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

Shaw and Partners rates A1M as Buy, High Risk

Shaw and Partners highlights from AIC Mines’ 1H26 results that earnings (EBITDA) increased by 59% to $48.6m and net mine cash flow was $23.3m following -$29.4m of capex. It's felt production and copper prices will drive a stronger second half.

The broker highlights the mill produce 6,526t of copper at a cost (AISC) of -$4.92/lb, with ten consecutive quarters meeting guidance.

March quarter output of 3,100-3,300t is targeted by management, with FY26 guidance maintained at 12,800t.

Development at Jericho and a 30%-complete plant expansion support growth, suggest the analysts. 

Shaw retains a Buy High Risk rating and target of $1.10.

Bell Potter rates ALL as Buy

Aristocrat has reiterated its Group NPATA growth and divisional outlook from November 2025, and again expects performance to be weighted to the second half.

Bell Potter notes Gaming conditions remain supportive, with management targeting 4.0-5.0k net unit additions in FY26, and it expects fee per day to rise across the year, albeit implying a strong 2H is required to meet consensus.

The analyst highlights ongoing strength in Product Madness, supported by direct-to-consumer migration, while noting the FY26 comparison is impacted by the prior sale of Big Fish which contributed US$100m of revenue in FY25.

Interactive content revenue growth is tracking below aspirations, with additional investment expected to weigh on FY26 profit, while the FY29 US$1bn revenue target remains in focus and Lightning Link is expected to launch in July 2026.

Bell Potter retains its Buy rating but cuts its target price to $70 from $80, with its EPS forecasts lowered by -6%, -5% and -5% across FY26-28.

UBS rates CDA as Neutral

Codan posted a result in the first half that was in line with guidance, amid net profit growth of 55%. Metal detection stood out with earnings growth of 86%.

UBS assesses, while metal detection as a cyclical business, the margins/returns that can be generated when the cycle is at its peak are impressive.

Zetron had a more challenging period given some funding delays yet the company is optimistic it has turned a corner and returned to growth in January and February.

The broker remains attracted to the global growth opportunity but considers the stock is fair value and retains a Neutral rating. Target is $37.