Research notes

We make c.2% downgrades to cash EPS forecasts ahead of the FY26 result, largely related to balance sheet growth (moderated). >Minor increase to DCF-based target price, now $35.67/sh. >TRIM retained, given potential TSR at current prices of c.-9%.

TOR has completed a A$25m institutional placement at A$0.19ps, taking pro-forma cash to ~A$31m and funding an expanded exploration push across its >1,000km² Ritz Gold Project. >The raise removes the balance sheet overhang that we think has capped the share price despite consistently strong drill results. With funding secured, a high-quality 351koz (@ 3.1g/t Au) resource and a steady flow of growth-orientated drilling ahead, we see an attractive entry point. >We maintain our SPECULATIVE BUY rating with a target price of A$0.63 per share (previously A$0.68).

ACE has secured a new territory-wide traffic enforcement contract with the ACT Government, worth ~A$63m over an initial 5-year term (up to ~A$210m including 2x 5-year extension options), representing ACE’s largest Total Contract Value (TCV) win to date. >With the staged rollout commencing mid-2027, the contract will largely contribute into FY28+. We lift our FY28F and FY29F revenue and margin forecasts to capture upside from ACE’s contract award, which increases our EBITDA forecasts by ~16% in each year. We see further catalysts ahead for ACE both in Australia and the US. We reaffirm our SPECULATIVE BUY rating with a A$2.10 price target.

We make minor updates to FY26-27 forecasts ahead of the FY26 result, largely related to balance sheet growth (moderated). >Target price unchanged at $31.67/sh. >TRIM retained, given potential TSR at current prices of c.-9%.

MIN delivered a strong 1Q27 result, with record volumes across Mining Services, Onslow and Wodgina, and costs at or below forecasts at most sites. FY27 guidance was maintained across all divisions. >Net debt was -5% qoq to A$4.1bn and is expected to decline further in 1H27 post the receipt of proceeds from its lithium sell-down to POSCO. >BUY maintained with a lower A$61ps target price (from A$65ps).

MFG has hosted its AGM and given a market update. >We read this as a softer market update overall. 1Q27 trading was subdued, with weakness in Financial Markets and Investment Management. Positively, Corporate Finance remains strong, and the MFG/Barrenjoey integration is running well ahead of schedule, with pre-tax synergies upgraded to A$15m p.a. (from A$6m). >We reduce our FY27F/FY28F EPS by 5%-8% reflecting softer trading conditions in Financial Markets in 1Q27 and higher near term costs associated with the NZ business build out. Our PT falls to A$8.66 (previously A$10.25). >Move to BUY rating, with >20% TSR upside.

A solid 3Q26 result, with EBITDA, NPAT and FCF ahead of consensus and FY26 cost guidance improved. >Capital returns continue to run ahead of our expectations, with US$1.9bn returned since the last call. >We lift our cost and capex assumptions, reducing our target price 9% to A$177ps. Move to ACCUMULATE (from BUY).

SLD has initiated a voluntary US recall of certain Evoke Closed Loop Stimulators, due to unintended stimulation or charging failure, with 26 complaints recorded across c3,900 potentially affected implanted devices (0.66%). >SLD has traced the root cause to a third-party manufacturing process, which has subsequently been corrected and validated, and estimates an additional 29 complaints over the remaining life of the affected devices. >No serious patient impairment has been reported, yet given the requirement for surgical replacement, FDA is likely to classify the incident as a Class I recall. >Notably, costs are expected to be contained within FY27 guidance, supported by the potential recovery of affected inventory through a proposed screening process. >FY27-29 forecasts remain unchanged, but our DCF-based target price moves to A$1.61(from A$2.17) on an increased risk profile. SPECULATIVE BUY maintained.

Anglo American (AAL.LSE) is a London-based miner that has spent the past two years cutting back to copper and premium iron ore. Copper comes from Chile and Peru and iron ore from Kumba in South Africa and Minas-Rio in Brazil, alongside a 40% stake in Samancor manganese and the Woodsmith crop nutrients project in the UK.

NCK released a disappointing 1H FY27 trading update, with underlying NPAT guidance of $28-32m (~18% below consensus at the midpoint). ANZ conditions have deteriorated materially, with 1Q27 written sales orders (WSO) down 15% on the pcp and store traffic down ~10% amid a softening housing market and subdued consumer environment. We reduce our NPAT forecasts by 26.9%, 23.7% and 19.5% across FY27-29. We maintain our Accumulate rating and have a $13.89 target price.