0356 GMT - PointsBet loses its bull at Bell Potter despite the online betting company's appeal as a potential takeover target. Analyst Chris Savage tells clients in a note that he continues to see PointsBet as a potential target due to what he calls a reasonable market position and increasing barriers to entry in Australia. Revising his sum-of-the-parts valuation of the business, he now reckons the Australian business is worth A$189 million, or six times his fiscal 2025 Ebitda forecast. PointsBet's unprofitable Canada operation is worth A$47 million, he adds. Bell Potter lifts its target price 17% to A$0.77 but lowers its recommendation to hold from add. Shares are down 2.0% at A$0.72. (stuart.condie@wsj.com)

2351 GMT - Macquarie analysts like Brickworks' efforts to manage costs and minimize the impact of current soft demand for its building products. The Australia-listed company's local and U.S. building-products units were more profitable in fiscal 2024 than the analysts had expected. They tell clients in a note that cost and inventory control are important for Brickworks' near-term outlook and highlight the company's focus on improving cash generation. Macquarie lifts its target price by 0.4% to A$27.40 and stays neutral on the stock, which is at A$28.52 ahead of the open. (stuart.condie@wsj.com)

2342 GMT - Brickworks keeps its bull at Citi despite a challenging near-term outlook for building products. Analyst Suraj Nebhani reminds clients in a note that lower interest rates could drive improved demand. Rates are already falling in the U.S., where Brickworks has manufacturing operations, and Citi sees Australia's central bank easing monetary policy in 2025. Falling rates should also be positive for valuations of Brickworks's property portfolio, he adds. Citi trims its target price 2.4% to A$36.60 and keeps a buy rating on the stock, which is at A$28.52 ahead of the open. (stuart.condie@wsj.com)

2334 GMT - Macquarie analysts stay cautious on Premier Investments as cost-of-living pressures weigh on their outlook for the retail conglomerate's Smiggle stationery brand. The analysts see potential for consumers to trade down to cheaper brands amid macro headwinds. More positively, Peter Alexander sleepwear was the standout performer in Premier's annual result, they tell clients in a note. They lift their fiscal 2025 sales growth forecast for the brand to 7% from 4%, but now see Smiggle sales declining by 1.5%. They cut their target price 4.8% to A$31.90 and stay neutral on the stock, which is at A$30.67 ahead of the open. (stuart.condie@wsj.com)

2320 GMT -- The next catalyst for Australian bank shares could be offshore selling based on macro-economic concerns, Macquarie analysts say. They tell clients in a note that domestic superannuation funds have scooped up about A$6.4 billion in bank shares over the past 12 months, driven by net inflows rather than any change of strategy. They reckon that super-fund contributions are likely to be neutral to the performance of bank shares to the overall market, leaving offshore selling as the next potential catalyst: one that would result in sector underperformance. (stuart.condie@wsj.com)

0541 GMT - Megaworld's 2025-2026 net income is likely to grow 10% per year, driven by residential sales and mall rentals, Maybank Securities analyst Raffy Mendoza says in a research report as the brokerage resumes coverage of the stock with a buy rating and a target price of 3.20 Philippine pesos. The real estate company's residential business focuses on upper middle to high-end buyers, and more than 70% of its projects launched in 1H target them, with this ratio likely to stay the same for rest of 2024, the analyst says. For malls, the Philippine company has a healthy pipeline of over 150,000 square meters of new gross leasable area for next two years, the analyst adds. Shares are 0.5% lower at PHP2.15. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires