0058 GMT - PLS delivers a "clean" operational result, with improving cash generation and strengthened liquidity, RBC Capital Markets says in a note. "We see this as a transition period," with free cash flow increasing and growth options returning, RBC says. Still, a "sustained re-rating remains tied to lithium price durability and disciplined capex execution," the broker says. RBC has an outperform rating and A$5.10 target on PLS. Shares are down 1.6% at A$4.35. ([email protected]; @RhiannonHoyle)

0054 GMT - Macquarie wonders whether Rio Tinto will reengage in talks with Glencore following the current standstill. That is "the key question," the bank says in a note. The bank resumes coverage of Rio Tinto after the recent failure of deal talks between the pair. It has a neutral rating and A$156/share target on the stock. "In the interim, we think Rio will pursue its simplification strategy, taking costs out whilst also keeping a close eye on relative value" with Glencore, Macquarie says. It says it prefers BHP over Rio Tinto, citing asset quality, growth options and an emerging valuation gap. Rio Tinto is up 1.9% at A$168.33. ([email protected]; @RhiannonHoyle)

0040 GMT - Property owner and manager Charter Hall's share price falls 2.7% to A$22.94 despite another upgrade of its earnings outlook. Charter Hall's 1H operating EPS beat estimates by 4.1%. Its annual guidance for operating EPS rises by 5.3% to A$1.00/share, moving it ahead of consensus expectations. Jarden analyst Tom Bodor says Charter Hall's 1H result was solid and supported by very strong transaction activity over the period and equity inflows. "Guidance upgrade demonstrates ongoing momentum despite rate expectations tilting more hawkish and Charter Hall management's ability to unlock opportunities," Jarden says. "Future growth optionality appears to be building with total development pipeline increasing to A$17.9 billion." Jarden rates Charter Hall at overweight with a A$27.60/share price target. ([email protected]; @dwinningWSJ)

0029 GMT - There's a lot to like in NRW Holdings's 1H result, says Citi analyst William Park. Revenue and Ebita beat expectations. Margins are wider than anticipated and guidance has also been revised higher. NRW's pipeline has increased, and its active tender balance and order book are up. "Cash conversion of 114% is strong and well ahead of our forecast of 81%," says Park. He calls NRW a "well-oiled machine." Citi has a buy rating and A$6.20 target on the stock. Shares are up 11% at A$6.27. ([email protected]; @RhiannonHoyle)

0028 GMT - Jefferies takes comfort from Transurban's steady distribution guidance, despite the toll road owner missing 1H earnings expectations. Transurban reported 1H proportionate Ebitda of A$1.55 billion. While that was up 6.4% on year, it came in around 5% below analyst Amit Kanwatia's expectations. Transurban continues to expect a full-year payout of A$0.69/share. "While there was no change to FY 2026 distribution guidance, we expect the Board would await a fuller period of West Gate Tunnel earnings before making a change," Jefferies says. The West Gate Tunnel Project in Melbourne opened in December. Transurban expects the tunnel, which connects the West Gate Freeway to the Port of Melbourne, to be well used by freight haulers. Transurban is down 1.2% at A$14.02. ([email protected]; @dwinningWSJ)

0017 GMT - Whitehaven Coal's 1H underlying loss disappoints, while its mid-term cost guidance for Queensland coal also "represents a higher rate than what we had anticipated in the long run," says Macquarie. Whitehaven's A$19 million underlying loss compares with consensus expectations for a A$16 million profit, says Macquarie. On Queensland costs, Macquarie forecasts A$125-A$130/metric ton in the long run, it says. Whitehaven revised its mid-term guidance to A$140-A$145/ton. "Key will be how management discusses the long-run cost position in light of the downgrade," Macquarie says. The bank has a neutral rating and A$10.00 target on Whitehaven. The stock is down 5.5% at A$7.98. ([email protected]; @RhiannonHoyle)

0004 GMT - Miner IGO publishes a "benign" 1H result, with little new information, RBC Capital Markets says in a note. The in-line profit report follows recent disclosure in a production update last month, RBC says. The miner won't pay a dividend, as expected, it says. There were also no guidance changes "or forward-looking surprises," says RBC. The broker has a sector perform rating and A$7.50 target on IGO. Shares are down 2.7% at A$8.08. ([email protected]; @RhiannonHoyle)

2356 GMT - Downer's 1H underlying profit and FY26 guidance is ahead of expectations, says RBC Capital Markets in a note. Underlying profit--adjusted for amortization, or Npata--of A$136.1 million beats RBC's estimate of A$132 million and consensus of A$129 million, the broker says. Annual profit guidance of A$295 million-A$315 million compares to RBC's forecast of A$293 million and consensus of A$300 million. Downer also reports a "meaningful step up" in work in hand, which rises by 8.9%, the broker says. RBC has an outperform rating and A$8.75 target on the stock. Downer's share rise 3.2% to A$7.98. ([email protected]; @RhiannonHoyle)

2356 GMT - Macquarie is intrigued by Santos's strategic review of its domestic assets. Santos is preparing to bring online its Pikka Phase 1 project in Alaska just a few months after starting up the Barossa natural-gas project in Australia. "As Barossa and Pikka enter service, Santos will need to consider whether its legacy domestic assets are still useful in the portfolio (or dilutive of margins, returns and management time)," Macquarie says. It will need to decide whether to "sweat, divest or invest" in them, the bank says. Examples include Santos's Cooper Basin, Varanus Island, Devil Creek and Narrabri assets. Macquarie, which rates Santos at outperform, suspects the review may involve a reassessment of mature end-of-life assets in Western Australia. ([email protected]; @dwinningWSJ)

2346 GMT - Dexus's intention to buy back up to 10% of stock would push its look-through gearing up to 42%. So, the buyback plan signals conviction at the Australian property company's ability to sell assets, suggests Macquarie. "Asset sales/capital inflows of more than A$1.7 billion would be required to maintain look-through gearing below 35%," Macquarie says. "Ideally, this would be to third-party capital, allowing Dexus to retain management." It estimates repurchasing the full 10% of stock would boost funds from operations by up to 5%. Macquarie has an outperform call on Dexus. ([email protected]; @dwinningWSJ)

2343 GMT - Macquarie is becoming increasingly confident that FY 2026 will be the start of a multi-year period of stronger earnings growth by homebuilder Mirvac. It points to A$100 million of additional net operating income from development completions. Mirvac has A$2.3 billion of secured funds under management and Macquarie highlights a A$4 billion committed pipeline of commercial developments. On top of this, the company has A$1.6 billion of residential pre-sales and has a record of keeping a tight rein on costs. "This is reflected in our funds from operations FY 2026-2029 compound annual growth rate of 6.8%," says Macquarie. It rates Mirvac at outperform. ([email protected]; @dwinningWSJ)

2342 GMT - Zip's 1H U.S. growth looks softer than expected at UBS. December-half earnings were about 3% lower than expected by the investment bank's analysts. They say in a note that is due to lower-than-expected customer growth in the U.S., where a tally of 4.63 million active customers is about 3% short of where they thought it would be. This drove a 2% miss on total transaction value in the country, they add. On a positive note, they add that growth in per-customer spending remains resilient. UBS has a last-published buy rating and A$5.20 target price on the stock, which is down 35% at A$1.835. ([email protected])

2334 GMT - Brambles' bull at RBC Capital Markets calls out strong cost control as a highlight of the global pallet supplier's positive first-half result. Analyst Owen Birrell uses a note to clients to flag the Australia-listed company's December-half margin expansion, which was driven by supply chain efficiencies and overhead improvements. This has helped Brambles operate in a softer demand environment, which Birrell observes has been confirmed by the company in the U.S., Europe and Latin America. Positively, he adds that new business growth should offset this like-for-like softness. RBC has a last-published outperform rating and A$28.50 target price on the stock, which is up 4.9% at A$24.65. ([email protected])

2327 GMT - Brambles' bull at Citi sees high quality in the pallet supplier's first-half result. The overall result was in line with expectations but analyst Samuel Seow points to strong levels of new customer wins and strong margins despite softer like-for-like demand. He tells clients in a note that the second-half margin beat implied by the first-half result is likely to continue into the 2027 fiscal year. Brambles still has room to maneuver on both overheads and pooling provisions, he adds. Citi has a last-published "buy" rating and A$26.75 target price on the stock, which is up 4.7%, at A$24.60. ([email protected])

0845 GMT - The "best and final" takeover bid for BlueScope Steel from Steel Dynamics and SGH still materially undervalues the Australian steelmaker's non-U.S. assets, Jefferies says in a note. The latest A$15 billion proposal implies a value of A$4.1 billion for BlueScope's assets outside the U.S., the bank says. Yet there is significant value in BlueScope's land--which Jefferies estimates at around A$1.5 billion--and in other assets that SGH would likely look to sell, it says. "Despite the bid still materially undervaluing BSL, the board now faces a tricky road to convince [shareholders] it can extract further value independently," says Jefferies. BlueScope ended 2.6% higher at A$28.74. ([email protected]; @RhiannonHoyle)