0207 GMT - QBE Insurance's annual profit beat looks low quality to Jarden analysts. The Australia-listed insurer's adjusted cash net profit was about 4% above consensus, but Jarden analysts view this as driven by catastrophe costs coming in under budget. They are disappointed by QBE's underlying combined operating ratio, and think that 2026 guidance for mid-single-digit gross written premium growth could prove challenging. Jarden has a last-published neutral rating and a A$21.30 target price on the stock, which is up 8.2% at A$21.71. ([email protected])

0201 GMT - Brambles keeps its bull at Morgan Stanley on the efficiency gains that are insulating the pallet supplier from volume headwinds. Analyst Joseph Michael tells clients in a note that Brambles's strong December-half margins and improved free cash-flow outlook, which were supported by structural efficiency gains, highlight the Australia-listed company's operational discipline. If Brambles expands its so-called pallet serialization program into the U.S., Michael sees even lower capital intensity and a sustainably higher free cash-flow profile ahead. Morgan Stanley lifts its target price by 7.7% to A$28.00 and stays overweight on the stock, which is down 0.7% at A$24.20. ([email protected])

0000 GMT - Guzman Y Gomez's bear at Citi sees nothing in the fast-food franchiser's first-half result to drive the stock higher. Analyst Sam Teeger tells clients in a note that the Australian company is executing well, but more slowly than the market had expected. He observes that the December-half Australia sales growth of 4.4% showed acceleration from the fiscal first quarter, but nonetheless fell short of consensus for 5.2%. This might be because McDonald's is doing well in the country, he suggests. Citi has a last-published sell rating and A$21.35 target price on the stock, which is down 10% at A$18.27. ([email protected])

2351 GMT - Charter Hall's revised operating EPS view still looks conservative to Citi. Charter Hall Thursday lifted its FY 2026 guidance by 11% to A$1.00/security. "The strongest equity inflows 'in the last 3 decades' should lead to continued strength in transaction activity and funds-under management growth, as well as investment earnings growth in to FY 2027, driving consensus upgrades," Citi says. Charter Hall's A$17.9 billion development pipeline also highlights strong future upside to funds under management. "We like Charter Hall here given the earnings upgrade has left the stock trading at a more reasonable 20X 12-month forward EPS on our forecasts," analyst Suraj Nebhani says. Charter Hall is up 1.5% at A$22.82. ([email protected]; @dwinningWSJ)

2341 GMT - Car dealership Peter Warren Automotive is working hard to close the gap on market leader Eagers Automotive, but needs to show results for its stock to re-rate, says Jefferies. Peter Warren's 1H revenue met Jefferies's expectations, while underlying net profit of A$8 million was an 11% beat. "Management renewal is underway and the focus on upscaling tech, customer service and business performance is palpable," analyst John Campbell says. "The opportunity, if Peter Warren gets it right, is obvious--doubling pretax profit margins which will then justify a long runway of M&A." Jefferies retains a hold call, while noting the stock isn't expensive on a price-to-FY 2027 earnings multiple of 10X. Peter Warren is down 11% at A$1.54. ([email protected]; @dwinningWSJ)

2336 GMT - Investors likely over-reacted to Charter Hall's margin squeeze in 1H, says Barrenjoey. Charter Hall said its funds management Ebitda margin fell by 440 bps to 68.8% in 1H. That contributed to Charter Hall's share price falling some 4.5% on Thursday and took the shine off an upgrade to guidance for operating EPS in FY 2026. Analyst Ben Brayshaw expects the margin to recover in 2H to 71.8%. "Operating EPS for 2H should benefit from a reduction in the effective tax rate for funds management," Barrenjoey says. Also, property investment income should be up strongly in 2H. Barrenjoey retains a neutral call on Charter Hall and raises its price target by 9% to A$25.50/share. Charter Hall is up 0.7% at A$22.64. ([email protected]; @dwinningWSJ)

2113 GMT - Goodman's decision not to upgrade its guidance is likely a timing issue, says Jefferies. Goodman continues to expect 9% growth in operating EPS in FY 2026. Analyst Andrew Dodds views leasing at Goodman's North American and European data center projects as a potential catalyst in 2H. Goodman could also bring in a new capital/operating partner at its LAX01 data center. "FY 2026 guidance now reflects a more balanced 1H/2H skew, which should give the market a bit more comfort," Jefferies says. Goodman's shares fell 4% to A$29.82 on Thursday, reflecting disappointment at the lack of an earnings upgrade. Jefferies notes the stock now trades on a price-to-earnings multiple of 24x. It retains a buy call on Goodman, saying this multiple "doesn't reflect the growth outlook and capital position." ([email protected]; @dwinningWSJ)

0822 GMT - Rio Tinto is expected to refocus on efforts to make its business simpler and sharper as it moves on from failed deal talks with Glencore. "Following an end to Rio's merger talks with Glencore, we expect--at least for now--that Rio will continue delivering on its strategy outlined at its CMD [capital markets day] in December," Jefferies says in a note. Without M&A, "freed-up" cash could be used to strengthen Rio's balance sheet and maintain shareholder returns, it says. Jefferies has a hold rating and GBP70.00 target on Rio Tinto's London-listed stock. ([email protected]; @RhiannonHoyle)

0801 GMT - Rio Tinto's broadly in-line annual result "may not be good enough for the market after a strong result from BHP," Morgan Stanley analyst Rahul Anand says in a note. He highlights revenue and dividend as a beat versus market expectations, while underlying profit and free cash flow fall short. MS has an equal-weight rating and a A$140.00 target on Rio's Australia-listed stock. Rio ended 2.0% higher in Sydney at A$168.55, before the miner released its 2025 results. ([email protected]; @RhiannonHoyle)

0758 GMT - Rio Tinto's 9% increase in annual underlying Ebitda and 60% payout ratio should be well received by the market, Citi analyst Ephrem Ravi says in a note. "Slightly higher net debt is an offsetting factor," he says. Although Citi does expect net debt to decline in 2026, Ravi adds. Overall, he reckons Rio has "delivered a strong set of results for 2025," given softness in iron-ore markets. Citi has a neutral rating and a GBP70.00 target on Rio Tinto's London-listed stock. ([email protected]; @RhiannonHoyle)

(END) Dow Jones Newswires