The Point for Australia/NZ

研报英文原文证据摘录

The Point for Australia/NZ

Point |

Monday, 13 July 2026

Company | Global | Key Rating and Target Price Changes

Company

WiseTech Global (WTC.AX) - Upgrading Cargowise forecasts for DSV contract

timeline; See consensus as a bit high for FY27e revenue and low for EBITDA

With Wisetech providing clarity on DSV's contract commitment, we update the

phasing for DSV's migration off Cargowise. This results in 9% upgrade to FY28e

NPAT as we now assume a lower impact in FY28e and that DSV completely rolls-

off in 2H29e. While DSV is under contract till Sep'28 and Wisetech's contracts

typically have a minimum level of commitment, we have assumed that some

volume starts migrating in FY28e. Further, migrations typically do take longer and

can be more expensive and our new forecasts could also end being too low;

however, with DSV running two systems we have assumed that it will try and

migrate as fast as possible. We continue to see consensus revenue growth

assumptions for FY27e as being too high, but see 4% upside to EBITDA due to the

recent RiF. Maintain Buy with a new target price of $55.05.

Siraj Ahmed

Global

Global Economics - Global PMI Flash: Growing Momentum but Geopolitical

Risks Linger

The global manufacturing PMI in June edged down to 52.2 but remained near its

strongest readings in recent years. The computing subindex of the global

electronics PMI hit a record high, outside of the early 2000s dot-com boom and

the post-GFC recovery, reflecting surging AI demand. Global manufacturing input

costs cooled in June as oil prices retreated but remained elevated. The global

services PMI meanwhile strengthened for the third consecutive month to 51.7,

suggesting that the momentum these sectors displayed prior to the conflict is

reemerging.