External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Imdex Ltd operates as a mining equipment, technology, and services company. The Company provides drilling fluids and down hole instrumentation to mining, oil and gas, water well, and civil engineering industries worldwide.

<ul><li>IMD has entered into binding agreements to acquire 100% of Advanced Logic Technology S.A. (ALT) and its subsidiary Mount Sopris Instruments Inc. (MSI), global leaders in borehole geophysical imaging solutions, imaging probes and accompanying visualisation and data processing software.</li><li>These acquisitions are expected to expand IMD’s TAM in the mining, infrastructure, environmental and energy sectors.</li><li>The ALT and MSI acquisitions will complement IMD’s existing rock property sensor offering and digital earth knowledge capabilities; under the EarthNet platform IMD seeks to create a unified, open platform for earth systems data analytics, supporting smarter and faster decision making for clients.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IMD has entered into binding agreements to acquire 100% of Advanced Logic Technology S.A. (ALT) and its subsidiary Mount Sopris Instruments Inc. (MSI), global leaders in borehole geophysical imaging solutions, imaging probes and accompanying visualisation and data processing software.These acquisitions are expected to expand IMD’s TAM in the mining, infrastructure, environmental and energy sectors.The ALT and MSI acquisitions will complement IMD’s existing rock property sensor offering and digital earth knowledge capabilities; under the EarthNet platform IMD seeks to create a unified, open platform for earth systems data analytics, supporting smarter and faster decision making for clients.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic (Sector/Industry)

<ul><li>Sometimes forgotten about, the Commonwealth Seniors Health Card (CSHC) is a useful card for those who do not qualify for the Age Pension.</li><li>The card offers numerous benefits to Australian residents and as the cost of living continues to take a toll on self-funded retirees, the CSHC has become even more invaluable.</li><li>Australian residents who qualify for the card receive access to prescriptions at a concessional rate via the Pharmaceutical Benefits Scheme, bulk billing at doctor appointments (depending on the doctor), and a larger refund for medical costs (concessional threshold applies via the Medicare Safety Net).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sometimes forgotten about, the Commonwealth Seniors Health Card (CSHC) is a useful card for those who do not qualify for the Age Pension.The card offers numerous benefits to Australian residents and as the cost of living continues to take a toll on self-funded retirees, the CSHC has become even more invaluable.Australian residents who qualify for the card receive access to prescriptions at a concessional rate via the Pharmaceutical Benefits Scheme, bulk billing at doctor appointments (depending on the doctor), and a larger refund for medical costs (concessional threshold applies via the Medicare Safety Net).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Commonwealth Seniors Health Card: Time to check your eligibility

WiseTech Global Pty Ltd provides various technology and information technology management solutions. The Company offers cloud based various technology platforms, market specific software and logistics technology solutions, such as edienterprise, a platform supply chain logistics management system, software-as-a-service, and clinical management software. 

<ul><li>Reaffirms guidanceWiseTech held its AGM today and reaffirmed its FY26 guidance of revenue b/w US$1.39-1.44bn, EBITDA b/w US$550-585m and EBITDA margin b/w 40-41%.</li><li>The company also flagged that the new commercial model will go live on 1st December and “a large number of customers” are expected to transition on that date.</li><li>There was, however, little update on the launch of Container Transport Optimisation (CTO) with only the comment “we are focused on our initial launch of CTO with revenue generati...</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reaffirms guidanceWiseTech held its AGM today and reaffirmed its FY26 guidance of revenue b/w US$1.39-1.44bn, EBITDA b/w US$550-585m and EBITDA margin b/w 40-41%.The company also flagged that the new commercial model will go live on 1st December and “a large number of customers” are expected to transition on that date.There was, however, little update on the launch of Container Transport Optimisation (CTO) with only the comment “we are focused on our initial launch of CTO with revenue generati...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WiseTech Global (WTC): First Hurdle Cleared

Pro Medicus Limited develops and supplies proprietary software and IT solutions for large medical corporations and individual medical group practices.  The Group's services include billing and management systems for diagnostic imaging providers, clinical reporting systems, and appointment booking services.  Pro Medicus' e-mail system delivers encrypted diagnostic reports to group doctors.

<ul><li>Quieter, not quiet period for announcementsThe first 4 months of FY26 has seen PME announce three major deals in the US.</li><li>This compares to just one (announcement) in the corresponding period for FY25, followed by a frenzy of 6 new contract announcements over the remainder of the fiscal year.</li><li>We consider the quieter period for new contract announcements for the first 4 months of FY26 is not unusual, meanwhile contract implementations continue.In the period since the company’s FY25 result announcem...</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Quieter, not quiet period for announcementsThe first 4 months of FY26 has seen PME announce three major deals in the US.This compares to just one (announcement) in the corresponding period for FY25, followed by a frenzy of 6 new contract announcements over the remainder of the fiscal year.We consider the quieter period for new contract announcements for the first 4 months of FY26 is not unusual, meanwhile contract implementations continue.In the period since the company’s FY25 result announcem...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pro Medicus (PME): Dismiss the Quieter Period

Goodman Group is an integrated industrial property group. The Group has operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities include property investment, funds management, property development and property services. The Group's property portfolio includes business parks, industrial estates, office parks and warehouse/distribution centers.

<ul><li>1Q26 update; trail of breadcrumbs on commencementsGMG provided a 1Q26 update reiterating FY26 operating EPS for +9% growth y/y (BPe +10%, VA consensus +10%).</li><li>Key takeouts included:(1) WIP down q/q but targeting &gt;$17.5b by end FY26 – Development WIP declined -4% q/q to $12.4bn vs.</li><li>$12.9bn FY25 and $12.8bn pcp, but GMG is targeting &gt;$17.5b WIP across Data Centres (“DCs”) and Industrial by FY26.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q26 update; trail of breadcrumbs on commencementsGMG provided a 1Q26 update reiterating FY26 operating EPS for +9% growth y/y (BPe +10%, VA consensus +10%).Key takeouts included:(1) WIP down q/q but targeting &gt;$17.5b by end FY26 – Development WIP declined -4% q/q to $12.4bn vs.$12.9bn FY25 and $12.8bn pcp, but GMG is targeting &gt;$17.5b WIP across Data Centres (“DCs”) and Industrial by FY26.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Goodman Group (GMG): $17.5b+ Would Be Good