J.P. Morgan Australia FTM 11 Jun 26 Wesfarmers Limited; Sigma Healthcare Ltd; GQG Partners and More

研报英文原文证据摘录

J.P. Morgan Australia FTM 11 Jun 26 Wesfarmers Limited; Sigma Healthcare Ltd; GQG Partners and More

Asia Pacific Equity Research

Australia First to Market 11 June 2026

Top Stories

Wesfarmers Limited (Bryan Raymond) (WES AU, UW)

Investor Day - Kmart the standout long term growth opportunity

Wesfarmers investor day focused on the long-term earnings opportunity, looking through short-term trading volatility. A clear

focus across the retail divisions on AI and Agentic Commerce places Wesfarmers amongst the leading retailers in Australia, in

terms of integrating AI into the front and back end of the businesses, in our view. This will likely contribute both sales growth

and efficiency gains across the business, however this is difficult to build into forecasts at this stage. We cut NPAT forecasts by

-1.2% in FY26e and -2.1% in FY27e, with FY28e broadly unchanged (+0.3%) following revisions to CEF, Mt Holland and

Officeworks. Our price target is reduced from $72.00 to $71.00, as we maintain our Underweight rating, as core retail EBIT

growth (Bunnings, Kmart, Officeworks) of +3.2% in FY27e and +6.6% in FY28e does not justify a 29.4x FY27e PER, in our

view.

Sigma Healthcare Ltd (Bryan Raymond) (SIG AU, OW)

These Boots are made for walking (away)

Sigma confirmed press reports that it is “engaged in preliminary discussions in relation to the sale process” of Boots by US

private equity firm Sycamore Partners. This follows Sigma’s entry into the UK, announced in May, with a low upfront capital

cost and JV with Greenlight Healthcare. It is prudent for Sigma to evaluate all opportunities in the markets it operates in, and

entering the Boots data room will provide valuable UK pharmacy market insights. Nevertheless, acquiring Boots, even at a low