0247 GMT - Newmont's revised proposal for Australia's Newcrest Mining looks sweet enough to win the support of one top shareholder. Simon Mawhinney, chief investment officer of Allan Gray Australia, tells the WSJ he was "unenthusiastic" about Newmont's earlier all-stock bid, but that the revised stock ratio-of 0.400 Newmont share per Newcrest one-and plans for a franked dividend help level the scales somewhat. "Subject to various future bits of information which are impossible to predict, the rebalancing of the scales is enough to gain our support," he says. "But, like all well pitched transactions, we still feel a little cheated." Allan Gray and its sister company Orbis owned a combined 7.4% of Newcrest's stock at the end of December. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0156 GMT - Australian medical imaging software company Pro Medicus appears to be a clear beneficiary of increased AI adoption in radiology over time, say Goldman Sachs analysts Chris Cooper and Daniel Downes in a note. They attribute this view partly to the fact that Pro Medicus can commercialize its own AI algorithms. Though trading at a premium valuation, GS notes that the company maintains a steady contract win rate, renews expiring contracts on favorable terms and has positioned itself for longer-dated opportunities that include AI. "As such, we believe some premium in valuation is justified and risk/reward to be fairly balanced," GS says. It has a neutral rating on the stock.(alice.uribe@wsj.com)

0146 GMT - CSL has several potential drivers among its business segments, but uncertainty about the group's mid- to long-term margin outlook and its return-on-invested capital profile prompt Goldman Sachs analysts Chris Cooper and Daniel Downes to stay neutral on the stock. They note that CSL's large flu-vaccine business is benefiting from a strong winter virus season, and see potential in its plasma business making a strong recovery, as well as in its anemia-management segment's efforts to seek broader applications in the cardiovascular market. But given the lack of clarity on group margins and capital returns, they still view Australian biotech company's current valuation as fair. (alice.uribe@wsj.com)

0118 GMT - ASX looks to be experiencing a more persistent recovery in futures volumes, Jarden analysts Kieren Chidgey and Elizabeth Miliatis say in a note. In an analysis of March data for the Australian securities exchange, Jarden says that futures volume growth improved for the third month in a row, accelerating to 25% on the previous corresponding period, while 3Q FY 2023 growth is up 17%. Jarden's outlook for ASX futures volume suggests further strong upside ahead. It keeps an overweight rating on the stock. (alice.uribe@wsj.com)

0101 GMT - Challenger's move to sell its real-estate funds-management business to Elanor Investors and become its exclusive distribution partner looks strategically sound, UBS analyst Scott Russell says in a note. He notes that the investment-management firm hasn't been able to grow its third-party property funds under management in recent years, with property FUM down 30% from a peak of A$6 billion in FY 2018. "Elanor's origination capabilities may therefore help improve Challenger's third-party credentials," Russell says. UBS has a neutral rating on the stock, and keeps its target price unchanged at A$7.50. Challenger is down 0.7% at A$6.16. (alice.uribe@wsj.com)

0032 GMT - Leo Lithium could swing on to the M&A radar amid a rush of dealmaking in the sector. In a note, Jarden analyst Jon Bishop highlights that Firefinch owns 17.6% of the company and is currently in talks with several bidders for its assets. "A 17.6% stake may offer the ability to influence the strategic direction of Leo Lithium," which is developing the Goulamina lithium project in Mali, Jarden says. All production from Goulamina's first stage is contracted to China's Ganfeng. So, a "large resource and reserve increase (updates due mid-2023) would facilitate material expansion to stage 2 and valuable uncontracted offtake" for Leo Lithium, boosting its M&A appeal, Jarden says. (david.winning@wsj.com; @dwinningWSJ)

0027 GMT - Securities exchange ASX's major negative catalysts seem to have played out over the past six months, with the stock now pricing in a more balanced outlook, UBS analyst Scott Russell says in a note. For ASX's March statistics, UBS notes that overall volumes remain mixed, with strong derivatives volumes balanced by weakness in capital raising and cash equities. UBS says it has made no earnings forecast or price-target changes as a result, but notes that its FY 2023 EPS forecast is 3.2% below consensus. The investment bank has a neutral rating on the stock. (alice.uribe@wsj.com)

0016 GMT - Albemarle's takeover pursuit of Liontown Resources could reflect concerns that the U.S. company doesn't have enough raw material to feed its operations in the country, according to Jarden. In a note, analyst Jon Bishop highlights Albemarle's investor presentation in March, which talks about its proposed Megaflex lithium hydroxide refinery system in South Carolina. The scope of the operation targets initial output of 50,000 tons/year, with an option to double its size. "The key issue is the source of raw material and this may potentially have been a factor why the Liontown approach was made," Jarden says. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires