OUR QUEST IS NOT TO BE BULLISH OR BEARISH, BUT TO CORRECTLY ASSESS FUTURE TRENDS

Shaw and Partners rates BMN as Buy

Bannerman Energy has raised $85m via a placement at $3.20 per share to support early construction at the Etango uranium project in Namibia. First production is targeted for 2027 and a Final Investment Decision expected later in 2025, notes Shaw and Partners.

Early works are progressing in line with budget, highlights the broker, including infrastructure installation and advancement on the heap leach pad and process plant design. Long-lead equipment also remains on schedule.

Shaw supports Bannerman’s cautious development strategy, noting the company is avoiding premature contracting or debt financing while uranium term prices remain below long-term expectations.

With a $140m cash position and only $23m in residual early works commitments, management is well positioned to continue project development and benefit from future sector tailwinds, suggest the analysts.

Shaw retains a Buy rating and a $4.70 target price.

UBS rates HSN as Buy

Hansen Technologies upgraded FY25 guidance with cash earnings (EBITDA) lifted by 16% to around $93m from $76m–$85m, with a mixture of positive and negative news, according to UBS.

Project commencement delays impacted revenue, which has pointed to a shift in -$10m worth of revenue into FY26, which management offset with improved cost controls as a positive, the broker explains.

Cost savings were achieved across the newly acquired Powercloud and the core Hansen operations, with improved efficiency from automation feeding through. This trend is expected to continue into FY26.

UBS continues to view the stock as undervalued despite the 11% share price rally on the guidance upgrade. Target price moves higher; to $7 from $6.55.

Morgans rates TTX as Initiation of coverage with Speculative Buy

Morgans initiates coverage on Tetratherix, a medical device company developing regenerative solutions using its Tetramatrix platform. Applications are across bone regeneration, tissue spacing, and tissue healing.

The polymer transforms into a 3D gel upon injection, explain the analysts, adhering to tissues without provoking a foreign body response.

The company is targeting five indications across three major therapeutic franchises, with FDA clearances expected between 2H26 and 2H29, and management estimating a US$6.8bn total addressable market.

Morgans forecasts profitability from FY28, underpinned by an assumed 8% peak market share, 10% royalty rates, and a 30-year product life.

IPO proceeds of $25m plus existing reserves are expected to fund operations through FY27, supporting manufacturing expansion, clinical trials, regulatory milestones and strategic partnerships.

The broker sees key catalysts in 1H26 including partnerships in orthopaedics and ophthalmology. Morgans initiates with a Speculative Buy rating and a target price of $5.72.