In case you missed it, Aussie Most Read Publications: 7 Jul to 13 Jul 2026

研报英文原文证据摘录

In case you missed it, Aussie Most Read Publications: 7 Jul to 13 Jul 2026

roduction of 53.5koz was 5% below JPMe 56.5koz, taking FY26 production to 192.2koz, 1% below

JPMe 195koz and within guidance of 185-205koz, 2) AISC will be released with the full quarterly (23-Jul); we lift FY26 AISC to

A$2,015/oz from A$1,986/oz, still within guidance of A$1,900–2,050/oz, and 3) cash and gold was A$650m, with the A$135m

Spartan stamp duty payment now moved into SepQ FY27 in our model. We reduce FY26 EBITDA by 3% to A$703m and

underlying earnings by 5% to A$312m. We retain our Overweight rating and A$4.60 price target. RMS trades on ~4x FY28 EV/

EBITDA on JPMe.

A-REIT Position Pulse (Richard Jones, CFA)

Equal highest GMG exposure on record as REIT underweight narrows again

Investors increased their REIT exposure for the fourth consecutive month in May, taking the sector to just 155bp underweight

(+8bp m/m from 163bp), still the smallest underweight since we began tracking the data in 2019. Unsurprisingly, ASX200

REITs outperformed the broader market over the same period in May (ASX200 REITs +3.0% vs ASX200 Index +1.1%), and

carried that strength into June (+1.7% vs +0.7%). GMG moved to “well-held” in our JPM Love Index in May and is now a top

5 or 10 holding for 43% of the fund managers we track – the equal highest exposure on record, tied with June 2024. SGP

moved back to join VCX “in-line”, while SCG remains “underheld.” Short interest held flat in June at 1.3%, remaining in-line with

the 10yr average. SGP saw the largest spike in short interest in June, rising 180bps to 3.3%, well above its 12m average

of 0.7%, as sentiment towards the Australian housing market shifted following the May federal budget.

ResMed Inc (Chris Cooper, ACA CFA) (RMD AU, OW, PT A$37.10)