Australian Research at a Glance - June 17, 2026

Research evidence excerpt

Australian Research at a Glance - June 17, 2026

AUSTRALIAN RESEARCH AT A GLANCE

Company Comments

Owen Birrell (Analyst) Brambles (ASX: BXB; 18.71)

+61 3 8688 6519; owen.birrell@rbccm.com Published June 16 2026 06:22:53 EDT

Tom Peyton (Associate)

+61 3 8688 6502; tom.peyton@rbccm.com Barcelona site visit - Ready for further automation, but scale required to justify

the investment

Rating: Outperform

Price Target: 27.00

Our view: CHEP EMEA has hosted a site visit of its service centre in Barcelona,

Spain. Overall the centre was consistent with other CHEP facilities with a similar

level of manual and automated repair processes, though we noted a higher level of

sortation acccomdating more pallet types coming in (Euro, UK, Düsseldorf, Plastic)

and specifications going out (premium/standard, ISPM rated). Our discussions

highlighted further automation, remains inherently tied to return hurdles, with

scale and current investment cost the key limiting factors. We remain Outperform

rated.

Gordon Ramsay (Analyst) Karoon Energy Ltd. (ASX: KAR; 1.65)

+61 3 8688 6578; gordon.ramsay@rbccm.com Published June 16 2026 08:58:49 EDT

Alistair Rankin (Analyst)

+61 3 8688 6551; alistair.rankin@rbccm.com 2026 production guidance revised down

Rating: Sector Perform

Price Target: 2.30

Our view: Karoon's 2026 production guidance has been revised down due to delays

in restoring production at Who Dat following a riser leak in February 2026. While

Karoon's Brazil production guidance is unchanged, we are now below the midpoint.

Karoon is unhedged and has the highest oil price leverage in our Australian E&P

coverage universe. In our view, Karoon investment requires more certainty on its

production / cost outlook and increased confidence in reaching an oil price floor.