0446 GMT - Australian fund manager Regal Partners is performing well, generating strong net flows, strong investment returns, high fee income and benefiting from increased scale through acquisitions, Bell Potter analyst Marcus Barnard says in a note. But shares have been weak since a selloff on June 21, where 10 million shares were sold at a 9% discount, he says. "We feel this recent weakness offers an excellent opportunity to buy into an attractive growth story, with strong momentum and a widening shareholder base," BP says. Regal this week said it expected 1H performance fees to be A$55 million, above BP's previous forecast of A$50 million. The investment bank retains its buy call. Regal rises 0.9% to A$3.41. (alice.uribe@wsj.com)

0334 GMT - JB Hi-Fi's price rises on its Telstra-operated post-paid mobile plans increases Barrenjoey analysts' confidence that the Australian telecommunications operator will raise its own post-paid tariffs in FY 2025. The investment bank's analysts tell clients in a note that retailer JB Hi-Fi's price rises on its low- and mid-tier plans are above inflation, with some now more expensive than Telstra-branded plans. They add that Telstra has already raised prices at its own low-cost Belong brand. Barrenjoey has an overweight rating and A$4.50 target price on Telstra shares, which are up 1.1% at A$3.71. (stuart.condie@wsj.com)

0034 GMT - Risks around Boss Energy's ramp-up of its Honeymoon uranium mine look fairly priced in at the company's current valuation, Morgan Stanley analysts reckon. They tell clients in a note that they remain cautious on costs given that the miner has given no update so far. They also point out that while operational performance metrics have so far been better than suggested by the pre-feasibility study, they have yet to be achieved at scale. MS trims its target price 2.2% to A$4.55 and keeps an equal-weight recommendation on the stock, which is down 3.7% at A$3.92. (stuart.condie@wsj.com)

0021 GMT - Nickel Industries' recent problems, including permitting delays and adverse weather, are now in the rearview and the company is likely to enjoy a stronger half ahead, say Macquarie analysts, who reiterate an outperform rating and A$1.10 target. The analysts say Nickel Industries has managed to generate strong Ebitda even amid a downturn in nickel prices and that they are "optimistic for the 2H CY24, which should be buoyed by higher nickel production at higher grades." They also project a US$100 million share buy back will lend support to the stock price. Nickel Industries is down 0.3% at A$0.8225. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

Is New Hope's convertible note offering a sign that the coal miner is preparing to pursue M&A? Bell Potter analyst James Williamson reckons so. "The note issue offers a relatively cheap (and covenant light vs. traditional financing) source of funding, which along with a recent uptick in share price provides a timely opportunity for NHC to obtain additional cash liquidity to pursue potential inorganic growth opportunities," Williamson says in a note. He says acquisitions will be important for New Hope to grow its business in the long run, and highlights some assets known to be for sale, including Anglo American's Australian coal mines. The broker has a hold rating and A$4.70 target on New Hope, which ended Thursday at A$5.02. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2256 GMT - Boss Energy keeps its bull at Macquarie despite the ramp-up of the uranium company's Honeymoon project taking longer than the bank envisaged. Analysts at Macquarie say that the restart of the project is going well operationally, but that they have lowered their prior ramp-up expectations due to delays that they think are related to materials handling. They tell clients in a note that revenue is imminent but nonetheless lower their EPS forecasts by 53% for fiscal 2025 and by 33% for fiscal 2026. Macquarie cuts its target price 17% to A$5.00 and keeps an outperform rating on the stock, which is at A$4.07 ahead of the open. (stuart.condie@wsj.com)

2241 GMT - Clean Seas Seafood's earnings multiple appears to be pricing in a degree of success as the Australian aquaculture company targets a return to positive operating earnings in fiscal 2025, Bell Potter analyst Jonathan Snape says. He tells clients in a note that the stock is trading around 11 times fiscal 2026 Ebitda, which represents a reasonable premium to global acquaculture stocks. He points out that Clean Seas' fiscal 2025 sales volume target is lower than expected, with the company looking to cost savings and a more favorable product mix for its earnings improvements. Bell Potter cuts its target price 20% to A$0.215 and keeps a hold rating on the stock, which is at A$0.20 ahead of the open. (stuart.condie@wsj.com)

0507 GMT - ASX's final activity report for FY 2024 shows a large rise in IPO capital raised, but levels still look subdued, say Citi analysts in a note. While the Australian securities operator is confident of a cyclical upturn at some point, the investment bank still expects any recovery to be "only gradual and take time." Still, Citi sees there has been ongoing recovery in futures volumes, up 18% in June, trending toward pre-Covid levels. "Volumes are seemingly being buoyed by higher-for-longer interest rates and participants such as hedge funds returning to the market," says Citi. Still, Citi keeps its neutral and A$61.90 target price, believing it's not yet time to take a more positive stance. ASX rises 0.9% to A$61.27. (alice.uribe@wsj.com)

(END) Dow Jones Newswires

July 05, 2024 00:56 ET (04:56 GMT)