J P M O R G A N Asia Pacific Equity Research 18 August 2026 BHP Questions for management Overweight BHP.AX, BHP AU Price (18 Aug 26):A$63.85 Price Target (Jun-27):A$67.00 Australia Head of Australia Metals & Mining Lyndon Fagan AC (61-2) 9003-8648 lyndon.fagan@jpmorgan.com J.P. Morgan Securities Australia Limited Metals & Mining Jonathon Sharp (61 2) 9003-8312 jonathon.sharp@jpmorgan.com J.P. Morgan Securities Australia Limited Branko Skocic (61-3) 9633-4069 branko.skocic@jpmorgan.com J.P. Morgan Securities ...

J P M O R G A N Asia Pacific Equity Research 18 August 2026 BHP FY26 result: Clean result with DPS beat; retain OW Key takeaways: 1) Underlying EBITDA of $32.9bn and earnings of $13.2bn were slightly ahead of company-compiled consensus (in line with JPMe); the final dividend of US$0.99ps was a solid beat to cons. (+19%), taking the full year to $1.72ps ($8.7bn / 66% EPS payout); 2) new FY27 cost guidance in copper was better than we expected at the midpoint (Escondida/WAIO/Copper SA below JPMe); WAIO was a ...

核心观点 - 公司第二季度业绩表现疲软，面临销量下滑、成本上升和终端受损等多重压力，但资产负债表依然稳健 [1][2] 财务表现 - 调整后EBITDA从第一季度的3000万美元降至2560万美元 [1] - 经营活动现金流从第一季度的2900万美元增至3990万美元 [2] - 截至6月底，公司总流动性为4.478亿美元，低于3月底的4.762亿美元 [2][4] 运营数据 - 第二季度出货量从第一季度的360万吨降至350万吨 [1] - 全年出货量指引下调至1420万至1540万吨，中位数减少约100万吨 [3] - 冶金煤成本降至每吨103.07美元，低于第一季度的107.98美元 [2] - 成本指引上调至每吨103至107美元，中位数上升7美元，主要因柴油和供应成本受伊朗战争影响上涨 [4] - 副产品热煤实现价格升至每吨79.36美元，高于第一季度的69.41美元 [2] 定价与市场 - 加权平均冶金煤实现价格降至每吨124.30美元，低于第一季度的128.40美元 [4] - 2026年冶金煤产量70%已承诺并定价，均价每吨128.17美元，另30%已承诺但未定价 [2] - 热煤副产品已全部锁定，价格为每吨75.94美元 [2] - 澳大利亚优质低挥发指数较美国东海岸低挥发溢价从5月的23%收窄至14%，若趋势持续可能利好国内生产商 [2] - 截至8月6日，澳大利亚优质低挥发指数进一步下跌12%至每公吨214.30美元，美国指数基本持平 [4] 外部冲击 - DTA出口终端的一台堆取料机在6月14日风暴中受损，风速超过80英里/小时，修复时间表未定，已提交保险索赔 [3] 市场情绪 - 对冲基金持有数量从39家降至30家，显示机构在减持 [5] - 空头持仓占流通股的19.15%，表明市场存在高度看空情绪 [5]

C A Z E N O V E FY'26 First Take: P&L and new guidance broadly in line with dividend beating consensus, strategic continuity from new CEO (44-20) 7742-6729 dominic.j.okane@jpmorgan.com J.P. Morgan Securities plc Our Take – P&L in line, guidance broadly in line, with new CEO maintaining focus on operational discipline & copper growth: FY'26 EBITDA of $32.9bn is a 2% beat vs VA consensus ($32.4bn) and -1% JPMe ($33.3bn); $13.1bn underlying NPAT is +4% cons. and -2% JPMe. CFO was in line vs JPMe and +3% vs con ...

August 18, 2026 12:03 AM GMT BHP Group Ltd | Asia Pacific FY26 Financials: Strong. Dividend 3%/10% beat vs. MSe/ Cons. EPS in-line with MS, but ~5% beat vs. Cons. OW AlphaSignals Earnings Reaction Unchanged Meaningful upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Balance sheet/dividend significantly better: Net debt US$8.7bn, 5.1%/2.7% below MSe/Cons; gearing 13.4%, below US$10-20bn ...

Vi e w p o i n t | 17 Aug 2026 20:16:40 ET │ 15 pages BHP Group (BHPB.L, BHP.AX) FY26 results – solid cash flow and higher dividend, better guidance for copper unit costs CITI'S TAKE BHP's FY26 EBITDA broadly came in-line to Citi and VA consensus expectations, while headline EPS was slightly lower vs VA consensus. EBITDA at $32.9 billion came in 1% ahead of the consensus, while FCF at $11.9 billion were 11% ahead of the VA consensus at $10.8 billion. BHP has made encouraging guidance commentary reiterating ...

J P M O R G A N Asia Pacific Equity Research 18 August 2026 BHP FY26 First Take: Clean results with DPS ahead of consensus, cost guidance generally positive in copper Key takeaways: 1) Underlying NPAT was a 4% beat vs consensus whilst final dividend was a ~20% beat to consensus (albeit at a 2H payout of 70%; we were surprised the street wasn't higher given comfortable ND); both were in line with JPMe. 2) FY27 cost guidance came in better than our expectations with Escondida/ WAIO/Copper SA lower than JPMe a ...