The Point for Australia/NZ

研报英文原文证据摘录

The Point for Australia/NZ

Point |

Wednesday, 08 July 2026

Company | Industry | Global | Key Rating and Target Price Changes

Company

The A2 Milk Company Ltd (A2M.AX) - Trading update as expected, but FY27

risks remain

Today's update confirming FY26 earnings are in-line with expectations was

expected, but we think risks to FY27 remain. The update also confirmed that

issues with product availability in China has largely been resolved as we flagged

when we upgraded to Neutral last month.

Sam Teeger

The A2 Milk Company Ltd (A2M.AX) - Still waiting for FY27 clouds to clear

We remain Neutral-rated on a2 given downside risk to FY27 consensus earnings.

We believe a2 has a lot of work to do regarding winning new consumers and

winning back lost customers (to the extent they can). We see the new user

recruitment initiatives as beneficial to rebuilding FY27 market share in early stage

IMF; however, we are cautious on the extent to that lost customers cycle through

to later stages, prolonging the impact.

Telix Pharmaceuticals(TLX.AX/TLX.O) - Shares look more attractive now;

revisiting the PSMA PET landscape

Implied 2Q VA consensus of USD184m Illuccix/Gozellix sales looks reasonable (we

are c.2% ahead). We think a 5%+ beat would bring into view a potential FY26

guidance upgrade, though last year the company waited until 3Q. FDA agreement

that the ProstACT Global trial (TLX591) continues with all treatment arms has

cleared an overhang, with investors now more inclined to revisit the shares,

beginning with the Precision Medicine business. We lay out our medium-term view

of the US PSMA PET landscape: 2026 share-build opportunity, some pressure

from Lantheus in 2027, and 2028 bringing unknowns — a potential major label