The Point for Australia/NZ

研报英文原文证据摘录

The Point for Australia/NZ

Point |

Thursday, 30 July 2026

Company | Industry | Global

Company

Atlas Arteria Group (ALX.AX) - Q2 2026 traffic update highlights resilient traffic

offset by FX headwinds, Retain Neutral

ALX’s 2Q26 traffic growth proved resilient despite high fuel prices. Weakness in

European concessions APRR (-3.9% YoY) and ADELAC (-3.9% YoY) was offset by

robust US performance, particularly Chicago Skyway (+4.7% YoY) and Dulles

Greenway (+5.3% YoY). Skyway benefited from temporary nearby roadworks and

further planned roadworks highlight upside for 2027. However, FX headwinds

dragged overall toll revenue down 8.1% YoY as offshore earnings were translated

into a weaker AUD. Financially, leverage is rising following a US$100m debt-

funded payment to exhaust the Skyway put option. The new A$150m facility

increases interest expenses by ~A$10m, further pressuring an already stretched

FCF payout ratio (>110%) and raising distribution sustainability concerns into

FY27. We retain our Neutral rating and $5.10 Target Price (fundamental value

$4.80), anchored by IFM’s last bid. Key focus remains on post-bid operations and

distribution sustainability.

Suraj Nebhani, CFA | Howard Penny | Akshit Batra

CSL Ltd (CSL.AX) - Horizon 2 program requires clinical work, lengthening

timeline to approval

CSL has announced that it will require clinical work to complete the data package

for Ig products manufactured using the company's Horizon 2 process. Horizon 2 is

designed to produce a step change in yield but like similar projects elsewhere in

the pharma industry, requires regulatory sign off. There had been some hope that

this could be achieved without the need for clinical trials, and we interpret the

need to do clinical work as extending the timeline to sign off.