Agricultural & FMCG

We maintain our Buy recommendation as NOU shows steady 3Q25 growth, with strong dairy and Milklab performance.

We have initiated coverage on Woolworths Group (WOW) with a Hold recommendation.

We have initiated coverage on Coles (COL) with a price target of $21.55 and a Buy rating.

The recent ABARE commodities report highlights the leverage play in BGA’s ingredients business. We see this upside potential as underappreciated by the market.

ING’s share price has remained fairly depressed post-1H24 despite the continued downdraft in both domestic wheat and imported soybean pricing.

ING reported a 1H24 underlying NPAT modestly lower than expectations at $63.4m (BPe $65.5m).