Research notes

After a long suspension (since 22 August 2025), CTD has resumed trading after lodging its FY25 and FY26 audited accounts. Material earnings restatements have been made. Following years of overcharging clients, CTD will refund them A$246m by 30 September 2027, supported by its new A$175m debt facility. FY27 guidance will be provided at the AGM. We forecast earnings to fall materially due to a higher AUD, reduced special project work and higher corporate costs. Earnings growth should resume from FY28 given new management’s strategy. The acceleration of new client wins in the first two months of FY27 is encouraging. Given what has gone on, it will take time for confidence to rebuild and risks remain. However, we think CTD is a turnaround story under new leadership with material upside potential if it executes. We resume coverage with a BUY and A$3.06 PT.

ARX has reported positive interim results from the MASTRR Registry showing low infection rates which we expect will support greater surgeon adoption. We sit towards the upper end of the FY27 guidance which has revenue forecast to grow at 18% (mid-point). We have made no changes to forecasts or target price. The share price continues to languish despite operational and clinical progress; with 45% upside to our target price, we think ARX is undervalued. Buy.

EIQ has received a Not Substantially Equivalent (NSE) determination on its initial EchoSolv HF 510(k), despite an extensively validated dataset generated in line with FDA guidance. The device cannot be marketed under this application as submitted, pushing back the biggest near-term catalyst and revenue driver. Decision is a setback, but the timing points to a fixable problem. The determination landed day 264 of the FDA's 270-day clock, leaving the agency no scope to seek further information and forcing a decision on what it had. Management confirms a single outstanding statistical point, not a safety or clinical issue, and says the letter invites resubmission. We read this as a file closed on expiry rather than a technology rejected, and the 510(k) route stays open. In any case, the regulatory and timing risks have increased, reflected in a valuation cut to A$1.10. Warrants the negative market reaction but ultimately view the validity of the tool as intact, this reads as a setback in how the data was presented and assessed, not a failure of the underlying technology itself.

The current Patterson Lake South (PLS) resource may only represent part of the story - The mine plan supports ~9Mlbpa over nine years, yet mineralisation remains open at depth and along strike, drilling density declines materially below 350m. We expect the resource and mine life to increase materially in time. Simply simple - PLS is one of the highest-grade undeveloped uranium projects globally, but its development plan is surprisingly conventional, with a TBM decline, proven mining methods, a standard Athabasca processing flowsheet and uncomplicated tailings storage reducing technical risk. We maintain an ACCUMULATE rating with a reduced price target A$13.30ps (previously A$14.10ps) with the removal of our 10% price premium.

NVIDIA Corporation is an American semiconductor company and a global manufacturer of high-end graphics processing units (GPUs). The company is based in California and has five operating segments: (1) Data Center, (2) Gaming, (3) Professional Visualisation, (4) Automotive, and (5) Original Equipment Manufacturer (OEM). As the engine of Artificial Intelligence (AI), NVIDIA is committed to accelerating the growth of generative AI, by recognising it as a new computing platform, like the PC, internet and mobile-cloud.

Salesforce was founded in 1999 in San Francisco, California. It is the leading Customer Relationship Management (CRM) software provider and pioneered Software as a Service (SaaS). Salesforce’s pioneering SaaS model meant it was the first company to have all its software and customer data hosted on the internet and made available via monthly subscription.

SHJ reported FY26 adjusted EBITDA of A$44.7m (A$39.3m pcp) and adjusted NPAT of A$15.8m (A$9.7m pcp). Personal Injury contributed to the strong result, with EBITDA up 18.4% to A$36.6m. Statutory EBITDA was A$31.7m and NPAT A$6.7m, after a A$13.0m write-down on a legacy class action (an A$11.2m revenue constraint increase and A$1.8m of disbursement write-downs). SHJ is considering an appeal. Operating cash flow was steady at A$19.0m. Net WIP rose to A$366.6m, cash fell to A$12.5m and net debt increased to A$86.3m (including leases). A fully franked final dividend of 2.5c was declared (FY26 total 4.0c, vs 5.0c pcp).

FY26 EBITDA of A$152m (-35% yoy) came in slightly ahead of guidance (+2% above the top end) supported by improved performances within Networks/Retail. Turnaround initiatives are beginning to take shape, with emerging signs of improving sales momentum through the 2H (+0.4% LFL in final 5 months), which has carried into FY27 (sales slightly ahead yoy led by Trade parts and Networks). BAP is pointing to modest FY27 sales growth and a materially stronger 2H NPAT skew. The balance sheet position (~1.7x gearing) and signs of operational stability suggest the group can return to earnings growth in FY27. Whilst still early in the turnaround, the group is beginning to make some progress. Upgrade to HOLD.

MYS delivered a solid 2H26 result, with underlying EPS +7% vs 1H26, ROTE approaching double-digits, and a 0.5 cps bump to the DPS. Strategy remains on track, with underlying growth, Auswide merger cost synergies on schedule, accelerated growth in the higher-returning Selfco and TPT Wealth businesses, and potential for further M&A.