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研报英文原文证据摘录

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Asia Pacific Equity Research

Australia First to Market 24 June 2026

Reliance Worldwide Corporation (Lee Power) (RWC AU, OW)

Brass closure as stainless strategy accelerates

RWC has taken the first step in its product shift toward stainless steel by closing its brass manufacturing facilities in Melbourne,

Australia (as well as exiting a number of smaller sites). We view today’s update as positive, given 1) the net earnings uplift (we

assume $3m EBITDA / $2m D&A benefit in FY27, and net $9m EBITDA benefit in FY28); 2) it signals the first step in the

broader stainless steel fitting strategy, which we expect to be announced at the FY26 result (or October strategy day); and 3) no

incremental brass investment required in the US following the changes made for the SharkBite Max rollout. RWC will book a

one-off net charge of $100-110m in FY26, of which $5m will be cash. We modestly revise our earnings estimates higher and

remain positive given the undemanding valuation, upside from the stainless strategy and strong leverage to a US recovery. It

remains unclear if today's announcement was the reason for the buyback being halted. We retain our Overweight rating

(with sector preference being JHX) and raise our PT to A$3.90/sh.

EVT Ltd (Don Carducci) (EVT AU, OW)

A Friday Flat FY26

Our revisions (-4.9%/-11.2% EBITDA FY26/FY27) reflect moderated near term Hotels and Thredbo earnings, a function of

softer domestic travel trends/unfavourable early winter conditions, slightly offset by better than expected Entertainment. The

underlying business remains in good shape into FY27, supported by structurally higher yields and ~A$17m of identified

EBITDA growth attributable to returning capacity and acquisitions. Retain OW, A$13.85 PT.

GWA Group (Lee Power) (GWA AU, N)