Research notes
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Research Notes
2H26: A low growth, low quality beat at a high price
Commonwealth Bank
August 12, 2026
CBA delivered a beat (albeit low quality) of consensus expectations. Forecast changes are minimal. Target price lifted to $120.47. SELL retained, given potential TSR of -27% (including 3.0% cash yield) at current elevated prices and trading multiples.
FY26 result: Macro driving softer volumes/outlook
Seek
August 12, 2026
Seek’s (SEK) FY26 result was largely per guidance and broadly in line with expectations. However, softer outlook commentary around APAC volumes (largely macro driven) and FY27 guidance being meaningfully under consensus led to the stock trading lower on result day. Cost control, operating leverage and solid yield growth were the key positives, in our view. We make several assumption changes and integrate FY27 guidance into our numbers (details overleaf). Our DCF-derived price target is lowered to A$19.90.
International Spotlight
Walt Disney Company
August 12, 2026
The Walt Disney Co. operates as a global entertainment company. It owns and operates television and radio production, distribution and broadcasting stations, direct-to-consumer (DTC) services, amusement parks, cruise lines and hotels. It operates through the following business lines: Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products. The company was founded by Walter Elias Disney on 16 October 1923 and is headquartered in Burbank, California.
International Spotlight
Southern Copper Company
August 12, 2026
International Spotlight
Lundin Mining
August 12, 2026
International Spotlight
Exxon Mobil Corporation
August 12, 2026
Exxon Mobil Corporation (XOM) is an American multinational integrated energy company headquartered in Spring, Texas. ExxonMobil operates across four business segments, Upstream, Energy Products, Chemical Products and Specialty Products, supported by a Low Carbon Solutions business spanning carbon capture, hydrogen and lithium.
Building the global firm
Kelly Partners
August 12, 2026
KPG delivered 18.9% underlying NPATA growth to A$10.8m for FY26, on revenue up 18.2% to A$159.2m. The group now operates 43 businesses across six countries (Australia, US, Ireland, Hong Kong, India and, new in FY26, a Philippines BPO), with the US contributing ~A$25m or ~15% of revenue. KPG's programmatic acquisition strategy continued, with six acquisitions completed in FY26 adding ~A$18.7m-22.2m of annualised revenue (13.9%-16.5% of FY25 revenue). Group run-rate revenue is now ~A$164.2m. Organic revenue growth was 2.9% (4.5% excluding office consolidations and exiting non-profitable clients). Operating-business underlying EBITDA margin held at 28.4% (FY25: 28.3%), with KPG continuing to target 35%.
International Spotlight
SharkNinja
August 12, 2026
SharkNinja (SN.NYS) is a US based, global consumer appliance company. The company operates two core and high-quality brands: 1) Shark – home care and cleaning products (vacuums/steam mops); and 2) Ninja – kitchen appliances (blenders/air fryers/food processors).
International Spotlight
Caterpillar Inc.
August 12, 2026
International Spotlight
Rheinmetall
August 12, 2026
Rheinmetall AG is a leading German defence contractor best known for designing and manufacturing tanks,
cannons, and advanced combat systems. Its crown jewel is the 120mm smoothbore cannon used on the Leopard 2 main battle tank, widely regarded as one of the most precise and powerful tank guns in service. Rheinmetall is also a core industrial partner in the Franco-German MGCS (Main Ground Combat System) programme, aimed at developing Europe’s next-generation main battle tank.
News & insights
October 22, 2026
October 22, 2026
min read
Where high Australian interest rates really come from
Michael Knox (AR: 000259340)
Chief Economist and Director of Strategy
October 20, 2026
October 19, 2026
min read
Investment Watch: Spring 2026 outlook
Andrew Tang (AR: 001007335)
Equity Strategist
Investment Watch is a quarterly publication that delves into key insights for equity and economic strategy. This edition arrives as markets enter the final quarter of 2026 facing higher interest rates for longer. Renewed tension in the Middle East has pushed energy prices back up, and the RBA and US Federal Reserve have both responded by raising rates.
October 14, 2026
October 14, 2026
min read
Why is the ASX underperforming global markets? Where Morgans sees opportunity
Dianne Colledge (AR: 000250860)
Private Client Adviser
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