0454 GMT - AMP's wealth-management activities should continue to stabilize, says S&P Global Ratings in a note. At the same time, S&P reckons the proposed scaling down of AMP's direct ownership of its advice businesses, where losses continue, should also support the operating performance of the broader wealth-management business. Still, S&P sees that earnings from its banking business are likely to remain under pressure as funding and lending competition persists. "These dynamics should contribute to a greater proportion of group earnings coming from wealth management over the next two years," the ratings company says in its analysis of AMP's 1H results issued Thursday. (alice.uribe@wsj.com)

0451 GMT - Audinate keeps its bull at Macquarie despite the market's ugly reaction to the audio-visual tech provider's fiscal 2025 outlook. The investment bank's analysts tell clients in a note that worries over earnings visibility create buying opportunities for investors with a longer-term view. They acknowledge that the scale of Audinate's downgrade is larger than they had anticipated, but point out that the company has outlined plans to address known issues. Investors should also bear in mind that Audinate over-earned in fiscal 2024, so the downgrade looks worse, they add. Macquarie keeps an outperform rating on the stock and cuts its target price 27% to A$10.50. Shares are up 6.6% at A$8.83. (stuart.condie@wsj.com)

0402 GMT - Audinate's warning that fiscal 2025 will be what it calls a transition year is a strong reminder that the majority of the audio-visual tech provider's revenue is not recurring, Shaw & Partners analyst Jules Cooper says. He tells clients in a note that the Australia-listed company's fiscal 2025 revenue and gross profit expectations are 26% and 28% lower, respectively, than his forecasts. He sees risk around Audinate's implied target of 17% on-year underlying gross profit growth. Cooper now expects fiscal 2025 underlying gross profit of US$43 million, compared with guidance for a number marginally lower than fiscal 2024's US$44.5 million. Shaw cuts the stock's target price 48% to A$9.30 and keeps a hold rating. Shares are up 8.3% at A$8.965. (stuart.condie@wsj.com)

0347 GMT - Australian property advertiser REA gets a new bull ahead of its annual results in anticipation of strong listings volumes and outperformance in the key Sydney and Melbourne markets. Bell Potter analyst Michael Ardrey raises his recommendation on the stock to buy from hold, telling clients in a note that he expects a 2% rise in annual revenue to A$1.45 billion and a 4% rise in Ebitda to A$809 million. He reckons that listings could grow by 8% on year compared with REA's 5%-7% guidance. Bell Potter raises its target price on the stock by 7.4% to A$218.00. Shares are flat at A$190.73. REA is 61% owned by News Corp., which owns Dow Jones & Co., publisher of this newswire and The Wall Street Journal. (stuart.condie@wsj.com)

0130 GMT - Investors shouldn't assume Stockland is facing the same profit headwinds as Mirvac, says Citi. That's because Mirvac is more exposed to apartments than Stockland, analyst Suraj Nebhani says in a note. Mirvac's share price is down 9.5% to A$1.91 after the homebuilder forecast weaker FY 2025 earnings and a lower distribution. Drivers of the downbeat outlook are a lower contribution from the development business and higher net interest costs related to development activities. Margins at some Queensland and New South Wales apartments projects are likely lower, Mirvac said. "We don't expect direct read-throughs from Mirvac's earnings miss to Stockland given the difference in the residential business," Citi says. (david.winning@wsj.com; @dwinningWSJ)

0026 GMT - The appeal of toll road owner Transurban's dividend yield should grow in the coming months, says Jefferies. Transurban has forecast a FY 2025 distribution of A$0.65/security, representing 4.8% growth on the prior year. Analyst Anthony Moulder says the distribution gives a 5% yield "which while below the historical premium to the 10-year government bond, is expected to become more attractive in a declining yield environment." That's likely to happen over the next 12 months, he says. Jefferies has a hold call and A$13.49/share price target on Transurban, which is down 0.3% at A$12.84 following its FY 2024 result and guidance today. (david.winning@wsj.com; @dwinningWSJ)

0019 GMT - Mirvac's share price may remain volatile for a while yet, says Jarden. That's because Mirvac's discount to net tangible assets has narrowed to 11% and its near-term earnings remain weak, analyst Lou Pirenc says. Mirvac has signaled FY 2025 EPS of between 12.0 Australian cents and 12.3 cents, well short of consensus hopes for 13.6 cents. A forecast distribution of 9.0 cents/security missed Jarden's 10.4 cent forecast and also consensus expectations. Mirvac's residential sales and settlements remain under pressure, with reduced margins likely in some apartment projects in eastern Australia. Still, Jarden retains an overweight call on Mirvac's stock. "We believe the medium-term outlook is attractive and that much of the weakness is reflected in the price," it says. (david.winning@wsj.com; @dwinningWSJ)

0017 GMT - Bendigo and Adelaide Bank has the potential to report mortgage volume growth and better net interest margins in its upcoming FY 2024 results, say Goldman Sachs analysts Andrew Lyons and John Li in a note. For mortgages, GS says it sees easing competition given Bendigo's return to the market. Outside of housing, the Australian regional lender has identified the business and agriculture segment as a market with unmet demand and a division to focus on to drive growth, so GS is keen for more information on how far its has progressed with this strategy. On NIM, GS says its comfortable with its current forecast of 2H and FY margins moving up by a respective 10 and 3 basis points sequentially to 1.93% and 1.91%. (alice.uribe@wsj.com)

0014 GMT - Australian insurance brokers AUB and Steadfast are likely to provide FY 2025 guidance for strong growth on the prior year when they hand down their FY 2024 earnings this month, says Goldman Sachs analysts Julian Braganza and Brian Kim in a note. Their view on potentially improved FY 2025 guidance is driven by the run rate benefit of FY 2024 acquisitions, organic growth and FY 2025 acquisitions. At the same time, GS says it expects organic growth to remain strong through 2H FY 2024 and FY 2025, but moderating alongside premium rate increases and interest-rate expectations. "We think the brokers will continue to flag strong premium rate increases on average through 2H FY 2024 across commercial SME," says GS. It remains buy rated on AUB and relative neutral on Steadfast.(alice.uribe@wsj.com)

0011 GMT - Charter Hall Long WALE REIT gets the benefit of the doubt from Jarden for its FY 2025 earning guidance miss. Charter Hall Long WALE REIT expects an annual operating EPS of 25.0 Australian cents, down 4% on year and falling short of Jarden's forecast of 26.7 cents. Still, analyst Lou Pirenc says it's not so surprising given that Charter Hall Long WALE REIT announced some A$684.5 million of asset sales on June 21 that will result in a 5%-6% dilution. "In our view, it is good to see that Charter Hall Long WALE REIT has sold a significant part of the portfolio, showing underlying demand for the assets," Jarden says. "The stock is trading at a 26% discount to new net tangible assets and whilst we see further downside risk to NTA in the next six months, this is arguably reflected in the price." (david.winning@wsj.com; @dwinningWSJ)

2342 GMT - Toll road owner Transurban is likely to trade in line with the broader Australian market today given the lack of surprises in its annual result, Citi says. Transurban's proportional Ebitda of A$2.63 billion was only slightly below consensus expectations, supported by good cost control. Citi says Transurban's forecast FY 2025 distribution of A$0.65/security, up some 5% on FY 2024, matched market hopes. Citi thinks investors will now focus on the toll review in Australia's New South Wales state, inorganic growth opportunities, Transurban's development pipeline and cost growth. Transurban's stock is up around 4% since the start of last month, ending Wednesday at A$12.88. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires