Reporting season is in full swing and Macquarie has released updated analysis on 3 ASX 200 companies.
It can often be a particularly volatile time for ASX share prices, depending on whether companies impress or disappoint investors with their results and dividend payouts.
Lets see what this broker had to say about these 3 stocks.
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ASX Ltd (ASX: ASX)
For new investors that could be confused by the name, the ASX is the corporation that owns and operates the stock exchange.
It is a public company that operates the largest securities exchange in Australia. It has an effective monopoly in listing, trading, clearing, and settlement of Australian cash equities, debt securities, investment funds, and derivatives.
The company released its FY 25 results late last week. It reported a 7% increase in operating revenue to $1.11 billion and underlying net profit after tax (NPAT) up 7.5%.
Broker Macquarie however remains neutral on ASX shares.
Macquarie has a 12 month price target of $64.50. This indicates limited upside – approximately 3% – from its current price of $62.64.
The broker cut its earnings forecasts because ASX Limited will have to spend an extra $10 million every year, starting FY26 and continuing indefinitely to deal with new compliance requirements from ASIC's recently announced inquiry.
Growthpoint Properties Australia (ASX: GOZ)
Growthpoint Properties Australia (ASX: GOZ) is an Australian real estate investment trust (REIT). It has a portfolio of office and industrial properties.
It has risen roughly 10% over the past 12 months, however broker Macquarie sees limited upside over the next year.
The broker has a neutral rating following its full year earnings results released late last week.
Macquarie has placed a 12 month price target of $2.38. This indicates an approximate 6% drop from its current share price of $2.53.
Macquarie sees Growthpoint Properties FY25 Funds From Operations per security slightly down but ahead of expectations.
The broker sees FY26 guidance broadly in line with consensus, DPS slightly below forecasts. It highlighted office leasing – amid 8% vacancy and 30% upcoming expiries – as the key near-term risk to earnings.
Ventia Services Group Ltd (ASX: VNT)
Broker Macquarie placed an outperform rating on ASX 200 Ventia Service Group shares.
It is an infrastructure maintenance services provider in Australia and New Zealand. Its capabilities include operations and maintenance, facilities management, minor capital works, environmental services, and other solutions.
Its share price has risen by more than 25% over the last 12 months, including a 4% rise last Friday following earnings results.
Macquarie has placed a 12 month price target of $5.55, which indicates an upside of less than 1%.
Based on Macquarie's analysis, the broker sees strong potential for the company. However its current share price may already reflect this.
The broker maintains an outperform rating on Ventia, highlighting a stronger-than-expected margin outlook driven by favourable mix and efficiency gains, with 2H margin uplift and Telco-led revenue growth expected to support FY25–26 earnings.
VNT is pivoting to a stronger margin outlook with EBITDA margins of 8.3%, 20bp better than our fct and +30bp on pcp. Defence & Social Infra (DS&I) and Infra Services the standouts. Margins should lift further in 2H (we fct 8.7%) driven by favourable Telco/IS margin mix (higher-margin segments) and an ongoing efficiency focus. In the medium term, there's opportunity for procurement savings to better leverage VNT's large scale of spend.
