Research notes

WHC delivered a strong beat against consensus in 3Q with exceptional results for Saleable Coal Production (+9%) and Sales of Produced Coal (+13). FY26 guidance remains intact with high confidence in landing in the upper half of guidance, supported by strong sales and operational momentum coming into 4Q. Refinancing complete – A$50-55m annual interest savings locked in. We maintain an ACCUMULATE rating on WHC with a price target of $9.20ps.

6KA delivered a strong March quarter update, with revenue up 88% to US$6.2m. This implies an annualised run-rate of ~US$25m, up from ~US$22m in 4Q25, driven by solid demand from both new and existing customers. The run-rate is also ahead of our CY26 revenue forecast of US$22.8m, with the company capturing market share and improving operational metrics. Both the Powder (+100%) and Alloy (+70%) products divisions delivered strong revenue growth on the pcp, with a higher order backlog supporting sales momentum over coming months. We make no changes to earnings forecasts. In our view, 6KA remains well positioned to benefit from strong demand in metal additive manufacturing and US initiatives to reshore critical minerals, supported by its fully domestic powder production which reduces reliance on foreign-controlled feedstock. SPECULATIVE BUY rating and $1.30 target price maintained.

IFM Global Infrastructure Fund has launched an off-market takeover bid for the c.65.5% of ALX shares that it does not already own. A key condition precedent for the takeover bid to proceed is OTPP waiving its option to sell ALX its stake in the Chicago Skyway. Given IFM’s existing large (and growing) stake in ALX and the OTPP poison pill we believe it unlikely that a counter-bidder will emerge. Hence, our assessment is that risk at current prices is skewed to the downside ($4.22/share) rather than upside ($5.10/share). TRIM into current share price strength.

RWC has reaffirmed all earnings guidance, including regional and group outlooks, for 2H26 and FY26. Against an uncertain global macro backdrop and the potential impact of higher oil prices stemming from the Middle East conflict, the trading update was better than feared. In relation to the expected impact from US tariffs, while there have been several changes since the 1H26 result in February, the anticipated impact on RWC’s earnings in FY26 and FY27 remains unchanged. We make no changes to FY26 earnings forecasts but reduce FY27 and FY28 underlying EBITDA by 2%, reflecting a more modest earnings growth profile amid ongoing subdued housing conditions. Despite the adjustments to earnings forecasts, our target price increases to $3.25 (from $3.00), reflecting an uplift in our PE valuation multiple to 12x (from 11x) following the better-than-feared trading update. HOLD rating maintained.

IMR posted its 1Q26 cash flow report. While sales remain modest the underlying cash burn was higher than the previous quarter and expected to normalise around US$6m. During the quarter one-off costs related to the purchase of 40 generators which were part of an in-house transitioning process. Cash at the end of the quarter was US$32.9m, representing 5.5 quarters of underlying cash burn. We have made no changes to forecasts. However, a higher risk-free rate (house view), sees our DCF valuation reduce to A$2.63 (was $2.71). We maintain our SPECULATIVE BUY recommendation with numerous catalysts approaching.

Johnson & Johnson is an American multinational pharmaceutical and medical technologies company head quartered in New Jersey. The company manufactures health care products and provides related services for the pharmaceutical and medical devices markets. It develops and sells prescription pharmaceuticals and medical technology worldwide.

JDO provided a 3Q26 trading update, which included reaffirming its FY26 earnings guidance range albeit now expected to be at the bottom end of the range given it conservatively topped up its expected loan loss provision. We view JDO’s recent share price weakness as a buying opportunity for a stock with high growth potential, increasing the margin of safety for the investment. Upgrade from ACCUMULATE to BUY. Potential TSR at current prices is c.49%.

Strong beat and capital returns increased: NEM delivered a strong beat across multiple operating and financial metrics, while completing its US$6bn buyback and announcing a further US$6bn program. The result reinforces NEM’s positioning as a high-quality, cash-generative gold producer with strong balance sheet flexibility and increasing capacity to return capital to shareholders. Maintain BUY rating with a A$208ps target price.

M7T released its 3Q cashflow report with a downgrade to FY26 revenue guidance with expected Middle East capital sales delays offset by operating cost base reductions well ahead of expectations. Optics around the downgrade were clearly not positive, but also not surprising given the geopolitical tensions in the area likely pushed these decisions. Delayed not lost, but still a step back. On the positive side, a lower operating cost base sets up stronger operating leverage from FY27, however focus still firmly sits on the topline which has struggled to advance in recent years. Given the weaker optics, we see this as an opportune time to push a risk-on bear-case scenario with a view to review as risks alleviate while still noting the material upside. Our target price reduces to A$0.44 p/s. BUY recommendation retained.

Record production +8% ahead of consensus expectations and costs -13% ahead of consensus expectations highlights PLS’ strong operating leverage. Strong cash build supports growth and potential shareholder returns. Move to a TRIM rating (previously HOLD) with a A$5.40ps target price. PLS is our preferred lithium exposure, but we see much of the near-term upside priced in and suggest selectively trimming positions.