OUR QUEST IS NOT TO BE BULLISH OR BEARISH, BUT TO CORRECTLY ASSESS FUTURE TRENDS

Citi rates GMD as Buy

Genesis Minerals’ 1H FY26 result was in line with Citi's expectations. The analyst assumes the scheme to acquire Magnetic Resources ((MAU)) proceeds and sees synergies justifying the premium.

The broker also updates its financial model to incorporate Lady Julie gold deposit (part of the Magnetic takeover) located near Laverton in Western Australia.

Citi maintains assumptions of a Leonora mill upgrade to 3.75Mtpa in Q1 FY28, with Laverton at 3Mtpa. Upside exists if Laverton expands to 4.5-5Mtpa and group output approaches 500koz, in the analysts' view.

Long-term strategy timing shifts to Q1 FY27, the broker notes, reflecting the pending acquisition. Forecasts have been updated to incorporate Lady Julie.

Citi retains a Buy rating and raises its target to $10.20 from $10.10. 

Shaw and Partners rates PLY as Buy

Playside Studios has secured a global publishing agreement with MVRX Games for Dew, with Shaw and Partners highlighting the title strengthens the company’s publishing pipeline ahead of its planned 2028 PC and console release.

The broker notes Playside will fund development advances in the low to mid single-digit millions and receive a share of net revenue, while pointing to the pedigree of the Unravel development team as supportive of commercial prospects.

MOUSE: P.I. For Hire is scheduled for release on 19 March 2026 and currently ranks number 18 on Steam’s most wishlisted unreleased titles, with wishlists estimated to be approaching 1.3m versus 1.2m confirmed in Dec25 and a 1.4m launch target.

The analyst expects 1H26 revenue of $19-20m and EBITDA of $8-10m, including a $7.8m benefit from the FY25 Digital Games Tax Offset claim.

Shaw and Partners retains a Buy rating and 44c price target.

UBS rates RFF as Neutral

At first glance, Rural Funds reported 1H26 funds from operations of 5.5c, some -10% below UBS and consensus expectations of 6.1c, with the analyst attributing the miss to lower income and higher net interest expense, likely reflecting less capitalised interest.

Income of $48.6m exceeded estimates, while gearing increased to 40.1%, above the 30–35% target range, with LVR at 48.6% versus a sub-60% covenant.

Pro forma gearing was flat at 39.1% after $60.7m of divestments, but debt costs are expected to be a headwind. Management's FY26 guidance for funds from operations of 11.7c and dividend of 11.7c was reaffirmed.

Neutral Target $2.11.