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August 2026 Results Preview

发布日期: 2026-07-27研究机构: Morgan Stanley公司 / 股票: AIA.NZ,TCL.AX,ALX.AX,AZJ.AX报告页数: 27原文语言: English证据页码: 1

研报英文原文证据摘录

Idea

July 27, 2026 04:53 AM GMT

Morgan Stanley Australia Limited+MAustralia Infrastructure | Asia Pacific Rob Koh

Equity Analyst

August 2026 Results Preview Rob.Koh@morganstanley.comSamantha R Edie +61 3 9256-8932

Samantha.Edie@morganstanley.com +61 2 9770-1671

We see headwinds for traffic (fuel prices), bulk volumes (El Maya Blackman

Niño), and valuation (rising bond yields), yet Heavy Asset Low ResearchMaya.Blackman@morganstanley.comAssociate +61 2 9775-2213

Obsolescence (HALO) appeal provides support. We highlight

points of focus for the August reporting season.

Key Takeaways

Preferred stocks in this grouping: AIA (EW) and TCL (EW) on asset quality and Australia Utilities & Infrastructure

pricing power, with current high CPI prints a tailwind into FY28. Asia Pacific

Industry View In-Line

Less preferred in this grouping: AZJ (UW), as we see downside risk skew for FY27

earnings on contract expiries and mixed El Niño impacts (Coal↑, Bulk↓). OUR RESEARCH COLLECTIONS

Reporting dates: TCL FY26 (13 Aug), AZJ FY26 (17 Aug), AIA FY26 (20 Aug), ALX Australia Integrated Utilities

1H26 (27 Aug). Australia Contracted & Regulated Utilities

Other catalysts: ALX 2Q26 traffic (29 Jul), AIA ComCom Final Decision on IM Australia Energy

amendments (~Sep), AZJ UT5+ Final Decision (18 Sep). Australia Infrastructure

Australia Sustainability

Exhibit 1: Consensus dividend yields (adjusted for franking credits)

8% ALX.AX

AZJ.AX

APA.AX

TCL.AX

5% CWY.AX

2% AIA.NZ

FY2026e FY2027e FY2028e

Sources: Refinitiv consensus estimates, Morgan Stanley Research. Cash distribution yields adjusted for MSe franking credits (APA,

AZJ, TCL at 100% γ). Prices as at 27 July 2026. Note: APA and CWY included for comparative purposes.

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