Aussie Broadband Competitive pressure driving softer net adds

研报英文原文证据摘录

Aussie Broadband Competitive pressure driving softer net adds

J P M O R G A N Asia Pacific Equity Research

15 June 2026

Aussie Broadband Neutral

ABB.AX, ABB AU

Competitive pressure driving softer net adds Price (12 Jun 26):A$5.57

Price Target (Dec-26):A$5.40

ABB gave a trading update that highlights solid progress on several fronts 1) the Australia

completion of the AGL Telco acquisition, 2) migration of the More Telecom

Technology, Media &

subscribers, 3) closing the Nexgen acquisition, and 4) completing the Digital Sense Telecommunications

divestment. However, the focus will be on the subscriber update for the core AC Benjamin Jones

business (organic subs +28k for the five months to May) and More Telecom (+25k

(61-2) 9003-8627

net adds to 30 June vs. prior expected +40k). This is representative of a market benjamin.s.jones@jpmorgan.com

backdrop that remains highly price-sensitive, with aggressive discounting from Bob Chen

both challenger and incumbent players. For ABB, the value proposition is still (61-2) 9003-8611

compelling, but we do not see a catalyst for aggressive market discounting activity bob.chen@jpmorgan.com

to unwind. In our view, ABB is fairly valued given growth driven predominantly J.P. Morgan Securities Australia Limited

by the more challenging consumer/wholesale broadband business, and we retain

our Neutral rating. Half Yearly Forecasts (FYE Jun)

• Reaffirmed FY26 EBITDA guidance range. ABB reaffirmed the prior FY26 Adjusted PAT (A$ 2025Amn) 2026E 2027E

underlying EBITDA guidance ($162-167m), and expects to be in the middle H1 25 32A 35

of the range (JPMe $164m). Capex guidance was increased to be at the top-end H2 31 35 61

of the prior guide ($55-60m, JPMe $59m). FY 56 69 97

• Trading update highlights softer sub adds.