likely to achieve breakeven Ebit until at least February or March. "More significant cost out maybe required," Forsyth Barr says. "A freshly re-geared balance sheet coupled with bottom-of-the-cycle earnings elevates risk, given banking facilities need to be renewed in the next 12 months." Steel & Tube is unchanged at NZ$0.64 today. ([email protected]; @dwinningWSJ)

2306 GMT - Investors will be pleased with Web Travel's margin guidance but will also have questions, RBC Capital Markets analyst Wei-Weng Chen reckons. While the Australian travel agency's first-half revenue margin of 6.5% beat company guidance for 6.2%-6.4% of total transaction value, Chen observes that its latest outlook comments imply a flat margin for the remainder of fiscal 2026. Given the company previously guided for second-half margin to be stronger, he tells clients in a note that investors will want to know whether the margin profile has changed or whether Web Travel is just being cautious. RBC has a last-published outperform rating and A$7.40 target price on the stock, which is at A$X4.00 ahead of the open. ([email protected])

2259 GMT - Ramsay Health Care's 1Q update looks positive for its stock, RBC Capital Markets says. Ramsay reaffirmed the outlook for its Australian business, signaling higher earnings in FY 2026. "However the 1Q performance of the Australian business is exceeding consensus revenue and Ebit growth expectations," analyst Craig Wong-Pan says. Ramsay said revenue from its Australian operations was up 6.5% in 1Q, driven by its private hospitals. Ebit growth of 5.8% was achieved in the quarter. "We expect today's update on the Australian business to be taken well by the market," RBC says. It has a sector perform call on Ramsay. ([email protected]; @dwinningWSJ)

2246 GMT - Kiwi Property's newest bull is confident that the New Zealand-based REIT can grow its dividend over the next five years. UBS notes that Kiwi Property rebased payouts lower by 20% on average during the Covid-19 pandemic. The bank forecasts 3% compound annual growth in Kiwi Property's dividend in the five years through FY 2030. That is supported by improved rental growth and land sales at its Drury development. "This reflects an adjusted funds-from-operations payout ratio of on average 91% over the period," compared to a target range of 90-100%, analyst Bianca Murphy says. UBS upgrades Kiwi Property to buy, from neutral, and raises its price target by 13% to NZ$1.20/share. Kiwi Property is down 0.5% at NZ$1.08 today. ([email protected]; @dwinningWSJ)

2240 GMT - Accent's pivot to sports retail looks smart, but it will take time for investors to reap benefits, suggests Bell Potter. Right now Accent's like-for-like sales are weak and gross margins are shrinking. Analyst Chami Ratnapala says Accent can unlock a sizable opportunity by rolling out new Sports Direct store in Australia. Doing so would make Accent more relevant to leading brand partners, such as Nike. "However, in the absence of further interest rate cuts near term and with the ongoing weakness extended in the lifestyle footwear category (60% exposure), we see limited near-term catalysts," says Bell Potter. It downgrades Accent to hold, from buy, and cuts its price target by 39% to A$1.10/share. Accent ended Monday at A$0.97. ([email protected]; @dwinningWSJ)

2236 GMT - Macquarie says confidence in Kiwi Property's earnings outlook for FY 2026 has strengthened after assessing the company's 1H result. Kiwi Property's 1H adjusted funds from operations rose by 4% on a year ago. Kiwi Property also signaled its dividend would be at the lower end of its target payout range. For Macquarie, this implies adjusted funds from operations could rise by 7% in FY 2026. That provides "a strong base to grow from," Macquarie says. It retains an outperform call on Kiwi Property, which is down 0.9% at NZ$1.075 today. ([email protected]; @dwinningWSJ)

1025 GMT - BHP will be frustrated that it had to walk away from its second attempt to buy Anglo American, AJ Bell's Russ Mould writes. This is because buying Anglo would have strengthened its copper portfolio, he says. It would also have prevented Anglo's planned merger with Teck Resources, which will create a larger competitor, he writes. BHP has a lot to be focusing on but in an industry built on mergers and acquisitions, no-one wants to be the loser, Mould writes. BHP's London-listed shares trade down 0.1% at 2,013 pence.([email protected])

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0955 GMT - Investors have rewarded Anglo American after warming to its copper-focused combination with Teck Resources, Hargreaves Lansdown's Derren Nathan writes. This has left Anglo's valuation looking fuller than it has for some time, he adds. On the other hand, BHP, which first approached London-listed Anglo American about a possible takeover in April last year, has seen its share price drift lower in line with iron-ore prices, Nathan says. BHP has some attractive organic growth opportunities but the fast-moving macroeconomic environment carries significant short-term risks, he adds. Anglo American shares trade flat at 2,711 pence and are up 23% over the past 3 months. BHP's London shares trade flat at 2,016 pence and are down nearly 2% over the past three months.([email protected])

0403 GMT - Jefferies doesn't expect another interloper to threaten the planned merger of Anglo American and Teck, after BHP walked away from a bid to buy Anglo. "But this possibility cannot be ruled out entirely," its analysts acknowledge. They say they would have been surprised if BHP, Rio Tinto, Glencore, Freeport and others "had not been at least considering whether there was an opportunity to gatecrash the Anglo-Teck deal." BHP arguably has the most to gain from a successful bid, they say. "Its own copper production in Chile is declining, its capex is rising--in part due to capital-intensive, longer-term copper projects--and its relative exposure to iron ore and met coal is rising." Jefferies has a hold rating and a A$42 target on BHP. The stock is up 0.1% at A$40.41. ([email protected]; @RhiannonHoyle)

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