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

Bell Potter rates A4N as Speculative Buy

Alpha HPA has updated on its marketing, with offtake letters of intent exceeding 12,000tpa along with further maturity in commercial supply agreements from stage 1 production.

Bell Potter assesses the company is in a strong position to meet the conditions needed to draw on its $400m in debt funding from Export Finance Australia and the Northern Australia Infrastructure Facility.

Demand modelling, particularly from the AI data centre-driven semiconductor sector, provides further confidence in respect of debt conditions and future expansion.

No change to Speculative Buy rating and $1.50 target price.

Citi rates CHC as Buy

Charter Hall has acquired Sonic Healthcare's ((SHL)) Brisbane laboratory through a $445m sale-and-leaseback transaction, with the asset to be held by Charter Hall-managed vehicles.

Citi highlights the deal includes a 20-year lease with a further 30 years of options and annual CPI-linked rent reviews capped at 3.5%.

The broker views the transaction as supportive of funds under management (FUM) growth and expects further deployment of recently raised equity during FY27.

Citi also anticipates additional sale-and-leaseback opportunities as institutional demand for long-duration inflation-protected assets remains strong.

The analysts retain a Buy rating and raise the target to $26.50 from $23.00.

Citi rates TLS as Initiation of coverage with Neutral

Citi initiates research coverage on Telstra Group with a $5.50 target and Neutral rating, believing much of the upside is reflected in the share price. The medium-term outlook is considered favourable.

The mobile business remains the key earnings growth driver, with the broker expecting structurally improved industry conditions to support a roughly $1bn increase in mobile EBITDA between FY26 and FY30.

Margin expansion is also expected via AI-driven cost reductions and a continued focus on core connectivity services.

Citi believes these initiatives, combined with ongoing mobile growth and a reduced contribution from non-core businesses such as Network Applications and Services, will generate around $13bn in cash earnings over FY26-FY30.

This is expected to underpin dividend growth and support further share buybacks.