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

<ul><li>Nick Scali (NCK) provided an upgrade to 1H26 guidance on 22-Dec-25 (~12% at midpoint), guiding to Group Statutory NPAT of $37-39m vs previously $33-35m (as of 29- Oct-25).</li><li>We had flagged positive catalysts on 1H earnings given supportive 2Q26 comps and the upgrade was driven by a higher 1H26 revenue guidance of 10-12% growth for ANZ vs previously 7-9% growth (on pcp).</li><li>Both metrics were ahead of BPe/Consensus (BPe previously at top end of ANZ revenue growth guidance range and at mid-point of NPAT...</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.

Nick Scali (NCK) provided an upgrade to 1H26 guidance on 22-Dec-25 (~12% at midpoint), guiding to Group Statutory NPAT of $37-39m vs previously $33-35m (as of 29- Oct-25).We had flagged positive catalysts on 1H earnings given supportive 2Q26 comps and the upgrade was driven by a higher 1H26 revenue guidance of 10-12% growth for ANZ vs previously 7-9% growth (on pcp).Both metrics were ahead of BPe/Consensus (BPe previously at top end of ANZ revenue growth guidance range and at mid-point of NPAT...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.

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

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

<ul><li>A strong second-half performance in A&NZ and improving gross margins in the UK have propelled Nick Scali shares to new heights.</li><li> -Nick Scali&rsquo;s FY25 results exceed expectations -A strong 2H for A&NZ, UK gross margin gains -Successful measures to improve cost base -Ord Minnett expects UK profits in FY28</li></ul>

A strong second-half performance in A&NZ and improving gross margins in the UK have propelled Nick Scali shares to new heights. -Nick Scali&rsquo;s FY25 results exceed expectations -A strong 2H for A&NZ, UK gross margin gains -Successful measures to improve cost base -Ord Minnett expects UK profits in FY28

Strong Momentum Underpins Nick Scali's FY26

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day.</li>
<li>The largest industry net increase in the past week was into "Diversified Banks"; the largest industry net decrease was out of "Broadline Retail".</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/westpac-banking-corp" target="_blank" data-smartkarma-citation="entities:444:1" rel="noopener">Westpac Banking (WBC AU)</a>, <a href="https://www.smartkarma.com/entities/wesfarmers-ltd" target="_blank" data-smartkarma-citation="entities:1104:1" rel="noopener">Wesfarmers Ltd (WES AU)</a>, <a href="https://www.smartkarma.com/entities/inghams-group-ltd" target="_blank" data-smartkarma-citation="entities:23640:1" rel="noopener">Inghams (ING AU)</a>, <a href="https://www.smartkarma.com/entities/reliance-worldwide-corp-ltd" target="_blank" data-smartkarma-citation="entities:22690:1" rel="noopener">Reliance Worldwide Corp (RWC AU)</a>, and <a href="https://www.smartkarma.com/entities/idp-education-ltd" target="_blank" data-smartkarma-citation="entities:1098:1" rel="noopener">IDP Education (IEL AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day.
The largest industry net increase in the past week was into "Diversified Banks"; the largest industry net decrease was out of "Broadline Retail".
Companies mentioned in this regular weekly report include: Westpac Banking (WBC AU), Wesfarmers Ltd (WES AU), Inghams (ING AU), Reliance Worldwide Corp (RWC AU), and IDP Education (IEL AU).


Aussie Shorts (23 Feb 2026): Westpac, Wesfarmers, Inghams, Reliance Worldwide, IDP Education

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT 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 Feb 20th (reported today). The aggregated short interest was USD35.0bn.</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 Zip, JB Hi-Fi, Goodman, CSL, Pro Medicus.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 20th (reported today). The aggregated short interest was USD35.0bn.
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 Zip, JB Hi-Fi, Goodman, CSL, Pro Medicus.


ASX Short Interest Weekly (Feb 20th): Zip, JB Hi-Fi, Goodman, CSL, Pro Medicus

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The results were mostly driven by factors specific to each group. Still, whether it is the sentiment impact of an isolated theme park tragedy, competitive intensity in the U.S. leisure market, low airfares, or film popularity, the bottom line is there are many variables beyond management's control in the industry. These factors are the very basis for our…

Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The results were mostly driven by factors specific to each group. Still, whether it is the sentiment impact of an isolated theme park tragedy, competitive intensity in the U.S. leisure market, low airfares, or film popularity, the bottom line is there are many variables beyond management's control in the industry. These factors are the very basis for our…

Not Much Fun In Leisure; Ardent Leisure Undervalued While Event Hospitality Worth Monitoring

Australia

Nick Scali Limited retails furniture in Australia.  The Company specializes in leather and fabric lounges, dining rooms, bedrooms and occasional furniture. Nick Scali has about nine showrooms located in New South Wales and Queensland.

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Nick Scali Ltd (NCK AU)

Nick Scali (NCK): Upgrade hat-trick

Nick Scali (NCK) provided an upgrade to 1H26 guidance on 22-Dec-25 (~12% at midpoint), guiding to Group Statutory NPAT of $37-39m vs previously $33...

Bell Potter

Strong Momentum Underpins Nick Scali's FY26

A strong second-half performance in A&NZ and improving gross margins in the UK have propelled Nick Scali shares to new heights. -Nick Scali’s...

FNArena

Aussie Shorts (23 Feb 2026): Westpac, Wesfarmers, Inghams, Reliance Worldwide, IDP Education

Companies mentioned in this regular weekly report include: Westpac Banking (WBC AU), Wesfarmers Ltd (WES AU), Inghams (ING AU), Reliance Worldwide...

David Blennerhassett

ASX Short Interest Weekly (Feb 20th): Zip, JB Hi-Fi, Goodman, CSL, Pro Medicus

We analyzed ASX short interest report for the past week and highlight short interest changes in Zip, JB Hi-Fi, Goodman, CSL, Pro Medicus.

Ke Yan, CFA, FRM

Not Much Fun In Leisure; Ardent Leisure Undervalued While Event Hospitality Worth Monitoring

Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The...

Morningstar, Inc.

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