0306 GMT - QBE Insurance's bulls at UBS stay positive on the stock amid the Australian company's continuing buybacks. The investment bank's analysts see capital management supporting 5% compound annual EPS growth, also helped by volume-led growth in gross written premiums. This leads them to see upside to what they reckon is an undemanding multiple of 11.7 times earnings. Poor profitability in QBE's non-crop North American business remains a key issue for them, but they tell clients in a note that QBE still has capacity to raise premiums further. UBS keeps a buy rating on the stock and raises its target price by 5.6% to A$23.75. Shares are up 4.3% at A$22.40. ([email protected])

0252 GMT - It's not clear to UBS analysts whether Hub24's premium valuation will continue to be justified amid risk of disruption from artificial intelligence. Keeping a neutral rating on the stock, the UBS analysts tell clients in a note that Hub24's performance, including in managed accounts, is driving stronger growth in advisers and accounts than its rivals. They continue to prefer Hub24 over Netwealth, but flag its relatively high price-to-earnings ratio. They reckon that Hub24 is trading at 52 times earnings, compared with 43 at Netwealth. "Risks remain that consolidating advice networks could utilize cheaper wholesale or white-label solutions," they warn. UBS cuts its target price 6.5% to A$100.00. Shares are down 5.4% at A$92.25. ([email protected])

0035 GMT - Brambles' better-than-expected 1H earnings and proven ability to navigate subdued consumer conditions prompt cautious optimism toward the pallet supplier at Morgans. Raising his recommendation to accumulate from hold, analyst Alexander Lu tells clients in a note that Brambles' new business wins are being supported by manufacturer's growing preference for higher-quality pallets that support greater supply chain automation. He says CHEP-owner Brambles "is well positioned to deliver earnings growth through continued conversion of whiteâ?'wood pallets to pooling." Further margin improvement should be supported by ongoing operational efficiencies, Lu adds. Morgans lifts its target price 5.1% to A$27.00. Shares are up 0.2% at A$24.265. ([email protected])

0029 GMT - Brambles looks fully valued to Macquarie analysts despite management's strong execution on strategy. The analysts tell clients in a note that improvements in demand for Brambles' CHEP pallets is now key to the path for the stock. They acknowledge management's optimism that operating conditions are improving, but prefer to wait for evidence. For now, Brambles is dependent on what the analysts call self-help measures to grow earnings. These include the pallet-tracking it is piloting in Chile, but again the analysts will wait on proof of success before becoming more optimistic. Macquarie stays neutral on the stock and trims its target price 0.6% to A$24.70. Shares were last up 0.3% at A$24.30. ([email protected])

0017 GMT - Zip keeps its bull at Macquarie despite the Australian installment-payment provider's moderated operating leverage. Maintaining an outperform rating on the stock, one of the investment bank's analysts tells writes in a note that Zip is investing in an effort to capitalize on the opportunity it sees in the U.S. consumer market. While Zip has guided for 2H earnings to be broadly in line with 1H earnings, the note tells clients to expect medium-term growth supported by attractive unit economics. Macquarie cuts its target price 31% to A$3.35. Shares are down 0.8% at A$1.765. ([email protected])

0004 GMT - Mexican food chain Guzman y Gomez could hit a key U.S. growth target but execution risk is high, says UBS analyst Shaun Cousins. GYG needs to achieve US$3 million of average unit value per restaurant by FY 2031 to break even in the U.S. and grow beyond an initial goal of 15 outlets. GYG says customers are positive on brand and food quality. But building awareness is very difficult and same-store sales growth has been modest so far. "The U.S. quick-service restaurant market is the largest globally and hence attractive, yet execution risk on the success of GYG remains high," UBS says. "If GYG were to exit, this would reduce a growth option, but there is significant growth potential in Australia." UBS upgrades GYG to buy, from neutral. ([email protected]; @dwinningWSJ)

0004 GMT - Telstra's bull at Morgan Stanley sees earnings upside from demand for the infrastructure needed to connect Australia's data centers. Maintaining an outperform rating on the stock, analyst Andrew McLeod tells clients in a note that his industry contacts tell him there is unmet demand for high-performing fiber into campuses, diverse routes between markets, and low-latency paths to submarine cable landing stations. Telstra's ownership of what is already Australia's largest fiber footprint means it is well placed in his view. MS lifts its target price on the stock 9.1% to A$5.40. Shares are down 0.6% at A$5.08. ([email protected])

2358 GMT - Engineering contractor Perenti's weaker-than-expected earnings trigger a 15% drop in its share price to A$2.41 in early trading. Perenti reported 1H Ebita of A$160 million. Jefferies says that 2% miss to its own expectations was driven by weaker margins and a decline in contract mining revenue. The market had high expectations for Perenti coming into the result, analyst John Campbell says. While contract mining typically exhibits a skew between each half of Perenti's fiscal year, the decline in work in hand is an additional headwind. "We expect continued improvement in Drilling Services with margins impacted by new project mobilization in 1H," Jefferies says. "Overall, the earnings miss, compounded by guidance being trimmed at the top end of the range, is disappointing." ([email protected]; @dwinningWSJ)

2350 GMT - Plumbing fittings retailer Reece's stock jumps 12% to A$15.66 after beating market expectations for its 1H result. The key driver of Reece's 1H Ebit coming in 4% ahead of market expectations was stronger margins in its Australia and New Zealand business. Jefferies says the ANZ margin was 70 bps above its hopes. Reece now expects annual group Ebit of A$520 million-A$540 million. Analyst Ramoun Lazar says this guidance is 4% ahead of his expectations at the midpoint of the range. Still, Reece cautions that the pace of recovery is muted and it doesn't expect a material shift in demand for the remainder of FY 2026. Jefferies had a hold call and A$15.90/share price target on Reece ahead of its 1H result. ([email protected]; @dwinningWSJ)

2343 GMT - Emeco's muted share-price response to its 1H result surprises its bull at Euroz Hartleys. Emeco's 1H operating cash totaled A$58.5 million after accounting for one-off costs. It's on track for a 2026 free cash flow yield of 17%, Euroz Hartleys says. Still, shares are at levels seen late January. Analyst Gavin Allen says Emeco has a path to capital-light growth in fleet utilization and in building its maintenance business. He says Emeco's strategy sensibly speaks to the delivery of strong returns via flexibility to reinvest in the business, pursue M&A or return capital to shareholders. "We back management to make sensible choices on this front," Euroz Hartleys says. "It is possible however that investors are keen to know the specifics of how future capital may be deployed." ([email protected]; @dwinningWSJ)

2335 GMT - Greatland delivers a clear beat across key 1H profit metrics, says MA Financial analyst Paul Hissey. "Operating costs on the whole drove the beat, with lower corporate costs and a no recognized share-based payments the most likely contributors," he says. Hissey says the "former is particularly encouraging given the rapid pace of change at the business," which would typically align with a sharp rise in spending. Greatland's 1H net operating cash flow of A$658.5 million compares with MA's forecast of A$640.6 million. Adjusted net profit and Ebitda also surpass MA's expectations, although revenue is slightly lower than anticipated. "Investors should react favorably to this result, given it underlines what has been two strong production quarters of the new-look Greatland," says Hissey. Shares are up 4.5% at A$13.59. ([email protected]; @RhiannonHoyle)

2335 GMT - The share price of Pantoro Gold rises 3.7% to A$5.07 early as investors applaud a plan to buy back up to 10% of its issued stock over the next 12 months. Ord Minnett analyst Paul Kaner notes Pantoro has underperformed peers in the gold-mining sector after Tulla Resources sold down part of its stake in the company in early December and following Pantoro's quarterly production report last month. "Given how cheap the stock is, this should be well received by the market and slightly ease concerns around deliverability risk in the near term," Ord Minnett says of the buyback plan. Pantoro Gold trades on a multiple of 4.3X enterprise value-to-Ebitda, compared to 6.2X for its peers. ([email protected]; @dwinningWSJ)

2331 GMT - Imdex delivers a strong 1H result with encouraging remarks on its outlook, Citi analyst William Park says in a note. "There is a lot to like here," he says. According to Park, there is no shortage of tailwinds for the mining technology company, particularly as mining exploration levels rise. "For us, it was particularly pleasing to see IMD's share of wallet growing incrementally, which illustrates that its strategy to broaden its suite of offerings is delivering," says Park. Citi has a buy rating and A$4.20 target on Imdex. Shares are up 0.9% at A$3.935. ([email protected]; @RhiannonHoyle)

(END) Dow Jones Newswires