Australian Research at a Glance - May 20, 2026

研报英文原文证据摘录

Australian Research at a Glance - May 20, 2026

AUSTRALIAN RESEARCH AT A GLANCE

Company Comments

Jackson Lee (Analyst) Technology One Limited (ASX: TNE; 27.80)

+61 498 691 277; jackson.lee@rbccm.com Published May 19 2026 12:16:10 EDT

1H26 Result: Overlooking the Obvious?

Rating: Outperform

Price Target: 33.00

Our view: Market overlooked an arguably strong underlying result and instead

chose to focus on some shortcomings: a relatively softer UK print, a lack of big

wins (London boroughs/ Aus Fed Gov), and no additional detail on PLUS customer/

ARR growth. However, with guidance reaffirmed despite FX headwinds, on top

of a strong pipeline and positive read-throughs for PLUS adoption, we think the

ingredients are in place for a strong setup into the 2H and beyond. Adjusting

FY26/27 PBT estimates by +0%/+1%. The negative sentiment weighing on the stock

today is misplaced, in our opinion. Retain $33/share PT and Outperform rating.

Industry Comments

Greg Pardy, CFA (Analyst) Energy Insights

(416) 842-7848; greg.pardy@rbccm.com Published May 19 2026 00:15:00 EDT

Think Carrots Not Sticks

Our view: In our eyes, the Canada-Alberta MOU Implementation Agreement

released on May 15 is laudable for its collaboration and boldness to address

roadblocks but should be looked upon as the block start when it comes to shaping

Canada into an energy superpower. Enhanced oil export diversification and carbon

competitiveness in the oil sands remain shared policy objectives under the vision

of Prime Minister Carney and Alberta Premier Danielle Smith. In our view, these

initiatives are strategically sound, but should neither be mutually dependent nor

carried out in a manner which jeopardizes the global competitiveness of Canada’s

energy sector.