Go chasing waterfalls: Australia Healthcare | Asia Pacific

研报英文原文证据摘录

Go chasing waterfalls: Australia Healthcare | Asia Pacific

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Price Target A$3.50 A$3.60

What are we focused on? CSL: Ig revenue trends (MS -2%/+4% in FY26/27E); the

composition of FY27 NPAT guidance (Behring vs Vifor growth, cost savings). RMD: Exhibit 1 : Healthcare overview

FY27 gross margin guidance (MS 62.3%, VA 62.6%); impacts associated with the Stock Rating Price PT Return

IDX.AX OW 2.09 3.60 72%

Astral recall. COH: Cochlear implant unit sales trends by region; FY27 NPAT

TLX.AX OW 14.07 23.90 70%

guidance (including opex expectations). RHC: Australian EBIT and EBIT margin CSL.AX OW 127.93 163.00 27%

trends in FY26 and expectations for FY27. SHL: FY26 EBITDA and guidance for FY27; FPH.NZ OW 40.77 41.20 1%

RMD.N EW 208.56 229.00 10%

acquisition synergies vs wage inflation and any reimbursement changes. ANN:

COH.AX EW 122.20 123.00 1%

Commentary relating to the impact of price increases to offset US tariffs; organic ANN.AX EW 33.04 32.70 -1%

revenue growth trends by GBU. IDX: EBITDA and EBITDA margin trends; balance SHL.AX UW 22.50 20.60 -8%

RHC.AX UW 44.19 34.60 -22%

sheet position and potential options for de-leveraging. TLX: Operating expense

expectations for FY26; commentary in relation to pipeline progress. Source:ANN, SHLFactSet,prices Morganin A$. FPHStanleypricesResearchin NZ$. RMDestimate.pricesIDX,in US$.TLX, PricesCSL, COH,as at

30 July 2026.

Where could we be wrong? CSL: Higher reinvestment rate of cost savings

compared to our forecasts; lower Haemophilia, Specialty Products revenue. RMD: Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

Internal initiatives offset our estimates for component inflation. COH: Higher than investors should be aware that the firm may have a conflict of