0327 GMT - Judo Capital shares look unlikely to recover in the near term unless the Australian business lender provides some FY 2024 guidance at its annual general meeting next week, Morgan Stanley analysts say in a note. They think that Judo, which last week said it was considering an inaugural capital notes offer, is unlikely to give a trading update at the meeting and tell clients that the absence of any performance insight would weigh on the stock. The MS analysts lower their EPS forecasts for FY 2025 and 2026 by 8% and 11%, respectively, on weaker revenue forecasts. They trim its target price by 11% to A$1.07 and MS stays equal-weight on the stock, which is up 1.75% at A$0.87. (stuart.condie@wsj.com)

0322 GMT - Eagers Automotive is well-placed to benefit from the launch of the BYD Seal electric vehicle in Australia, according to J.P. Morgan analysts. They note that the headline retail price of the Seal is substantially lower than comparable EVs in Australia, where product range remains limited relative to many other global markets. Eagers is in a retail joint venture with EVDirect.com, which holds exclusive BYD distribution rights in Australia. Sales of BYD could lift Eagers's profit margins, the analysts add. J.P. Morgan is overweight on Eagers with a A$16.25 target price. Shares are down 2.3% at A$13.98 (stuart.condie@wsj.com)

0238 GMT - History suggests that the sales softness seen in Bapcor's 1Q performance shouldn't persist for too long, UBS analyst Tim Piper says. While acknowledging the impact of macro conditions on consumer sentiment, he writes in a note that after-market demand for the sort of parts manufactured by Bapcor typically recovers quickly since vehicle owners can only defer servicing for a short time. Piper maintains a neutral rating and A$7.20 target price on the stock, observing that only A$30 million of A$100 million in targeted productivity benefits are currently being priced in for FY 2025. Shares are down 4.9% at A$5.62. (stuart.condie@wsj.com)

0120 GMT - The improvement in AGL Energy's 1Q performance will likely be limited by the impact of unusually warm weather on domestic gas demand, Macquarie analysts say. They write in a note to clients that quarterly gas demand was down 3.9%. More positively, they point out that AGL's coal power plants are performing well compared to the prior corresponding period, when a unit at its Loy Yang A generator was offline due to a fault. Macquarie still expects AGL's earnings to peak in FY 2024, and keeps an outperform rating and A$11.51 target price on the stock. Shares are down 0.3% at A$10.735. (stuart.condie@wsj.com)

0111 GMT - The ramp-up of Woodside Energy's Mad Dog Phase 2 project in the Gulf of Mexico appears to be slower than the market had anticipated, Citi analysts write in a note to clients. They point out that Woodside's narrowed 2023 production guidance leaves Citi's forecast stranded above the top end of the company's outlook range. The Australian company's new guidance is also lower than the average analyst forecast, they add. Woodside's lowered capital-expenditure guidance relates to delayed spending on its Scarborough project as it waits on environmental approvals, they say. Citi has a sell rating and A$33.00 target price on the stock, which is up 0.5% at A$36.26. (stuart.condie@wsj.com)

0059 GMT - BHP's 1Q production was a modest miss versus Citi's expectations, analyst Paul McTaggart says in a note. "Met coal was the key area of shortfall given longwall move, maintenance, and higher stripping," coming in 25% below Citi's forecast, he says. On the other hand, copper, iron ore and nickel missed by just 1%-4%, McTaggart says. BHP shares are up 0.1% at A$45.63. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0059 GMT - Woodside Energy's move to lower its 2023 capital expenditure guidance is likely driven by reductions at its Sangomar and Scarborough operations, RBC Capital Markets analyst Gordon Ramsay says. He bases the assumption on the fact that the projects in Senegal and off the coast of west Australia form the bulk of Woodside's spend. Ramsay also writes in a note that Woodside's 3Q result looked solid despite lower-than-expected Shenzi oil production, which is explained by a maintenance turnaround that he did not forecast. RBC has an outperform rating and AS$38.00 target price on the stock, which is up 0.5% at A$36.27. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

October 18, 2023 00:13 ET (04:13 GMT)