000 GMT - ASX-listed fund manager GQG's plan to acquire boutiques from Pacific Current Group provides a "capital-light" approach to gaining exposure to private markets through debt financing, say Goldman Sachs analysts Julian Braganza and Brian Kim in a note. They also view it as consistent with GQG's strategy. While data shows that Pacific Current businesses have a mixed performance in funds under management, GS also sees that they have a pipeline of new product launches, and will have access to GQG's global distribution capability and clients. GS makes no earnings views changes as the acquisition is yet to be completed. (alice.uribe@wsj.com)

2346 GMT - Signs that the market for minerals sands is stabilizing prompts UBS to upgrade Iluka to neutral from sell. "While uncertainty remains on the strength of the demand recovery, we are increasingly confident that downside commodity price risk is limited," analyst Dim Ariyasinghe says in a note. UBS lifts its forecasts for mineral sands prices by 6%-12% in 2024-2026. The bank highlights guidance from Western pigment producers of improved sales in 1Q, while China is in restocking mode. "All of this bodes well for Iluka's titanium dioxide feedstock segment," UBS says. (david.winning@wsj.com; @dwinningWSJ)

2340 GMT - Bellevue Gold's shares rise 5.3% to A$1.805 on news that the miner has found a new shoot of extremely high-grade gold at its Deacon deposit in Australia. That gives the stock a shot at setting a new record high if it can eclipse the A$1.84 mark set in early December. According to RBC analyst Alex Barkley, Bellevue could dig up a better gold grade from the Deacon orebody than it originally planned. "An increase in 1 gram/ton could lift our site net present value by roughly 20%," says RBC, which has an outperform call on the stock. (david.winning@wsj.com; @dwinningWSJ)

2329 GMT - Investors appear to be underestimating the recovery in Imdex's profit margins, says bull Jarden. It points to consensus forecasts that suggest Imdex's underlying Ebitda margin won't return to levels prior to its acquisition of mining-tech business Devico until FY 2025. "This appears conservative to us," analyst Jakob Cakarnis says in a note. Jarden expects stronger margins as Imdex wrings cost savings from the Devico deal in FY 2022, an improving sales mix toward SaaS and services, and operating leverage from more products per customer. (david.winning@wsj.com; @dwinningWSJ)

2257 GMT - Microba Life Sciences' domestic revenues will be boosted by the roll-out of its gastrointestinal infectious disease test via Sonic Healthcare, Bell Potter analyst Thomas Wakim says. He points out that ASX-listed pathology provider Sonic has put considerable effort into the launch of the so-called MetaPanel test, holding deep cross-organization training events and a nationwide series of launch events. He tells clients in a note that MetaPanel is differentiated by its ability to detect more than three times as many pathogens than existing competitor tests. Bell Potter keeps a buy rating and A$0.35 target price on the stock, which is at A$0.19 ahead of the open. (stuart.condie@wsj.com)

2250 GMT - Cettire's fulfillment and returns processes don't overly concern Bell Potter Chami Ratnapala. Australian media have suggested that the luxury goods retailer is pocketing some import duties paid by customers, but Ratnapala says in a note that customer reviews are broadly within the range of those for its peers. Cettire's overall fulfillment processes reflect broader complexities associated with cross-border e-commerce, she adds. Bell Potter keeps a buy rating and A$4.80 target price on the stock, which is at A$4.15 ahead of the open. (stuart.condie@wsj.com)

2241 GMT - Life360's plans to sell advertisers access to its users implies improved monetization of its existing base and faster monetization of new users, Morgan Stanley analysts write in a note to clients. They point out that selling advertising effectively monetizes users from the moment they sign up to the family tracking app, rather than from when they take up a paid subscription. This points to improved operating leverage, or accelerated growth in active users if sales and marketing investment is stepped up. A successful advertising roll out is not priced in to the stock, they add. Morgan Stanley has an overweight rating and A$14.40 target price on the stock, which is at A$12.58 ahead of the open. (stuart.condie@wsj.com)

2237 GMT - Deposits are likely to remain a modest margin headwind for Australia banks into 2H FY 2024, Morgan Stanley analysts say in a note. Even though deposit pricing remained favorable for banks in the three months following the RBA's November interest rate hike, the average impact of higher rates and the customers moving to higher cost deposit products will see an ongoing margin headwind. On wholesale funding, Morgan Stanley expects that to be a modest margin headwind during 2024, pointing to Commonwealth Bank which recently revealed that there was a -7 basis point half-on-half drag on margins from higher funding costs in its 1H FY 2024 result. (alice.uribe@wsj.com)

2211 GMT - Nickel Industries' ore sales in 1Q were held back by mining licence delays but Macquarie thinks the full-year impact will be minor. Nickel Industries says its Hengjaya mine in Indonesia wasn't able to sell ore in January and most of February. As a result, Macquarie now expects 1Q ore sales of 700,000 tons of saprolite, compared to a prior forecast of 1.05 million tons. Still, with more haul tracks being mobilized, there's potential for higher sales volumes in 2Q. "The reduction in ore sales due to permitting delay was disappointing," Macquarie says. "However, annual impact will be offset by increased sales across the remainder of 2024 (at potentially higher prices)." (david.winning@wsj.com; @dwinningWSJ)

2203 GMT - Warehouse is poised to offer a contrasting performance to retail rival Briscoe when it reports 1H earnings on Wednesday, according to Macquarie. Warehouse's result is likely to feature negative sales growth and a higher cost of doing business, Macquarie says. It will also highlight a non-differentiated brand offering that is "more susceptible to competitive and macroeconomic pressures and an underperforming brand distracting management focus," the investment bank says. Macquarie cuts its FY 2024-2026 underlying EPS forecasts by 21%-27% and retains a neutral call on Warehouse's stock. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

March 19, 2024 00:03 ET (04:03 GMT)