Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>Gentrack Group&rsquo;s weaker share price reflects concern over delayed project wins and rising competition, yet brokers remaining broadly positive on the long-term opportunity.</li><li> Gentrack Group&rsquo;s interim results in line with downgraded guidance Pipeline delays weigh, Kraken competition ever present Management now prioritising growth over short-term earnings Ord Minnett still finds consensus forecasts too optimistic</li></ul>

Gentrack Group&rsquo;s weaker share price reflects concern over delayed project wins and rising competition, yet brokers remaining broadly positive on the long-term opportunity. Gentrack Group&rsquo;s interim results in line with downgraded guidance Pipeline delays weigh, Kraken competition ever present Management now prioritising growth over short-term earnings Ord Minnett still finds consensus forecasts too optimistic

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>Gentrack’s (GTK) 1H26 result did not change the downgraded FY26 picture, but did explain it better.</li><li>Management now targets three to four wins, some 9–12m meter points from its c.30m pipeline (across more than 10 new customer opportunities) by March 2027, against an estimated installed base of c.13m meter points today.</li><li>Our target price falls -2% to NZ$5.70, and we retain OUTPERFORM.</li></ul>

Gentrack’s (GTK) 1H26 result did not change the downgraded FY26 picture, but did explain it better.Management now targets three to four wins, some 9–12m meter points from its c.30m pipeline (across more than 10 new customer opportunities) by March 2027, against an estimated installed base of c.13m meter points today.Our target price falls -2% to NZ$5.70, and we retain OUTPERFORM.

Gentrack 1H26 Delays In The 30m Main Event

<ul><li>Gentrack (GTK) reported a weak, albeit well-guided 1H26 result.</li><li>Despite near-term weakness, management reiterated that the Utilities pipeline includes “more than 10” customer opportunities spanning ~30m meter points, with GTK targeting 3 to 4 wins by March 2027, which would support stronger FY27 growth.</li><li>GTK also announced the acquisition of NZ-founded SaaS company Factor, adding forecasting and pricing technology to the g2.0 platform.</li></ul>

Gentrack (GTK) reported a weak, albeit well-guided 1H26 result.Despite near-term weakness, management reiterated that the Utilities pipeline includes “more than 10” customer opportunities spanning ~30m meter points, with GTK targeting 3 to 4 wins by March 2027, which would support stronger FY27 growth.GTK also announced the acquisition of NZ-founded SaaS company Factor, adding forecasting and pricing technology to the g2.0 platform.

Gentrack (GTK): 1H26 Result–Weak But As Expected

<ul><li>Gentrack (GTK) has this morning released a disappointing guidance update, releasing a FY26 revenue guidance range of between NZ$229m—NZ$238m.</li><li>Full year EBITDA of NZ$13.5m to NZ$20m is expected for FY26 (~NZ$7.8m in 1H26).</li><li>The release also outlined intentions to undertake an on-market share buyback, with GTK acquiring up to a value of NZ$20m across a period of 12-months.</li></ul>

Gentrack (GTK) has this morning released a disappointing guidance update, releasing a FY26 revenue guidance range of between NZ$229m—NZ$238m.Full year EBITDA of NZ$13.5m to NZ$20m is expected for FY26 (~NZ$7.8m in 1H26).The release also outlined intentions to undertake an on-market share buyback, with GTK acquiring up to a value of NZ$20m across a period of 12-months.

Gentrack (GTK) - Disappointing Market Update

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 18th (reported today). The aggregated short interest was USD49.8bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Codan, Sunrise Energy Metals, TPG Telecom, Qbe Insurance, EQ Resources.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 18th (reported today). The aggregated short interest was USD49.8bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Codan, Sunrise Energy Metals, TPG Telecom, Qbe Insurance, EQ Resources.


ASX Short Interest Weekly (Sep 18th): Codan, Sunrise Energy Metals, TPG Telecom, Qbe Insurance

Australia

Gentrack Group Limited is a computer consulting company. The Company provides software solutions to energy & water utilities and airports.

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Gentrack Group (GTK AU)

Gentrack Growth Story Under Scrutiny

Gentrack Group’s weaker share price reflects concern over delayed project wins and rising competition, yet brokers remaining broadly positive on...

FNArena

Gentrack 1H26 Delays In The 30m Main Event

Gentrack’s (GTK) 1H26 result did not change the downgraded FY26 picture, but did explain it better. Management now targets three to four wins,...

Forsyth Barr

Gentrack (GTK): 1H26 Result–Weak But As Expected

Gentrack (GTK) reported a weak, albeit well-guided 1H26 result. Despite near-term weakness, management reiterated that the Utilities pipeline...

Forsyth Barr

Gentrack (GTK) - Disappointing Market Update

Gentrack (GTK) has this morning released a disappointing guidance update, releasing a FY26 revenue guidance range of between NZ$229m—NZ$238m. Full...

Forsyth Barr

ASX Short Interest Weekly (Sep 18th): Codan, Sunrise Energy Metals, TPG Telecom, Qbe Insurance

We analyzed ASX short interest report for the past week and highlight short interest changes in Codan, Sunrise Energy Metals, TPG Telecom, Qbe...

Ke Yan, CFA, FRM

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