The Point for Australia/NZ

研报英文原文证据摘录

The Point for Australia/NZ

$95.0ps (was $89.10) due to higher longer-term earnings and updated DCF

valuation.

Jeff Cai, CFA | Nigel Pittaway | Donna Fu

NEXTDC Ltd. (NXT.AX) - Contract utilisation update represents upside to FY28e

EBITDA with capex likely unchanged

The 73 MW increase in contracted utilisation likely does not come as a surprise to

investors as it lines up with SharonAI's requirement for 72 MWs from the recent

Nvidia partnership announcement (see our take here). However, given SharonAI's

deployment timeline, we see this as representing upside to consensus FY28e

EBITDA. While this would be a higher density contract, we expect pricing to be

likely higher relative to a hyperscale contract and assuming $1.6 million

EBITDA/MW would imply $115 million in annual EBITDA . Assuming a fast ramp, we

see potential for 75% conversion in FY28e, which would imply ~$85 million of

EBITDA. Further, this is likely already in NXT's capex guidance and so would not

change capex forecasts.

Siraj Ahmed

Telix Pharmaceuticals Ltd (TLX.AX) - 2Q Precision Medicine sales beat, guidance

unchanged

Telix has reported 2Q sales with Precision Medicine (PM, mostly Illuccix and

Gozellix) sales of USD202m, c.10% ahead of implied VA consensus and 5% ahead

of CitiE. The FY sales guide has not been updated although the company points

towards the top end. Reverse engineering this situation (but not more) would have

2H PM sales close to flat compared to 1H. We expect this could push FY26

consensus up low-single-digits but could also raise some questions around the

phasing of growth across the quarters. Expected R&D spend is +9% at the mid

point. The BiPASS trial (potential Illuccix/Gozellix label extension) is nearing

enrollment completion (as far as we know it has a six-month follow up period).