That's because they have recently been named as buys by analysts at Morgans. Here's what the broker is recommending to clients:

Dalrymple Bay Infrastructure Ltd (ASX: DBI)

Dalrymple Bay Infrastructure is the owner of the Dalrymple Bay Terminal, which provides terminal infrastructure and services for producers and consumers involved in Australian coal exports.

It effectively functions as a metallurgical coal export facility that operates as a gateway for coal from the Bowen Basin and forms part of the global steelmaking supply chain.

Morgans believes that recent share price weakness has created a buying opportunity for income investors. It said:

DBI's share price has declined c.14% since its high on its FY25 reporting day in February. We see no factor causing a material change to the fundamental value of the business. Our forecasts and valuation includes the higher interest rate environment and elevated short-term inflation. Hence no change to our $5.35 target price. Forecast changes are negligible.

At current prices we estimate potential TSR of c.21% (including a forecast 6.2% cash yield). We view this as an attractive return (with significant margin of safety) for a defensive but growing infrastructure asset. Hence we upgrade from HOLD to BUY.

As for income, the broker is forecasting dividends of 28 cents per share in FY 2026 and then 31 cents per share in FY 2027. Based on its current share price of $5.07, this would mean dividend yields of 5.5% and 6.1%, respectively.

GQG Partners Inc (ASX: GQG)

Another ASX dividend share that Morgans recently upgraded to a buy rating is fund manager GQG Partners.

It appears optimistic that a recent uptick in its investment performance could be the start of a turnaround after a long period of fund outflows. It said:

GQG has provided a February FUM update.  Whilst monthly net flows remained negative (-US$3.2bn), strong February investment performance (+US$10.5bn), which drove +4.5% FUM growth, made this a positive update in our view. We lift our GQG FY26F/FY27F EPS by +1%-+2%, driven by increased FUM forecasts based on better investment performance than we expected. Our PT rises to A$2.03 (previously A$1.89).

We acknowledge it remains early, but the improved January and February investment performance for GQG might mark the start of a business turnaround. We continue to see the stock as undervalued trading on 8x FY1 PE and an ~11% dividend yield. With >20% TSR upside, we move to a BUY rating, previously Accumulate.

Morgans is expecting very generous dividend yields of over 10% in FY 2026 and FY 2027.

The post Where to invest $2,000 in ASX dividend shares appeared first on The Motley Fool Australia.

After suffering some nasty drops this week, investors couldn't quite summon up the fortitude to end the week higher today. Although the ASX 200 did spend some time in green territory this session, it ended up closing 0.14% lower.

That leaves the index at 8,617.1 points as we head into the weekend.

This uninspiring end to the Australian trading week follows a far nastier morning on the American markets.

The Dow Jones Industrial Average Index (DJX: .DJI) was a car crash-like scene, enduring a 1.56% drop.

Things were even worse for the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC), which lost 1.78% of its value.

But let's get back to the local markets now and see how the various ASX sectors ended their trading weeks.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

What did Dalrymple Bay Infrastructure report?

• Successfully priced A$350 million in 5-year fixed rate senior secured notes at 6.234% per annum
• Issue margin of 160 basis points over S/Q ASW
• Order book more than 2.5 times oversubscribed
• Expected BBB rating from Standard & Poor's
• Settlement due 24 March 2026, subject to standard conditions

What else do investors need to know?

The new notes mark Dalrymple Bay Infrastructure's first ever offering in the Australian Medium-Term Note market, reflecting a step forward in its capital management strategy. The issuance is described as leverage neutral, meaning it won't change the company's debt levels, but aims to provide additional liquidity for committed capital expenditure—not for expansion, but to keep existing assets in top shape.

Joint lead managers for the transaction included ANZ, Barclays/Barrenjoey, and Westpac. The strong investor appetite signals ongoing market confidence in Dalrymple Bay Infrastructure's financial health and creditworthiness.

What did Dalrymple Bay Infrastructure management say?

Managing Director and Chief Executive Officer Michael Riches said:

We are delighted with the strong level of support from investors for our inaugural issuance in the Australian medium-term note market. Accessing a new debt capital market further diversifies DBI's funding base at attractive rates.

What's next for Dalrymple Bay Infrastructure?

The company says the proceeds will support its committed non-expansionary capital expenditure plan, helping maintain and enhance its world-class Dalrymple Bay Terminal. Management notes that tapping a new debt market fits the broader strategy to deliver value to security holders through stable cash flow and prudent funding.

Looking ahead, Dalrymple Bay Infrastructure aims to keep funding flexible, ensuring it can continue to provide reliable infrastructure for the global metallurgical coal export supply chain.

Dalrymple Bay Infrastructure share price snapshot

Over the past 12 months, Dalrymple Bay Infrastructure shares have risen 39%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 11% over the same period.

View Original Announcement

The post Dalrymple Bay Infrastructure successfully issues inaugural A$350m medium-term note appeared first on The Motley Fool Australia.

If you are, then it could be worth hearing what analysts at Morgans are saying about the popular shares named below.

Are they buys, holds, or sells? Let's see how the broker rates them:

Dalrymple Bay Infrastructure Ltd (ASX: DBI)

Morgans thinks that recent share price weakness makes this coal terminal operator an ASX share to buy now.

This week, the broker has upgraded its shares to a buy rating with a $5.35 price target. Morgans likes the company due to its defensive qualities and attractive dividend yield. It said:

DBI's share price has declined c.14% since its high on its FY25 reporting day in February. We see no factor causing a material change to the fundamental value of the business. Our forecasts and valuation includes the higher interest rate environment and elevated short-term inflation. Hence no change to our $5.35 target price. Forecast changes are negligible.

At current prices we estimate potential TSR of c.21% (including a forecast 6.2% cash yield). We view this as an attractive return (with significant margin of safety) for a defensive but growing infrastructure asset. Hence we upgrade from HOLD to BUY.

GQG Partners Inc (ASX: GQG)

Another ASX share that Morgans has been looking at is GQG Partners. While the fund manager reported net fund outflows during February, the broker was pleased to see its investment performance improve markedly.

It feels this could represent a turning point for the company and has upgraded its shares to a buy rating with a $2.03 price target. The broker said:

GQG has provided a February FUM update.  Whilst monthly net flows remained negative (-US$3.2bn), strong February investment performance (+US$10.5bn), which drove +4.5% FUM growth, made this a positive update in our view. We lift our GQG FY26F/FY27F EPS by +1%-+2%, driven by increased FUM forecasts based on better investment performance than we expected.

Our PT rises to A$2.03 (previously A$1.89). We acknowledge it remains early, but the improved January and February investment performance for GQG might mark the start of a business turnaround. We continue to see the stock as undervalued trading on 8x FY1 PE and an ~11% dividend yield. With >20% TSR upside, we move to a BUY rating, previously Accumulate.

Rio Tinto Ltd (ASX: RIO)

Lastly, Morgans highlights that Rio Tinto's shares have pulled back recently.

While the broker believes that value is emerging, it isn't quite enough for a buy recommendation. As a result, Morgans has upgraded the mining giant's shares to a hold rating with a $147.00 price target. It commented:

We upgrade RIO from TRIM to HOLD with a revised target price of A$147 (prior A$146). The recent share price pullback closes the valuation stretch, while a lift in our medium-term iron ore assumption from US$80/t to US$85/t provides a firmer earnings floor. RIO remains a top-tier diversified miner.

Not cheap enough for a BUY, but the pullback removes the overshoot that justified TRIM. Iron ore earnings platform, copper and aluminium leverage, and lithium optionality, RIO represents an attractive mix with good execution in the Pilbara and Oyu Tolgoi.

The post Buy, hold, sell: DBI, GQG Partners, and Rio Tinto shares appeared first on The Motley Fool Australia.

Shares looking cheap

The analyst team at Morgans has published a research note to their clients this week, simply noting that shares in the ports operator have fallen from their peak of $5.43 when the company's results were published in late February to $4.65 when their report was published.

The shares have made up a bit of that loss on Friday morning, trading 5.2% higher at $4.89, but the thesis still holds, with Morgans having a price target of $5.35 on the shares, which also pay a healthy dividend yield of 6.2%.

The Morgans team said of the stock:

We endorse a Buy rating for DBI, with a $5.35 discounted cash flow-based target price and dividend per share guidance of 26.375 cents (paid quarterly) for the 12 months to June 2026 (and a target to grow dividend per share by 3-7% per year over the foreseeable future). We believe DBI may appeal to investors seeking dependable and growing yield and defensive elements for their portfolio. Key risk is a value dilutive capital raising and/or M&A.

Steady as she goes

Having a look at the recently announced full-year profit, it was a solid outcome for the company.

Dalrymple Bay reported terminal infrastructure charge revenue of $307.6 million, up 3.9% on the previous year, and EBITDA of $294.3 million, up 5.2%.

The total dividend payout of 24.625 cents for the year was an 11.9% increase.

Dalrymple Bay Managing Director Michael Riches said of the result:

Dalrymple Bay Infrastructure's FY-25 performance reflects the continued resilience of the business and the consistency of its earnings profile. Financial performance was underpinned by the stability of DBI's take-or-pay contracts, growth in the underlying terminal infrastructure charge and the continued delivery of revenue-enhancement and cost-efficiency initiatives. The December refinancing has improved balance sheet flexibility and reduced funding costs, while preserving substantial debt capacity to fund committed NECAP projects at a lower cost of capital. The refinancing has demonstrated the strong credit profile of DBI and that there are other low cost sources of debt capital open for DBI to access for future refinancings. This should continue to allow DBI to improve its balance sheet, lower interest costs and reduce refinancing risk.

The ASX 200 infrastructure company was valued at $2.32 billion at the close of trade on Thursday.

The post Recent share price weakness makes this ASX 200 infrastructure stock a buy, Morgans says appeared first on The Motley Fool Australia.

Company overview

Dalrymple Bay Infrastructure owns and operates the metallurgical coal export facility at Dalrymple Bay. The facility is located at the Port of Hay Point, south of Mackay in Queensland. 

It is the world's largest coal export facility, serving the coal-rich Bowen Basin. It is an important link in the global steelmaking supply chain. 

The company provides handling and loading capacity to independent customers shipping coal for export.

Its share price has risen significantly in the past 12 months, up 35.3%. 

For context, the S&P/ASX 200 Industrials (ASX:XNJ) index is up roughly 5% in that same span. 

What did it report in February?

In late February, the company released full-year results for the financial year 2025.

This included:

• Terminal Infrastructure Charge (TIC) revenue rose 3.9% to $307.6 million
• EBITDA increased 5.2% to $294.3 million
• Statutory net profit after tax was $29.2 million
• Funds From Operations (FFO) grew 10.6% to $173.3 million
• Net debt stood at $1,975.7 million at year end
• Total distributions for FY-25 climbed 11.9% to 24.625 cents per security. 

The share price spiked following these results, but has since softened over the last week or so. 

Why you should add this ASX 200 stock to your portfolio. 

According to a recent report from Canaccord Genuity, Dalrymple Bay Infrastructure's business model is underpinned by a regulated framework and favourable contract structure. 

This supports defensive, inflation-linked earnings with high cash flow visibility. 

The firm said in yesterday's report the Terminal Infrastructure Charges indexed to inflation, 100% take-or-pay contracts, socialisation of un-contracted capacity, and recoverable operating costs collectively drive ~95% EBITDA margins and stable, predictable cash-flow growth with minimal exposure to coal price or volume volatility.

According to Canaccord Genuity, the company's CPI-linked earnings base combined with these incremental initiatives supports a credible pathway to mid-to-high single-digit FFO growth and double-digit dividend growth over the medium term. 

Consensus currently expects a three-year (FY25-28) FFO and DPS CAGR of ~7% and ~10%, respectively.

From a valuation perspective, DBI trades on a forward EV/EBITDA of 14.1x and a forward dividend yield of 5.6%, representing compelling value relative to key ASX infrastructure peers (e.g. TCL at ~25x and 4.9%). Our conviction is further supported by DBI's superior contract visibility and simpler regulatory framework relative to key peers, alongside strong earnings momentum and, in our view, further upside risk to consensus.

The post Should you add this rising ASX 200 stock to your portfolio? appeared first on The Motley Fool Australia.

By the time trading wrapped up today, the ASX 200 had given up a morning lead to close down 0.041%. That small drop leaves the index at 9,022.3 points.

This miserly session for the ASX follows an even nastier start to the American trading week on Wall Street in the early hours of this morning.

The Dow Jones Industrial Average Index (DJX: .DJI) was crushed, dropping 1.66%.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) fared slightly better, but still lost 1.13% of its value.

But let's return to the local markets and take stock of how the different ASX sectors fared amid today's tough trading conditions.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

In the first hour of trading, three ASX 200 shares struck new record highs, amid earnings season continuing today.

Let's take a look.

BHP Group Ltd (ASX: BHP) 

The BHP share price increased 2.4% to a new record of $55.33 per share this morning.

This is the highest price that Australia's largest ASX 200 mining share has traded at in its 140-year history as a listed company.

As we reported, BHP shares breached their previous record, set in mid-July 2021, yesterday.

The BHP share price has been on a positive trajectory since the miner released its 1H FY26 results last Tuesday.

BHP revealed a 28% profit increase to US$5.64 billion and a 46% lift in the interim dividend to 73 US cents per share, fully franked.

Should you consider buying BHP shares at current price levels?

On The Bull last week, Michael Gable from Fairmont Equities gave BHP shares a hold rating.

Gable commented:

Despite recent volatility, I expect commodity prices to continue heading higher during 2026. I believe investors who are still underweight in the resources sector will start to rotate into the miners.

Global diversified miner BHP Group, which recently was the biggest company on the ASX by market capitalisation, is likely to be the top choice of most investors looking for a blue chip company paying a healthy dividend amid the prospect of capital growth. 

Ramelius Resources Ltd (ASX: RMS)

The Ramelius Resources share price lifted 5.7% to an all-time high of $5.16 on Tuesday.

Ramelius Resources reported its 1H FY26 results last Friday.

The gold miner reported a 13% increase in earnings before interest, taxes, depreciation, and amortisation (EBITDA) to $347.7 million.

However, net profit after tax (NPAT) fell 6% to $160 million.

The ASX 200 gold share will pay a fully-franked interim dividend of 3 cents per share.

Should you buy Ramelius Resources shares?

Morgans says yes, retaining its buy rating on the ASX 200 gold share with a 12-month price target of $5.75.

The broker said:

1H26 result was solid with no material surprises, FY26 continues to focus on the integration of Dalgaranga (acquired via ASX SPR) into the RMS asset portfolio.

Key positive: Introduction of new capital management framework and the spartan deal; A$84.9m (net) tax losses remain.

Key negative: Operating cash flow (-3% pcp), free cash flow (-15% pcp) and cash/bullion on hand (-14% pcp) reflect the anticipated grade decline across the RMS Magnet Hub assets.

This was well flagged and should begin to reverse as Dalgaranga ore is introduced into the Magnet operations and ramps through the system …

Dalrymple Bay Infrastructure Ltd (ASX: DBI)

The Dalrymple Bay Infrastructure share price rose 9.4% to a record $5.58 this morning.

Dalrymple Bay Infrastructure released its full-year FY25 results today.

The company reported a 5.2% increase in EBITDA to $294.3 million and a 64% dive in statutory NPAT to $29.2 million.

The NPAT fall was attributed to a $90 million increase in net finance costs due to the one-off early repayment of 2020 USPP notes.

The ASX 200 industrial share will pay a quarterly distribution of 6.75 cents per share.

On The Bull this week, Jonathan Tacadena from MPC Markets rated Dalrymple Bay shares a hold, prior to the results release.

Tacadena said:

DBI operates the world's largest metallurgical coal export facility near Mackay in Queensland.

Recent debt re-financing of $1.07 billion has reduced borrowing costs from 3.26 per cent to 1.56 per cent.

In our view, it was a shrewd play.

These meaningful savings should underpin solid dividend growth of around 6 per cent annually, with potential for more.

The post Buy, hold, or sell? 3 ASX 200 shares at record highs appeared first on The Motley Fool Australia.

What did Dalrymple Bay Infrastructure report?

• Terminal Infrastructure Charge (TIC) revenue rose 3.9% to $307.6 million
• EBITDA increased 5.2% to $294.3 million
• Statutory net profit after tax was $29.2 million
• Funds From Operations (FFO) grew 10.6% to $173.3 million
• Net debt stood at $1,975.7 million at year end
• Total distributions for FY-25 climbed 11.9% to 24.625 cents per security

What else do investors need to know?

Dalrymple Bay Infrastructure completed a major refinancing, securing $1.07 billion in new loan facilities. This refinancing repaid previous debt, covered early repayment costs, and retired $410 million of revolving credit facilities, improving balance sheet flexibility and reducing funding costs.

The company continues to progress $429.6 million in committed non-expansionary capital (NECAP) projects, including the Shiploader 1A and Reclaimer 4 upgrades, which are on track and within budget. These upgrades are expected to boost revenue from July 2027.

Operationally, the business achieved strong safety results, reporting no serious injuries or illnesses for employees or contractors, and only one minor dust-exceedance incident was recorded for the year.

What did Dalrymple Bay Infrastructure management say?

Dalrymple Bay Infrastructure CEO and Managing Director Michael Riches, said:

Dalrymple Bay Infrastructure's FY-25 performance reflects the continued resilience of the business and the consistency of its earnings profile. Financial performance was underpinned by the stability of DBI's take-or-pay contracts, growth in the underlying terminal infrastructure charge and the continued delivery of revenue-enhancement and cost-efficiency initiatives. The December refinancing has improved balance sheet flexibility and reduced funding costs, while preserving substantial debt capacity to fund committed NECAP projects at a lower cost of capital. The refinancing has demonstrated the strong credit profile of DBI and that there are other low cost sources of debt capital open for DBI to access for future refinancings. This should continue to allow DBI to improve its balance sheet, lower interest costs and reduce refinancing risk. The capital allocation review has supported a material uplift in distribution guidance for TY-25/26 to 26.375cps. DBI will continue to focus on growing and managing our business to create long term value for securityholders in line with our stated objectives. Our goal is to continue to deliver sustainably growing returns to securityholders over the long term and FY-25 has been a clear demonstration of our drive to achieve that goal and our ability to execute against our plans and commitments.

What's next for Dalrymple Bay Infrastructure?

Looking ahead, Dalrymple Bay Infrastructure has upgraded its distribution guidance for TY-25/26 to 26.375 cents per security, reflecting a 7.7% increase on previous guidance and targeting future payout ratios at the upper end of the 60–80% FFO band. Management is focused on delivering 3–7% distribution growth each year, supported by stable take-or-pay contracts and ongoing NECAP project investments.

The group will continue to prioritise major NECAP upgrades, organic revenue opportunities, and disciplined debt management. It is also exploring options to diversify through potential acquisitions and alternative uses for its infrastructure while maintaining a strong commitment to ESG and sustainability outcomes.

Dalrymple Bay Infrastructure share price snapshot

Over the past 12 months, Dalrymple Bay Infrastructure shares have risen 36%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 9% over the same period.

View Original Announcement

The post Dalrymple Bay Infrastructure lifts revenue and distributions for FY25 appeared first on The Motley Fool Australia.

The company has a 99-year lease over the Dalrymple Bay Terminal in Queensland, which it has expanded in seven expansion plans over the years to a capacity of 84.2 million tonnes of coal exports from the Bowen Basin per annum.

As the company says on its website:

DBT services mines in the Bowen Basin, a 60,000 square km region in central Queensland that is the world's largest metallurgical coal export region. Metallurgical coal is used for steel production. DBT supports mines in the Bowen Basin to provide a reliable supply of metallurgical coal to steel producers in export markets. DBT is the lowest cost multi-user export pathway for mines located in the central area of the Bowen Basin on average.

Debt refinanced on better terms

The company earlier this week announced it had refinanced $1.07 billion of its debt, using the money to pay off older debt facilities and close some down entirely.

Dalrymple Bay said this week:

The decision to implement the refinancing is part of Dalrymple Bay's proactive approach to managing its debt portfolio. The reduced debt pricing currently available to Dalrymple Bay in the market created the opportunity to refinance the more expensive and less flexible USPP notes.

The company said the refinancing would deliver reduced interest costs of about $75 million out to 2030.

Further share price upside

The team at Macquarie have run the ruler over the new debt package and like what they see, with an outperform rating on Dalrymple Bay shares.

The Macquarie analysts said they calculated the cash flow impact of the refinancing to be about $15 million per year over the next five years, potentially adding 3 cents to the company's dividend.

The analysts had this to say about the company:

We think Dalrymple Bay Infrastructure is a unique investment with dividend growth of 5% and a valuation EV/EBITDA multiple of 13x, which is below comparable port multiples.

Macquarie has a 12-month price target of $5.33 on Dalrymple Bay shares, compared with the closing price of $4.54 on Thursday.

Once dividends are factored in, this would equate to a total shareholder return of 23% over a one-year period if that share price were achieved.

Dalrymple Bay was valued at $2.4 billion at the close of trade on Thursday.

The post Trading near its record high, Macquarie thinks this infrastructure play has even further to go appeared first on The Motley Fool Australia.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Shares in the infrastructure company – which owns the Dalrymple Bay Coal Terminal (DBCT) in Queensland – closed yesterday trading for $4.54. In early afternoon trade on Wednesday, shares are changing hands for $4.77 apiece, up 5.1%.

For some context, the ASX 200 is down 0.2% at this same time.

Today's outperformance is nothing new for the ASX 200 dividend stock, with the Dalrymple Bay share price now up 40.3% since this time last year.

Atop this benchmark smashing share price gain, Dalrymple Bay shares trade on a partly franked 4.9% trailing dividend yield. And the stock has added appeal for many passive income investors as it makes quarterly dividend payouts.

And looking ahead, analysts at Macquarie Group Ltd (ASX: MQG) expect Dalrymple's dividend yield to increase to 5.5% in 2026 and then to 6.1% in 2027. And that's atop of further forecast share price gains.

Here's why.

ASX 200 dividend stock tipped to keep on giving

Dalrymple Bay shares closed up 1.6% yesterday after the company announced that it had successfully secured $1.07 billion of new loan facilities.

With the new facilities reducing the company's exposure to previously existing more expensive and less flexible debt, the ASX 200 dividend stock expects to save around $75 million in interest costs through to 2030.

"This refinance is strongly cashflow accretive to DBI and reaching financial close on these new facilities was a key part of our capital allocation review process," Dalrymple Bay CEO Michael Riches said.

"DBI maintains substantial debt capacity to fund its committed NECAP [Non-Expansionary Capital Expenditure] projects, now at a significantly lower cost and this refinance creates greater flexibility and options," he added.

Commenting on the benefits of the new funding arrangement, Macquarie said:

Upside from the transaction is: No longer is debt risk margins +350bps for additional borrowing. The risk premium has dropped to 150-200bps. Whilst the current debt has locked much of this, all future NECAP financing cost is materially cheaper, lifting the long-term value of DBI.

Macquarie reiterated its outperform rating on the ASX 200 dividend stock. According to the broker:

We think DBI is a unique investment with dividend growth of 5% and a valuation EV/EBITDA multiple of 13x, which is below comparable port multiples. Main upside event is 8X development, and medium-term repricing to capture more of the difference between NQXT [North Queensland Export Terminal] and DBCT [Dalrymple Bay Coal Terminal].

Macquarie increased its price target for Dalrymple Bay shares to $5.33 (up from the prior $4.91), which it said reflects lower funding costs.

That represents a potential upside of 11.7% from current levels. And it doesn't include those upcoming dividends.

The post Up 40% in a year, why Macquarie expects this ASX 200 dividend stock to keep outperforming in 2026 appeared first on The Motley Fool Australia.

What did Dalrymple Bay Infrastructure report?

• Secured $1.07 billion of new loan facilities via subsidiary Dalrymple Bay Finance Pty Ltd
• A$820 million in revolving credit facilities over 3- and 5-year terms from a broader range of lenders
• A$250 million, 2-year term facility arranged with three key relationship banks
• Weighted average margin on new facilities is 1.56% (down from 3.26% previously)
• Approximately $75 million of projected interest cost savings through to 2030
• Maintained investment grade credit rating and compliance with debt covenants

What else do investors need to know?

The refinancing package allowed DBI to fully repay its 2020 USPP Note Series and existing revolving credit lines, reducing reliance on older, more expensive, and less flexible debt. The new facilities also offer enough headroom to support ongoing capital projects, such as DBI's NECAP expansion program.

By locking in lower margins across its drawn debt and expanding its lender group, DBI has improved its balance sheet flexibility and positioned itself to accommodate future funding needs at a lower cost.

What did Dalrymple Bay Infrastructure management say?

Michael Riches, CEO and Managing Director said:

This refinance is strongly cashflow accretive to DBI and reaching financial close on these new facilities was a key part of our capital allocation review process. DBI was able to take advantage of the highly competitive current pricing in the debt markets and its improved credit position to repay higher cost and less flexible debt.

DBI maintains substantial debt capacity to fund its committed NECAP projects, now at a significantly lower cost and this refinance creates greater flexibility and options as DBI considers further capital management opportunities. DBI will continue to proactively assess alternative financing options and markets to improve its balance sheet and enhance returns to shareholders.

What's next for Dalrymple Bay Infrastructure?

DBI says the average tenor of its drawn debt now sits at 6.32 years, only slightly lower than before, and expects to keep refinancing facilities over time as market conditions allow. The company remains fully hedged on foreign currency exposure and about 85% hedged on its drawn debt base rates.

With expanded lender relationships and lower interest expenses, DBI plans to keep investing in its Dalrymple Bay Terminal and supporting NECAP projects to deliver value to security holders through steady cash flows and future growth.

Dalrymple Bay Infrastructure share price snapshot

Over the past 12 months, Dalrymple Bay Infrastructure shares have risen 29%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen around 2% over the same period.

View Original Announcement

The post Dalrymple Bay Infrastructure locks in $1.07 billion refinancing and lower debt costs appeared first on The Motley Fool Australia.

What did Dalrymple Bay Infrastructure report?

• Dalrymple Bay Terminal is fully contracted to its 84.2Mtpa capacity through to June 2028 under take-or-pay agreements
• About 81% of revenue derives from predominantly metallurgical coal mines, with DBT supplying 14% of global seaborne met coal exports in 2024
• The terminal shipped coal to 22 countries from 21 mines owned by 11 major customers in the year to 31 December 2024
• DBI has successfully delivered over $430 million in non-expansion capital expenditure (NECAP) projects since 2008
• Ongoing NECAP works are forecast at $30 million to $50 million per annum, with a strong alignment between customers and operator

What else do investors need to know?

Dalrymple Bay Infrastructure's revenue is underpinned by long-term take-or-pay contracts, which lowers volume risk and supports predictable cash flows. The terminal plays a strategic role in the global steelmaking supply chain, handling a significant portion of Australia's metallurgical coal exports from the Bowen Basin.

The company retains a 75-year lease on the terminal, with the operator owned by a subset of customers managing day-to-day activities. This structure is designed to minimise operational complexity and risk for DBI while aligning investment decisions with customer needs.

What's next for Dalrymple Bay Infrastructure?

Looking ahead, Dalrymple Bay Infrastructure is planning for the 8X expansion, which could increase terminal capacity to 99.1Mtpa. All primary environmental approvals for the expansion have already been secured, and DBI is consulting with customers about next steps.

The company is also exploring a range of funding options—beyond the traditional debt and equity mix—to deliver growth, while maintaining its focus on stable distributions to securityholders. Core sustaining capital works are expected to remain a priority, ensuring long-term operational reliability and customer satisfaction.

Dalrymple Bay Infrastructure share price snapshot

Over the past 12 months, Dalrymple Bay Infrastructure shares have risen 28%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has increased 1% over the same period.

View Original Announcement

The post Dalrymple Bay Infrastructure shares: terminal update and capacity outlook appeared first on The Motley Fool Australia.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Atop its market-beating share price gains, the infrastructure company – which owns the Dalrymple Bay Coal Terminal (DBCT) in Queensland – is also popular among passive income investors for its quarterly dividend payouts.

Now this isn't an investment that's likely to double your money in a year.

But with history as our guide, the ASX All Ords stock can do so given a bit of time.

Here's what I mean.

Over the past 12 months, the All Ordinaries Index (ASX: XAO) has gained 8.0%.

Over this same time, Dalrymple Bay shares have gained 31%, closing yesterday trading for $4.38 apiece.

And that's not including the 23 cents a share in partly franked dividends Dalrymple Bay shares delivered to eligible stockholders over the full year.

At yesterday's closing price, Dalrymple shares are trading on a partly franked trailing dividend yield of 5.25%.

Looking ahead, the team at Macquarie Group Ltd (ASX: MQG) believe the company is well-positioned to keep outperforming.

ASX All Ords stock tipped to outperform

Many companies struggle to pass on the rising costs associated with inflation to their customers.

But Dalrymple is in a strong position there.

"DBI is a unique infrastructure business, with a predictable base income growing with inflation," Macquarie noted.

And the broker expects that the ASX All Ords stock will be able to increase its dividend payouts by 5% every year amid a strong earnings growth forecast.

According to Macquarie:

Replacement/new (NECAP) investment of ~$0.7bn becomes the near-term growth driver in the next five years, adding ~27% to EBITDA, which comfortably translates to 5% pa sustainable dividend growth.

Looking further ahead, the broker added:

Re-contracting with miners in CY31 could see DBI move from the current light-handed regime to an unregulated regime, where it can price relative to alternative ports like NQXT [North Queensland Export Terminal]; this could bring material upside (+$1.00/ ps).

Even if the current regime continues, there is scope to reprice access to reflect higher bond rates compared to 2022 (+$0.26/ps), and recovery for future remediation costs.

Macquarie has an outperform rating on the ASX All Ords stock, explaining, "We think DBI is a unique investment with dividend growth of 5% and a valuation EV/EBITDA multiple of 13x, which is below comparable port multiples."

The broker added, "Main upside event is 8X development [planned expansion of DBCT], and medium-term repricing to capture more of the difference between NQXT and DBCT."

Connecting the dots, Macquarie has a 12-month price target of $4.91 per share for Dalrymple Bay. That's 12% above Tuesday's closing price. And it doesn't include those four upcoming dividends.

The post Why Macquarie expects this inflation-busting ASX All Ords stock to keep outperforming appeared first on The Motley Fool Australia.

Three that have received upgrades are listed below. Let's now dig deeper into these upgrades and see what the broker is saying about these stocks.

TPG Telecom Ltd (ASX: TPG)

Morgans believes that recent share price weakness has created an opportunity for investors to snap up this telco company.

While it has stopped short of labelling TPG shares a buy, it has put an accumulate rating and $5.50 price target on them. Commenting on the stock, the broker said:

Following recent share price weakness, we upgrade TPG to an ACCUMULATE recommendation. Our target price remains unchanged at $5.50. Recent challenges facing Optus could benefit Vodafone's mobile growth while TPG's upcoming capital management initiatives could deliver share price upside.

Dalrymple Bay Infrastructure Ltd (ASX: DBI)

Another ASX stock that has been upgraded recently is Dalrymple Bay Infrastructure. It is the owner of the Dalrymple Bay Terminal (DBT), which is a major coal export facility.

Once again, Morgans made the move on valuation grounds following a period of share price weakness. It has put an accumulate rating and $4.73 price target on its shares. It also expects a generous dividend yield from its shares. The broker explains:

We upgrade DBI to ACCUMULATE from HOLD given recent share price weakness (albeit has bounced off the share price low) upon the exit of its major shareholder. Forecasts unchanged. 12-month target price remains $4.73/sh. We don't view the fundamentals of the business and asset as having changed with Brookfield's exit. At current prices, we estimate DBI may deliver a 12-month potential return of c.16% (including 5.7% cash yield). We view this as attractive given DBI's low risk profile.

ANZ Group Holdings Ltd (ASX: ANZ)

Finally, this banking giant received an upgrade from Morgans following news of its cost cutting plans.

However, that upgrade was from sell to trim with a $29.24 price target, so this isn't unfortunately a signal to buy. Commenting on the bank, Morgans said:

ANZ announced a headcount reduction that it says will eliminate duplication and complexity, stop work that doesn't support its priorities, and sharpen its focus on improving non-financial risk management. The market may be cynical that the cost-out will be reinvested back into the business, and the headcount reduction will reduce the ability of the bank to compete for revenue and/or undertake business improvements. Perhaps these concerns will be discussed with ANZ's strategy update to investors on 13 October. Our target price lifts to $29.24/sh. We upgrade from SELL to TRIM, with 12 month potential TSR of -6%.

The post Why Morgans upgraded TPG, ANZ Bank, and this ASX share appeared first on The Motley Fool Australia.

What did Dalrymple Bay Infrastructure report?

• Michael Riches appointed as Managing Director and Chief Executive Officer effective 30 September 2025
• Jonathon Sellar and Ray Neill resigned as non-executive directors, effective immediately
• Changes follow Brookfield Infrastructure Group's sell down of its remaining holding
• No change to Mr Riches's remuneration arrangements as a result of his new role
• Progress underway to appoint new independent directors to the board

What else do investors need to know?

The board changes come after BIP Bermuda Holdings IV Limited, an entity associated with Brookfield Infrastructure Group, sold its remaining interest in the company earlier in September. As a result, directors Jonathon Sellar and Ray Neill, both Brookfield employees, have stepped down from the board.

Dalrymple Bay Infrastructure said the search for new independent non-executive directors is well advanced. The company expects to announce appointments to bolster the board in the coming months.

What did Dalrymple Bay Infrastructure management say?

Commenting on the news, Hon. Dr David Hamill AM, Chair of DBI, said:

I am delighted to welcome Michael to the Board of DBI, an appointment that reflects the Board's endorsement of his positive impact since commencing as DBI's Chief Executive Officer in March 2024 and the additional contribution he can make to the Company as a director.

What's next for Dalrymple Bay Infrastructure?

Dalrymple Bay Infrastructure is focused on maintaining stability and ensuring strong corporate governance following these board changes. The company is progressing the search for new independent directors and aims to keep the market informed.

DBI continues to operate Dalrymple Bay Terminal, a vital link for Australian metallurgical coal exports, and remains committed to providing value for its securityholders through operational excellence.

Dalrymple Bay Infrastructure share price snapshot

Over the past year, Dalrymple Bay Infrastructure shares have risen 35%, far outpacing the S&P/ASX 200 Index (ASX: XJO) which has increased 7%.

View Original Announcement

The post ASX 200 company announces major board changes appeared first on The Motley Fool Australia.

The company owns and operates the metallurgical coal export facility at Dalrymple Bay. It is the world's largest coal export facility, serving the coal-rich Bowen Basin and is an important link in the global steelmaking supply chain.

Since the start of 2025 its share price is up over 20%. 

However it has recently stumbled, falling more than 12% since its 52 week high back in August. 

Due to the recent fall, broker Morgans now sees the current share price as a value. 

Lets see what the broker had to say. 

Upgraded rating

Morgans has kept the price target for Dalrymple Bay Infrastructure the same, however due to the recent share price fall, now has an "accumulate" rating on this industrials stock. 

On Tuesday, the broker said:

We upgrade DBI to ACCUMULATE from HOLD given recent share price weakness (albeit has bounced off the share price low) upon the exit of its major shareholder. Forecasts unchanged. 12-month target price remains $4.73/sh.

The broker said it doesn't view the fundamentals of the business and asset as having changed with Brookfield's exit. It views this as attractive given Dalrymple Bay Infrastructure's low risk profile.

Based on yesterday's closing price and the current price target, Morgans anticipates the industrials stock to rise approximately 9.74%.

Healthy financials for this industrials stock

For prospective investors, it's worth noting the Half Year 25 results released late last month from this ASX industrials stock: 

• Revenue of $151.1m, up 4.2% on H1-24
• EBITDA of $143.8m, up 5.3% on H1-24
• Statutory net profit after tax (NPAT) of $43.1m, up 17.1% on H1-24
• Announced a Q2-25 distribution of 5.875 cents per security, in line with guidance.

Dalrymple Bay Infrastructure CEO, Michael Riches said:

Dalrymple Bay Infrastructure's H1-25 result continues the strong financial performance of the business, and new revenue initiatives and cost efficiencies implemented over H1-25 will drive further earnings growth through the second half of FY25 as their full year impact is realised.

Dividend upside 

Yesterday The Motley Fool's James Mickleboro reported that Dalrymple Bay Infrastructure was amongst the top dividend shares from broker Bell Potter. 

The broker anticipates a dividend yield of 5.6% to 6% over the next three years.

This means the stock has an attractive upside in terms of capital gain, but is expected to also bring investors strong passive income in the next few years. 

The post Broker upgrades ASX industrials stock tipping 10% upside appeared first on The Motley Fool Australia.

That's the view of analysts at Bell Potter, who believe they are among the best to buy now. Here's what they are recommending:

Dalrymple Bay Infrastructure Ltd (ASX: DBI)

This infrastructure stock could be an ASX dividend share to buy according to Bell Potter.

In fact, it recently sold down its holding in fellow infrastructure stock APA Group (ASX: APA) to fund its position. The broker believes it has a superior long term outlook thanks to its simpler business and predictable growth profile. It explains:

Brookfield completed its exit from DBI, selling its final 26% stake via a block trade. The sell-down created short-term pressure on the share price, and we used this weakness as an opportunity to reposition our real asset/infrastructure exposure. We funded our new position in DBI by exiting APA. We believe DBI presents a superior long-term opportunity due to its simpler, single-asset structure and more predictable growth profile.

In respect to dividends, Bell Potter expects partially franked dividend yields of 5.6% to 6% over the next three years.

Sonic Healthcare Ltd (ASX: SHL)

Another ASX dividend share that Bell Potter is recommending to clients is healthcare company Sonic Healthcare.

It highlights that Sonic is attractive from a dividend perspective due to its growing earnings and rising yields. This is being underpinned by a stabilising operating environment and structural trends. Bell Potter commented:

Sonic Healthcare is a stock that looks attractive on a dividend screen, with rising yields and sustained earnings growth supporting the security of income for investors. SHL's performance has been inconsistent over previous periods where COVID-19 artificially inflated margins, as the business pivoted to provide testing services, with the subsequent decline post-COVID negatively impacting earnings.

We expect the operating environment for SHL to stabilise, with structural population trends providing a tailwind for the business and management's efficiency initiatives beginning to drive margin improvement. Looking ahead, the forecast return to earnings growth in FY26–28 appears relatively defensive, underpinned by SHL's geographically diverse revenue base and the non-cyclical nature of healthcare spending.

As for income, Bell Potter is forecasting partially franked dividend yields of approximately 5% each year for the next three years.

The post Bell Potter names the best ASX dividend shares to buy now appeared first on The Motley Fool Australia.