Research notes

WBC published a trading update ahead of its 1H26 result due for release on 5 May. Implied revenues were weaker, costs lower, and credit impairment charges higher than our and market expectations. We revise our rating from TRIM to SELL as total return expectations at current prices have fallen below the -10% trigger. We estimate c.18% price downside risk partly offset by c.3.8% forecast cash yield. Target price $34.06.

AstraZeneca is an Anglo-Swedish multinational pharmaceutical and biotechnology company headquartered in Cambridge, England. It is science-led and patient-focussed within its four primary therapy areas: Oncology, Biopharmaceuticals, Vaccine and Immune Therapies; and Rare Diseases. AstraZeneca is focussed on the discovery, delivery and commercialisation of prescription medicines.

We initiate coverage on Koala Company with a BUY recommendation and $5.13 target price. We think there is a degree of conservatism embedded in both our forecasts and valuation, with the balance of risk skewed to the upside. Koala offers an attractive growth profile, underpinned by strong sales growth, margin expansion and significant NPAT growth. The stock screens cheap on a multiple basis, trading on 18.5x FY27 PER versus the peer set average at 27.0x, despite offering one of the strongest growth profiles.

We have adjusted our CY26 production forecasts to better reflect the phasing of maintenance across assets and a revised production mix between cathode and sulphide output at Mantos Blancos and Mantoverde. Net these changes our target price moves to A$15.40ps (previously A$16ps) and we maintain our BUY rating.

BMC has received a positive Decision Document from the Government of Yukon for development of the ABM deposit at the Kudz Ze Kayah (KZK) Project. This represents the key de-risking milestone for KZK, addressing what has historically been the primary development headwind. We maintain our SPECULATIVE BUY rating and A$5.70ps price target (previously A$4.90), with the uplift driven by refreshed precious metals price assumptions and reduced permitting risk. The recent de-risking supports our assumption of future equity funding at 0.7x NAV (previously 0.6x NAV), resulting in lower dilution and a reduced forecast SOI.

A2M’s FY26 earnings downgrade was due to factors largely out of its own control, being higher freight/supply chain costs associated with the conflict in the Middle East and delays getting product released (enhanced testing and customs clearance) following peer recalls. Importantly, the demand for its products is strong. Guidance has been revised due to supply constraints (lower sales and product mix issues dilute margins) and higher costs. We have revised our forecasts. In our view, while some of the issues are one-off in nature, increased costs associated with the conflict are likely to continue into FY27. Despite this, we still expect strong growth in FY27 given A2 Pokeno is expected to break even and new China label (CL) IF products will be launched. Following material share price weakness, we upgrade to an ACCUMULATE recommendation with a new price target of A$8.70 (was A$9.50).

MVF has received a revised takeover proposal of 100% of shares from a consortium (Genesis Capital and Soul Patts) for $0.90 per share via Scheme of arrangement. This is up from the previous offer of $0.80 offer rejected in November 2025. The consortium has flagged this as the best and final offer (in absence of a competing bid) and is valid until 21 April 2026. As at 24 November 2025, the consortium held ~19.6% of ordinary shares on issue. We have made no changes to forecasts but have increased our target price in line with the offer price of $0.90. We have a SPECULATIVE BUY recommendation.

We have updated our 2H26 forecasts to reflect weather impacts in 3Q26, which we expect to have a modest effect on Onslow iron ore shipments, alongside minor increases to cost and capex assumptions driven by inflation in shipping and fuel. We have also incorporated our revised LT iron ore price of US$85/t (previously US$80/t). Net these changes our target price moves to A$67ps (previously A$68ps) and we move to an ACCUMULATE rating (previously BUY) as recent share price strength has reduced valuation upside.

GQG has provided a March FUM update. Whilst GQG monthly outflows remained negative (-US$1.2bn), they did improve significantly on the February and January levels (-US$3.2bn and -US$4.2bn respectively), albeit it was a more difficult month for investment performance (-~US$9bn) - in line with market volatility. We lower our GQG FY26F/FY27F EPS by -5%-8% based on the reduced FUM levels detailed in the quarterly. Our PT is set at A$1.92 (previously A$2.03). We continue to see medium-term value in GQG, but with less upside to our PT we move from BUY to ACCUMULATE.

Wrkr (WRK) is an Australian regtech company that helps employers simplify workforce compliance across the hire to retire lifecycle. FY26 is a critical transition year for WRK, with the onboarding of large client wins setting it up to turn a profit in FY27. With a strong balance sheet (A$16m of cash at 1H26) and playing in markets supported by regulatory tailwinds, we think WRK is well positioned to deliver sustainable growth. We initiate coverage on WRK with a BUY recommendation, with the stock trading at a ~25% discount to our blended valuation of A$0.14 per share.