Macquarie: GNC - Outperform: 1H result well ahead of us and consensus, andguidance lifted 3.4% at mid-point ($285m-325m). 1H benefited fromearnings diversity with trading in non-wheat commodities offsettinglower margins in GNC wheat & canola crush segments. Focus turns to2025/26 winter crop and FY26 earnings. Winter plant progressing wellacross Nth NSW/QLD; this should be supportive for GNC export biz. Dryconditions in South are an offset with less canola planting in VIC likelyto pressure crush margins. GNC balance sheet remains a key advantageoffering optionality regarding growth & capital management.
GNC Price at posting:
$7.85 Sentiment: None Disclosure: Held
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