The Point for Australia/NZ

Research evidence excerpt

The Point for Australia/NZ

by top line disappointment. Approaching reporting we see limited places for

outperformance (we are ahead for TLX sales) and several things with possible

downside (we are below consensus earnings for COH and RHC, the latter because

we think the UK could miss estimates). Heading into FY27 we see upside risk from

guidance for EBO (we are ahead for EBITDA growth) and possibly downside risk for

COH (we are below for NPAT growth).

Laura Sutcliffe, Ph.D.

Australia Telecommunications Operators - Let’s ‘Telco’ About It : Strong traffic

trends for Superloop, Telstra branded weak but Belong and Boost strong

Our analysis of web visits and app downloads highlights i) web visits acceleration

for Superloop, while app downloads was flat qoq which points to upside risk to

consensus subs forecasts which has net adds down qoq; ii) Branded Telstra app

downloads declining, while MAU decline picked-up which points to churn (we are

below consensus for post-paid SIOs), however Belong and Boost picked-up; iii)

data points for Aussie Broadband are a bit mixed, we see VA consensus subs

forecast as high as it does not seem to account for the removal of Buddy.

Siraj Ahmed

Australia REITs - Rising rental growth a potential demand driver for housing

developers

Australian rental growth accelerated to ~7% annualized in June 2026 following

May budget changes, with Sydney, Brisbane, and Perth leading gains. Despite this

uptick, rental yields remain compressed at ~4% versus mortgage costs exceeding

6%, creating a yield gap. Rising rents are expected to drive first-home buyers into

the market while also improving investor economics and potentially demand.

Notably, investor preference has shifted toward master-planned communities