0101 GMT - Higher commodity prices and better production volumes are strengthening the outlook for South32's FY 2026 Ebitda, Citi says in a note. The miner's 1H Ebitda is a 7% beat versus consensus and 5% higher than Citi expected. "We believe the Ebitda beat and capital management guidance upgrade will be well received by the market," Citi says. South32 is up 2.6% at A$4.78. ([email protected]; @RhiannonHoyle)

0024 GMT - Arena REIT's bull at Macquarie says a re-rating of its stock needs the resolution of regulatory risk. Arena REIT's share price has fallen some 17% from its September high, moving it close to two-year lows. Macquarie says Arena REIT continues to deliver strong underlying rent growth. "However, investors are wary of the risk to Early Learning Centre operator profit due to potential increased costs associated with heightened government regulation," it says. If Arena REIT trades back to a long-run average price-to-funds from operations multiple of 19.5X then that represents 12% upside for investors. Arena REIT is down 3.4% at A$3.40. Macquarie has a A$3.99/share price target on the stock. ([email protected]; @dwinningWSJ)

0017 GMT - SGH's slight earnings beat in 1H doesn't keep Macquarie from downgrading its stock to neutral, from outperform. "Execution has remained strong despite a mixed market context," says Macquarie. "However, we believe valuation is fair without a new growth driver." Macquarie points to SGH's 27% premium to its nominal average price-to-earnings ratio over 10 years. It's also trading at a 21% premium to the ASX 200 Industrials sub-index. Still, Macquarie adds a caveat to its downgrade. "A key risk in this call is SGH succeeding at value-adding, accretive M&A," Macquarie says. SGH has teamed up with U.S.-based Steel Dynamics to bid for BlueScope Steel, but so far its overtures have been rebuffed. SGH is down 2.4% at A$49.68. ([email protected]; @dwinningWSJ)

0012 GMT - AGL Energy's bull at Macquarie views the outlook for FY 2027 as challenged. Batteries will be tailwind for AGL, supported by a contribution from new energy storage at the site of the former coal-fired power plant at Liddell in New South Wales state. However, pricing in some eastern and Australian states is lower and this will impact profitability of power generation, Macquarie says. "AGL flagged it sees volatility normalizing to higher levels," says Macquarie. "We think this is post Eraring/Yallourn exiting (FY 2029)." Eraring and Yallourn are coal-fired power stations nearing the end of their life. Macquarie has an outperform call and A$10.40/share price target on AGL, which is up 0.7% at A$9.96. ([email protected]; @dwinningWSJ)

0008 GMT - South32 has delivered a clean result with a dividend beat, RBC Capital Markets analyst Kaan Peker says in a note to clients. He highlights the strong performance of Sierra Gorda, Cannington and Australian Manganese. The result "underscores strong price leverage and improved operational execution," Peker says. "Guidance remains intact and capex ranges are unchanged, supporting confidence in FY26 delivery." An interim dividend of US$0.039 compares with RBC's estimate of US$0.029 and consensus of US$0.0319. The miner reports net debt of US$25.0 million versus RBC's expectation of net cash, which Peker attributes in part to FX differences. The broker has an outperform rating and A$4.50 target on South32. The stock is up 3.9% at A$4.84. ([email protected]; @RhiannonHoyle)

2354 GMT - Northern Star's interim dividend surprises positively, with the A$0.25/share payout 26% higher than consensus expectations. "The market may take a positive view on the increased dividend" following a weak 1H FY26 due to operational challenges, Macquarie says. It expects free cash flow will "swing from negative to A$380 million" in 2H, which could underpin an even larger dividend, the bank says. It reiterates an outperform rating and A$32.00 target. Northern Star is up 4.5% at A$29.54.([email protected]; @RhiannonHoyle)

2337 GMT - Temple & Webster's first-half result contained something for both bulls and bears, RBC Capital Markets analyst Wei-Weng Chen tells clients in a note. Chen says that the major positive for those who think the Australian furniture retailer can deliver long-term margin expansion is the acceleration in sales growth late in the December half. He thinks skeptics will focus on its large Ebitda miss relative to consensus forecasts, which was led by discounting to drive that revenue growth. RBC has a last-published outperform rating and A$11.40 target price on the stock, which is down 23% at A$8.72. ([email protected])

2334 GMT - Temple & Webster's recent discounting prompts Citi analyst Sam Teeger to wonder if this pricing practice is the new normal. The Australian furniture retailer's revenue growth accelerated late in its fiscal first half, but Teeger says this may have been led by discounting. He tells clients in a note that it looks as though this approach led to a 31.4% gross margin for the December half, well below consensus of 32.9%. More positively, he points out that Temple & Webster's increased net cash balance gives it the ability to accelerate growth both organically and inorganically. Citi has a last-published "neutral" rating and A$15.38 target price on the stock, which is down 21%, at A$9.00. ([email protected])

Temple & Webster's improved sales growth over the last few weeks of 2025 was likely due to the easing of order backlogs, Jarden analyst Aryan Norozi says. While waiting on more detail from management, Norozi points out that trading updates including the one issued in November reflect checkout revenue. Total first-half revenue is based on accounting, he adds. Norozi tells clients in a note that the online furniture retailer's current Ebitda run rate suggests that it is tracking below consensus for the full fiscal year. Jarden has a last-published buy rating and A$19.90 target price on the stock, which is down 24% at A$8.65. [email protected])

2122 GMT - The new CEO served up by Domino's Pizza Enterprises ticks a lot of boxes for Jefferies. Domino's appointed Andrew Gregory, a former country head of McDonald's, as CEO with a state date of no later than Aug. 5. Analyst Michael Simotas says this is a positive appointment. He points to Gregory'ssolid track record over a long tenure in a high-quality fast food organisation. Gregory also brings finance and operational experience in Australia, New Zealand and Japan. "New CEO's willingness to leave a solid role suggests he sees upside," Jefferies says. "We also see material upside, and while same-store sales will remain soft during transition, we expect cost-out to support unit economics." Jefferies has a buy call on Domino's. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires