Research notes

Nestlé SA is the world’s largest food and beverage company. It engages in the manufacture, supply and production of prepared dishes and cooking aids, milk-based products, pharmaceuticals and ophthalmic goods, baby foods and cereals.

Honeywell International is a world-wide diversified technology and manufacturing company. It consists of four key segments: (1) Aerospace, (2) Performance Materials & Technologies, (3) Building Technologies, and (4) Safety & Productivity Solutions. The company was founded in 1885 and is headquartered in Charlotte, North Carolina, United States.

General Motors Company (GM-US), headquartered in Detroit, is a global automotive company known for brands like Chevrolet and Cadillac, offering a diverse portfolio of vehicles. A market leader with considerable scale, GM has global operations and employs over 165,000 staff worldwide.

Netflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and games across various genres and languages. The company also provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, TV set-top boxes, and mobile devices. It has operations in approximately 190 countries and streams in over 30 languages. The company was incorporated in 1997 and is headquartered in Los Gatos, California.

6KA delivered a strong June quarter update, with revenue up 63% to US$7.1m. This implies an annualised run-rate of ~US$28m, up from ~US$25m in 1Q26. Both the Powder (+63%) and Alloy (+62%) segments delivered strong revenue growth on the pcp, with a higher order backlog (+23% qoq) supporting ongoing sales momentum in 2H26. Pleasingly, 6KA said the Burgettstown expansion remains on schedule, with initial production from the expanded facility expected by the end of CY26. On the back of the strong 2Q26 performance, we increase CY26F revenue by 5% to US$24.0m. While our CY27 and CY28 forecasts remain unchanged as 6KA enters the critical stages of the Burgettstown expansion over coming months, strong execution could see upside risk to our medium-term assumptions. Our target price rises marginally to $1.31 (from $1.30) and we maintain our SPECULATIVE BUY rating. 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.

SOM missed FY26 revenue guidance on European reimbursement changes, though disciplined cost control kept EBITDA on target, a demand problem rather than a margin problem. The margin upgrade case we've backed since February isn't dead, but it’s gotten harder with the historical European engine throttling back. Investors may need to see some reversal signs here before getting more positive. Our target price is reduced to A$0.75 (from A$0.99) and retain a Speculative Buy.

IPD posted its 4Q26 report which showed some progress; however, the installed base growth is still below that needed to achieve break-even. The A$5m cost saving initiatives are expected to deliver results evenly over the year, which should see operating cash outflow reduce significantly. We have moderated our revenue forecasts, which have been offset by a lower cost base. As a result, our target price has reduced to A$0.01 (was A$0.02). We maintain a SPECULATIVE BUY recommendation noting this is a high risk play as the company moves towards break-even.

RPL released its preliminary 1H CY26 results on 22-Jul, booking what was another good result for RPL, growing FUM, performance fees and NPAT, all within the context of the company trading on a relatively undemanding PER (CY27) of ~9x. The share price has declined 6% since the result, something we attribute to the slightly lower FUM (and management fee). An impact we consider relatively de minimis, given fund performance is the key forward indicator for future FUM growth. On this basis, we reiterate our BUY recommendation with a $4.00/sh price target (previously $4.20/sh).

TTX posted a solid 4Q26 cash flow result, noting positive operating cash flow for the quarter because of the receipt of the Superpower Health licence fee. Following a A$15.6m capital raise, TTX is in a strong financial position, in our view, with multiple catalysts expected to drive the share price, including FDA approval for bone regeneration products and launch of the product through Superpower Health. We have revised up our FY26 forecasts on a lower cost base and our long-term Precision Medicine forecasts, reflecting a higher level of confidence in its growth prospects. Our target price increases to A$8.59 from A$7.15 and we maintain our SPECULATIVE BUY recommendation.