Research notes

Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions through online and physical stores in North America and internationally. The company’s product offering through its stores includes merchandise and content purchased for resale, and products offered by third-party sellers. It also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire TVs, Rings, Blink, eero, and Echo, and develops and produces media content.

Flutter Entertainment plc is a global sports betting and gaming company headquartered in Dublin, Ireland. Its offerings span online and retail sports betting, online poker, casino games and daily fantasy sports. The company operates through several key brands including Betfair, Paddy Power, Sky Bet, Sportsbet and FanDuel, catering to customers across Europe, Australia and North America.

Microsoft is an American multinational technology company that develops and markets software, services and hardware. The company is best known for its software products, including Microsoft Windows operating systems, the Microsoft Office suite and the Internet Explorer web browser. Its five main operating segments include: Windows & Windows Live Division, Server and Tools, Online Services Division, Microsoft Business Division, and Entertainment and Devices Division.

Linde Plc is a global industrial gases and engineering company. It designs and builds equipment that produces industrial gases. The company also offers gas production and processing services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants and other types of plants. Its primary products are atmospheric gases and process gases.

Freeport-McMoRan (FCX) is an American based miner that is heavily focused on copper mining and produces gold and molybdenum as by-products to its copper production. FCX owns significant interests in three out of seven of the largest copper mines in the world by-production, the Grasberg Minerals district in Indonesia, the Morenci mine in Arizona, and the Cerro Verde mine in Peru. Indonesia is the largest source of FCX’s revenue. The Grasberg district in Indonesia is the second largest copper mine in the world and the largest gold mine, despite gold being produced as a by-product. Additionally, it is one of the lowest cost mines in the world due to the high grades of copper and gold produced. FCX operates seven open pit copper mines in North America and two copper mines in South America.

Meta Platforms, Inc. (formerly known as Facebook, Inc.) is a leading global technology platform business headquartered in Menlo Park, California, US. Co-founded in 2004 by Mark Zuckerberg, Meta's mission is to connect people and build community through its innovative technology portfolio and social networking platforms.

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories.

Light & Wonder (LNW) delivered a better than feared 2Q26 result, beating expectations at the EPSA line, though a softer top line tempered the reaction with shares closing up 4% on the day. Growth in Land-based gaming and iGaming more than offset ongoing softness in SciPlay, but revenue still came in below expectations. The highlight was margin, where disciplined cost management and a favourable mix drove expansion across all three segments. We think most of that gain holds through the balance of the year, even as mix shifts toward lower-margin outright sales in a heavily fourth-quarter weighted finish. We forecast 6.3% growth in consolidated adjusted EBITDA in FY26, with 3Q and 4Q representing 26% and 28% of the full-year outcome, respectively. We maintain our BUY recommendation, with an increased target price of A$174.

PNI’s FY26 underlying NPAT of A$138m (+21% on pcp) came in 7% below Factset consensus (A$148m) and 2% below MorgansF. Despite the headline result miss, we think PNI's FY26 underlying business performance was generally robust, with key business drivers like flows and AUM actually outperforming expectations. Solid progress for PAM and Life Cycle also points to a positive trajectory for PNI's overseas expansion, in our view. Our FY27/FY28 NPAT forecasts are modestly revised down (-1% to -2%), although changes are slightly larger at EPS (-7%) due to a share count adjustment. Our price target falls to A$23.41 (previously A$23.94), with our earnings changes offset by a valuation roll-forward. Maintain BUY call with >20% upside to our price target.

We incorporate the impact of Sydney toll reforms (subject to definitive agreements and various approvals expected in 2HCY26) and 2H26 monthly traffic data into our forecasts and valuation. TCL said the toll reforms were structured to be value neutral and not impact “near term” DPS. We largely agree on value – our target price adjusts -11 cps to $12.63/s albeit this includes actual June quarter CPI lower than we had expected. The near- term DPS impact is mitigated by key reform changes not applying until FY28. In coming years we expect TCL’s EBITDA growth to be constrained by Melbourne weakness while its interest costs (paid and expensed) rise faster than consensus expectations. Our modelling indicates TCL’s DPS in coming years may grow at a similar rate to APA Group (<2%/year). If TCL were to re-rate to APA’s yield then TCL would price in the $12/sh range. TRIM ahead of first-time FY27 DPS guidance.