0106 GMT - Maxis's core earnings per share are expected to remain largely flat from 2026 to 2028 due to higher 5G access costs and additional 2100 MHz spectrum fees, CIMB Securities analyst Choong Chen Foong says in a note. The stock trades at about 11.8X 2026 forecast operating cash flow, broadly in line with CelcomDigi and Telekom Malaysia, and about 5% below its five year average, suggesting valuations remain reasonable, he reckons. Foong raises his 2026 core earnings forecast by 3% after Maxis's 4Q 2025 results met expectations. Maxis offers attractive 2026-2028 expected dividend yields of 4.7%-5.0%, despite unexciting earnings outlook, he adds. CIMB maintains a buy rating on Maxis and keeps its target price at MYR4.55. Shares are 0.5% higher at MYR3.85. ([email protected])

0024 GMT - Temple & Webster's bull at Bell Potter warns there is a chance that the online furniture retailer could lose its place in Australia's benchmark stock index. Shares in the online retailer are down by 44% so far in 2026, making the company's market capitalization the smallest of any in the S&P/ASX 200. There's a risk that it could be cut from the index at the next quarterly rebalance in March, analyst Chami Ratnapala writes in a note. However, she remains confident that Temple & Webster will continue to outperform over the long term as it grows its share of an expanding total addressable market. Bell Potter cuts its target price 33% to A$13.00 but keeps a buy rating on the stock, which is down 0.5% at A$7.60. ([email protected])

Temple & Webster keeps its bull at Macquarie despite near-term challenges from Australia's rising interest rates. An analyst note from the investment bank acknowledges that the online furniture retailer faces a difficult 2026 due to the impact on consumers of rising rates. Maintaining top-line growth at around 20% may increasingly require discounts that hit gross margin, the note says. However, the view at the investment bank remains that operating leverage and scale synergies will emerge over the longer term, alongside upside from capital distribution. Macquarie cuts its target price 43% to A$13.70 and keeps an outperform rating on the stock, which is up 3.3% at A$7.89. ([email protected])

0000 GMT - ANZ gets a new bull at Morgan Stanley, where analyst Richard E. Wiles is increasingly confident in the bank's ability to improve productivity. Raising his recommendation on the stock to overweight from equal-weight, he tells clients in a note that he now expects ANZ's costs to decline over the current and next fiscal years. The bank's first-quarter earnings were about 8% stronger than MS had expected, and Wiles says he's now more constructive on the outlook for both capital and dividends. The stock's discount to peers still looks wider than normal, he adds. MS raises its target price 14% to A$41.30. Shares are flat at A$40.35. ([email protected])

2348 GMT - Westpac's 1Q performance will probably be seen by the market as sitting in-line with expectations, Citi analyst Thomas Strong reckons. He points out that while cash earnings were about 5% ahead of the run-rate implied by 1H consensus, this largely stemmed from the treasury unit and lower bad debts. Net interest margin trends were weaker than at its rivals, but Strong notes that Westpac grew assets at a much stronger rate. Overall, he sees the result as solid, telling clients in a note that costs are being well managed, asset quality is benign, and capital levels are strong. Citi has a last-published neutral rating and A$39.00 target price on the stock, which is down less than 0.1% at A$40.98. ([email protected])

2311 GMT - ANZ's bear at UBS warns that the bank still needs to grow revenues if it is to meet its CEO's return targets. While ANZ's 1Q profit and costs were better than analysts had anticipated, UBS analyst John Storey says not everything in the result was positive. He highlights low net interest income growth and 1% on-quarter lending growth as negatives. Storey tells clients in a note that key to ANZ hitting its return-on-tangible-equity targets will be to hold onto revenue while progressing through its CEO's cost-cutting restructure. UBS lifts its target price 4.3%, to A$36.50, but keeps a "sell" rating on the stock, which is up 1.3%, at A$40.87. ([email protected])

2309 GMT - South32's review of capex at its Hermosa project in Arizona has stoked fears of higher spending going forward, Macquarie says in a note. The reassessment is expected to be completed in 2H FY26. Macquarie factors in an extra US$200 million for the project, but says it remains "optimistic on Hermosa's potential." Macquarie has an "outperform" rating on South32. It raises its target by 4%, to A$5.00/share, citing reserve upgrades that add mine life to the company's Cannington mine in Australia. South32 is down by 5.3%, at A$4.28. ([email protected]; @RhiannonHoyle)

2303 GMT - Drinks packaging company Orora wants more savings from its Saverglass business. Jefferies worries it could be painful. Orora aims to boost annual Ebit by 6 million euros from job cuts in Saverglass. Analyst Brook Campbell-Crawford says this is material at face value, equivalent to 8% of divisional Ebit. There's been several rounds of cost-cutting in Saverglass since it was bought by Orora two years ago. "We think it is fair to assume some second-order implications on growth as a result of persistent cost-out," says Barrenjoey. Orora believes Saverglass's Ebit can return to 100 million euros. That was its earnings when acquired. "But that is still 27% above where we are today and could be difficult to achieve against an industry backdrop of price moderation and overcapacity," Barrenjoey says. ([email protected]; @dwinningWSJ)

2300 GMT - The more than 25% fall in wealth manager AMP's share price following its 1H result looks warranted to Barrenjoey. AMP investors face the pain of another earnings reset, and uncertainty around the reset being enough, says analyst Andrew Adams. Also, AMP has openly discussed the potential for acquisitions. That will open a debate around what acquisitions AMP is considering, how large, does it need to raise equity, and will it overpay, Barrenjoey says. "In this context, and throw in some AI fears, the 27% fall in the share price is arguably justified," Barrenjoey says. Its price target falls 20% to A$1.65/share. AMP ended Thursday at A$1.28. ([email protected]; @dwinningWSJ)

2247 GMT - Origin Energy maintained its annual earnings guidance for renewable-energy startup Octopus Energy, but Barrenjoey thinks it shouldn't have done so. Origin expects an underlying earnings contribution of between breakeven and a A$150 million profit from its share of Octopus. That's despite a A$89 million loss in 1H. Analyst Dale Koenders says Origin should have downgraded its guidance for Octopus. "With commentary suggesting ongoing losses in Non-UK retail, and Energy Services, plus continued drag in 2H from the Warm Home discount scheme and investment in smart meters, we think the lower end of the range is the most likely outcome," Barrenjoey says. It has an underweight call on Origin. ([email protected]; @dwinningWSJ)

2246 GMT - Whether or not Northern Star can complete the KCGM mill expansion on time and budget will be a key factor in how its stock performs, says Barrenjoey's Daniel Morgan. "FY26 is clearly a massive year of investment," he says. The KCGM project is due to reach first production in 1Q FY27. "The completion of this project is expected to provide a step change in production and cash flow for NST but is not without execution risk, particularly in the final stages of the build," says Morgan. Once completed, cash flow from the asset can be used to fund the Hemi project, "which appears to us to be one of the most economic greenfield gold mines globally." Barrenjoey reiterates a neutral rating and A$36.00 target on Northern Star, which ended Thursday at A$29.39. ([email protected]; @RhiannonHoyle)

2208 GMT - Jefferies downgrades drinks packaging group Orora to hold, from buy, despite an inline 1H result that was better than feared given ongoing weak alcohol end markets. Analyst Ramoun Lazar cuts EPS forecasts over FY 2027-2028 to reflect a flatter volume recovery in Saverglass, which is Orora's premium glass business. Jefferies also factors in a higher AUD/EUR currency rate. "We see little scope for positive earnings surprise and while Orora has managed costs well to date broader industry headwinds suggest ongoing risk of downgrades," Jefferies says. "We prefer industrials with clearer earnings inflection and upside." Jefferies lowers its price target by 6.4% to A$2.34/share. Orora ended Thursday at A$2.21. ([email protected]; @dwinningWSJ)

2155 GMT - Wealth manager AMP serves as a reminder that turnaround opportunities carry risk and rarely progress in a straight line, says Jefferies. AMP only missed Jefferies's forecast for FY 2025 underlying net profit by A$2 million. But analyst Simon Fitzgerald was disappointed by the overall composition of the result. "Underlying net profit in both the Platforms and AMP Bank segments fell short of our predictions by 7% and 13%, respectively," Jefferies says. "Additionally, FY26 indicates further revenue-margin declines in the wealth businesses, along with continued challenges for the bank." Jefferies cuts its price target by 20% to A$1.75/share, while retaining a buy call on the stock. AMP ended Thursday at A$1.28.([email protected]; @dwinningWSJ)

0634 GMT - Singapore Telecommunications' operating headwinds in its local market are likely to be offset by improving performance at its regional associates and its Australian subsidiary Optus, say Citi analysts Arthur Pineda and Luis Hilado in a note. Momentum at regional associates Bharti Airtel and AIS appears solid in fiscal 3Q, and another associate, Telkomsel, is showing signs of turning around, the analysts say. Optus' operating trends seem healthy despite prior network outages. Singtel's growth investments are also likely to expand. Meanwhile, the Singapore telecommunications operator's digital infrastructure business could contribute further with the commercial operation of new assets, they add. Citi's rating and target price for Singtel are suspended. Shares rise 0.8% to S$5.02. ([email protected])

0404 GMT - Commonwealth Bank of Australia can't shake its bear at UBS despite the lender's better-than-expected 1H profit. Analyst John Storey maintains a sell rating on the stock, telling clients in a note that the bank's valuation remains challenging despite its operational momentum. He acknowledges that 12% retail deposit growth helps widen CBA's competitive moat in the Australian mortgage market, supporting both net interest margin and net interest income growth. However, he still thinks the stock's elevated earnings multiple is hard to justify. UBS raises its target price by 4.0% to A$130.00. Shares are up 5.1% at A$178.23. ([email protected])

(END) Dow Jones Newswires