October 2025 | Website: https://www.tabcorp.com.au

Overall Report Tone

Tabcorp Holdings (ASX: TAH) delivered a substantial turnaround in FY25, showing strong revenue and earnings growth, improved operational efficiency, and a clear execution strategy to become a structurally profitable omnichannel wagering business. Management expressed confidence and momentum heading into FY26, driven by strategic reforms, leadership renewal, and continued investment in digital and customer safety capabilities.

📊 Financial Results Summary (FY25 vs FY24)

🆕 New Information Disclosed

🐎 Successful transition to new Victorian Wagering Licence, contributing ~$84M in EBITDA uplift over 10.5 months.
🧠 New AI-powered player monitoring tool to be deployed in FY26 to enhance real-time intervention and customer safety.
🧱 Restructuring implemented: 230 roles removed, vertical integration applied, tighter P&L accountability introduced.
🧑‍💼 New leadership team onboarded with capability in wagering, digital, legal, operations, and compliance.
🏇 TAB Takeover and TAB Time delivering brand impact across racing carnivals and Saturday venues.
📺 Strategic focus on retail innovation, Sky Media, and the MAX network, targeting an integrated omnichannel experience.

✅ Positive Surprises or Potential Concerns

• 📈 NPAT grew 77% and EBIT nearly doubled, showing strong operational leverage.

• 🧠 Cost discipline resulted in opex down 2.4%, ahead of target — margin-accretive execution.

• 💡 New strategic clarity: Five-pillar framework offers structured growth roadmap with stakeholder alignment.

• ⚠️ Transformation costs ($27.1M) and lack of franking capacity (due to tax refund) could weigh on short-term perceptions.

📉 Results vs Market Expectations

• 🎯 Earnings well above prior year and likely ahead of market expectations post-restructure and demerger impact.

• ✅ FY25 marks a clear pivot from turnaround to execution, with FY26 now expected to reflect full Victorian Licence benefit.

• 🔍 Investor focus shifting from survival to scalability and profitability, helped by strong media and digital assets.

• ❗ Franking credit absence (due to FY24 ATO refunds) limits full income yield for some investors.

🔮 Outlook and Guidance Statements

• 🔄 FY26 to focus on operationalising strategy and delivering full-year uplift from Victorian licence.

• 🔄 Continued investment in AI and customer protection, with new monitoring tools and enhanced Safer Gambling team.

• 🧭 Long-term goal to deliver structural profitability in retail and leadership in national tote reform.

• 💼 Media growth and asset integration (Sky, Tote, MAX) set to differentiate offering in sports and racing entertainment.

Disclaimer: This information is provided purely for educational purposes. It takes no account of an individual’s personal financial circumstances and hence can in no way constitute financial advice. The above data may be subject to errors or inconsistencies for which the author takes no liability. It is imperative that all investors do their own research or if they need advice, seek it from a qualified financial adviser.

Tabcorp Holdings (ASX:TAH) 2025 AGM Presentation Summary

October 2025 | Website: https://www.kinatico.com

Overall Report Tone

The Q1 FY26 update from Kinatico (ASX: KYP) signals strong operational momentum, driven by accelerating SaaS revenue growth and improved profitability, all while maintaining a debt-free balance sheet. The company’s strategic focus on small to medium business (SMB) markets and the launch of its compliance marketing initiative (“KC”) underline its transition into a higher-margin, scalable SaaS-driven growth model.

📊 Financial Results Summary (Q1 FY26 vs Q1 FY25)

🆕 New Information Disclosed

🔹 “KC” Compliance Platform has been soft-launched with 7 early signups even before marketing begins — a new initiative aimed at the SMB compliance market.
🔹 Marketing investment into KC includes print, digital, social, podcast, and streaming ads, signalling a full-scale go-to-market push.
🔹 Clear dual-track strategy revealed: SMB (volume + self-service) and Mid/Enterprise (ACV + expansion potential).
🔹 First signs of international growth plans: focus on New Zealand and Southeast Asia.
🔹 Company is pushing the narrative of growing AND remaining profitable through automation, margin expansion, and scalability.

✅ Positive Surprises or Potential Concerns

• 💡 +58% SaaS revenue growth with SaaS now over half of total revenue indicates a rapid and healthy business model transition.

• 🐶 Launch of KC (Kelpie character) is a bold and differentiated marketing initiative — unique in B2B RegTech space.

• 💪 EBITDA margins expanded despite growth investment, showing disciplined cost management.

• 🚫 No mention of cash flow, EPS or dividend, which may be a concern for income-focused investors.

📉 Results vs Market Expectations

• 📈 Revenue and EBITDA growth exceed typical expectations for a microcap SaaS business — particularly with no debt.

• 🤖 The platform appears ready to scale, with investment into automation and unit economics already paying off.

• 🚀 Marketing activity implies confidence in demand, with 7 early adopters signed pre-launch.

• 🔍 Investors may note the lack of full financials (no EPS or cash flow), making full analysis more difficult.

🔮 Outlook and Guidance Statements

• 🎯 Company expects to scale profitably, balancing investment in KC with margin discipline.

• 🌏 International expansion planned after AU/NZ success — SEA markets cited as next logical step.

• 🛠 Continued emphasis on automation and tech enablement to support margin expansion.

• 📈 Strong statements of ongoing EBITDA growth, with self-funded reinvestment a key theme.

Disclaimer: This information is provided purely for educational purposes. It takes no account of an individual’s personal financial circumstances and hence can in no way constitute financial advice. The above data may be subject to errors or inconsistencies for which the author takes no liability. It is imperative that all investors do their own research or if they need advice, seek it from a qualified financial adviser.

Kinatico (ASX:KYP) 2025 AGM Presentation Summary

Baby Bunting (BBN)

Sector: Consumer Cyclical | Industry: Specialty Retail

Baby Bunting Group Limited is Australia’s largest specialty retailer of baby goods, offering a comprehensive range of products and services for infants and parents.

BBN Broker Price Target: $2.74 (previous $1.775) – BUY

Tabcorp (TAH)

Sector: Consumer Cyclical | Industry: Gambling

Tabcorp Holdings Limited is a diversified gambling entertainment company, operating wagering, media, and gaming services across Australia, including TAB, Sky Racing, and Keno brands.

• 2025 PER 25.4 | 2026e PER 33.8

TAH Broker Price Target: $0.96 (previous $0.82) – BUY

ZIP Co (ZIP)

Sector: Financial Services | Industry: Credit Services

Zip Co Limited is a financial technology company providing buy now, pay later services, allowing consumers to make purchases and pay over time, operating across various markets globally.

ZIP Broker Price Target: $4.48  (previous $3.46) – STRONG BUY

Life360 (360)

Sector: Technology | Industry: Software – Application

Life360, Inc. is a technology company specializing in location-based services through its Life360 mobile app, which offers features like location sharing, driving safety, and emergency assistance. The company also provides hardware tracking devices through its Tile product line, enabling users to locate lost items.

360 Broker Price Target: $47.27  (previous $27.30) – BUY

Eagers Automotive (APE)

Sector: Consumer Cyclical | Industry: Auto & Truck Dealerships

Eagers Automotive Limited is Australia’s largest automotive retail group, operating a network of dealerships across the country. The company offers a wide range of new and used vehicles, along with related services such as financing, insurance, and parts distribution.

APE Broker Price Target: $24.05  (previous $12.16) – NEUTRAL

Lovisa Holdings (LOV)

Sector: Consumer Cyclical | Industry: Specialty Retail

Lovisa Holdings Limited is a fast-fashion jewelry retailer, operating stores across Australia and internationally, offering a range of affordable jewelry and accessories.

LOV Broker Price Target: $24.05  (previous $12.16) – NEUTRAL

Netwealth Group (NWL)

Sector: Technology | Industry: Software – Application

Netwealth Group Limited offers investment and superannuation platform solutions, providing financial intermediaries and investors with a range of portfolio administration and management services.

NWL Broker Price Target: $34.50  (previous $28.09) – NEUTRAL

Aussie Broadband (ABB)

Sector: Communication Services | Industry: Telecom Services

Aussie Broadband Limited is an Australian telecommunications company providing internet, mobile, and other related services to residential, business, and government customers. Founded in 2003 and based in Morwell, Australia, it offers broadband, voice, and managed network solutions across the nation.

ABB Broker Price Target: $5.87  (previous $3.99) – BUY

The A2 Milk Company (A2M)

Sector: Consumer Defensive | Industry: Packaged Foods

The a2 Milk Company Limited specializes in the sale of branded milk and related products containing only the A2 protein type, catering to consumers in Australia, New Zealand, China, and the United States. Their product line includes liquid milk, infant formula, and other dairy products under the a2 Milk and a2 Platinum brands.

A2M Broker Price Target: $8.13  (previous $6.17) – NEUTRAL

CSL (CSL)

Sector: Healthcare | Industry: Biotechnology

CSL Limited is a global biotechnology company that develops and delivers innovative biotherapies and influenza vaccines, improving the health of people worldwide.

CSL Broker Price Target: $284.7  (previous $319.08) – BUY

James Hardie Industries (JHX)

Sector: Basic Materials | Industry: Building Materials

JHX Broker Price Target: $33.95  (previous $54.10) – BUY

Woolworths Group (WOW)

Sector: Consumer Defensive | Industry: Grocery Stores

WOW Broker Price Target: $30.32  (previous $34.99) – NEUTRAL

Your Stock Requests

Island Pharmaceuticals (ILA)

• Micro-cap antiviral repurposing biotech. Lead asset ISLA-101 (a repurposed small-molecule) is being developed for dengue fever using a human challenge model; strategy is faster, lower-risk development by starting with known safety profiles.
• Positive Phase 2a/b top-line results (12 Jun 2025). Company reported clinically meaningful anti-dengue activity: reduced viremia and symptoms in the prophylactic cohort; a treatment-cohort drug signal; presentation with additional findings followed on 17 Jun. These results are the primary driver of recent interest.
• June QTR Cash flow report: Revenue $0 | OCF -$823K | Cash on hand: $7.3M | No debt

Race Oncology (RAC)

• Clinical-stage oncology company developing RC220 (bisantrene), a reformulated anthracene-derived agent pitched for two things: anticancer activity and cardio-protection when combined with doxorubicin (a standard chemo that’s cardiotoxic).
• Phase 1 combo trial is live and recruiting: first patient safely dosed on 19 Jun 2025 in Australia; Hong Kong sites (Queen Mary, Prince of Wales) received ethics approvals in July and activation commenced in early September with screening underway. These steps de-risk execution and tend to be trading catalysts for small-cap biotech.
• June QTR Cash flow report: Revenue $0 | OCF -$3.5M | Cash on hand: $13.7M | No debt

4DMedical (4DX)

• Respiratory imaging software that quantifies lung ventilation/perfusion from standard scans (no contrast). Core products include XV LVAS and the newer CT:VQ. Revenue is intended to be per-scan SaaS + service contracts with US health systems.

• FDA 510(k) clearance (4 Sep 2025) for CT:VQ — first non-contrast V/Q imaging solution cleared in the US.

• CMS reimbursement confirmed (3 Sep 2025) — CT:VQ mapped to Category III CPT codes 0721T/0722T with US$650.50 per scan, effective immediately. That gives hospitals a payment pathway.

• Together, these de-risk US commercialization and explain the sharp price spike and new 52-week highs reported around that time.

• June QTR Cash flow report: Revenue $1.6M | OCF -$9.5M | Cash on hand: $6.9M | No debt

Disclaimer: This information is provided purely for educational purposes. It takes no account of an individual’s personal financial circumstances and hence can in no way constitute financial advice. The above data may be subject to errors or inconsistencies for which the author takes no liability. It is imperative that all investors do their own research or if they need advice, seek it from a qualified financial adviser.

FY25 Results Season Performances

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