03 Nov – 07 Nov, 2025
Welcome to this week’s JMP Report,
- Last week saw 4 stocks traded on the local market with a total trading value of K1,453.352.60.
- BSP traded 7,738 shares, closing steady at K24.00.
- KSL traded 31,072 shares. Closing lower form the previous week at K3.80.
- STO managed to trade 53,905 shares but closed 50t lower at K20.00.
- Lastly, CCP traded 11,217 shares lower by 2t at K4.63.
WEEKLY MARKET REPORT | 03 November, 2025 – 07 November, 2025
| STOCK | WEEKLY VOLUME |
CLOSING PRICE | VALUE | BID | OFFER | CHANGE | % CHANGE |
| BSP | 7,738 | 24.00 | 170,232 | 24.00 | 24.00 | 0.40 | 0.02 |
| KSL | 31,072 | 3.80 | 118,079 | 3.80 | 3.85 | (0.01) | (0.26%) |
| STO | 53,905 | 20.00 | 1,113,107 | – | 20.50 | (0.50) | (2.44%) |
| NEM | – | 181.00 | – | – | – | – | – |
| KAM | – | 1.90 | – | 1.90 | – | – | 1.06% |
| NGP | – | 1.35 | – | 1.35 | – | – | – |
| CCP | 11,217 | 4.65 | 51,935 | – | 4.64 | (0.02) | (0.43%) |
| CPL | – | 0.45 | – | 0.40 | 0.50 | (0.15) | (25.00%) |
| SST | – | 50.00 | – | – | 50.00 | – | – |
| 103,932 | TOTAL | 1,453,353 | (1.74%) |
Key takeaways:
- Market Announcement: KSL – Strategic Investment and Partnership with NiuPay Download >>
- Market Announcement: NEM Filing
Form 144 Filed Bruce Brook Download >>
Form 144 Filed Tom Palmer Download >>
Form 4 Filed Natascha Viljoen Download >>
Form 4 Filed Tom Palmer Download >>
Form 4 Filed Bruce Brook Download >>
Form 4 Filed Brian Tabolt Download >> - Market Announcement: CPL – Appendix-10B-Notice-of-Change-In-Directors-or-CEOs-Interests Download >>
- CPL – Insider Trading Policy – Oct 2025 Download >>
- Market Announcement: STO – Santos prices US$1 billion 10-year US 144A-Reg S bond Download >>
WEEKLY YIELD CHART | 03 November, 2025 – 07 November, 2025
| STOCK | NUMBER ISSUED OF SHARES |
MARKET CAP |
2023 INTERIM DIV | 2023 FINAL DIV | 2024 INTERIM DIV | 2024 FINAL DIV | 2025 INTERIM DIV | YIELD % LTM |
| BSP | 467,219,979 | 11,213,279,496 | K0.370 | K1.060 | K1.210 | K1.210 | K0.500 | 7.13% |
| KSL | 287,949,279 | 1,097,207,260 | K0.100 | K0.160 | K0.106 | K1.155 | K0.126 | 7.39% |
| STO | 3,247,772,961 | 64,955,459,220 | K0.310 | K0.660 | k0.506 | K0.414 | K0.559 | 4.87% |
| NEM* | – | – | – | – | – | – | – | – |
| KAM | 50,693,986 | 96,318,573 | K0.120 | – | – | – | K0.250 | 23.68% |
| NGP | 45,890,700 | 61,952,445 | K0.030 | – | K0.120 | K0.120 | K0.040 | 11.85% |
| CCP | 307,931,332 | 1,431,880,694 | K0.110 | K0.130 | K0.121 | K0.121 | K0.121 | 5.20% |
| CPL | 206,277,911 | 92,825,060 | K0.050 | – | – | – | – | – |
| SST | 31,008,237 | 1,550,411,850 | K0.350 | K0.600 | K0.300 | K0.300 | K0.400 | 1.40% |
| TOTAL | 80,496,334,598 | 5.18% |
a LTM = Last Twelve Months. We have calculated yields based on most recently declared
interim and final dividends.
* NEM pays quarterly dividends. We have added last 4 payments at current FX rates.
Dividend yield – is calculated by dividing a company’s annual dividends per share by its current share price and expressing the result as a percentage.
Domestic Markets Department – Money Markets Operations Unit
Auction Number: 05 NOV-25 / GOI / Government Treasury Bill
Settlement Date: 07-Oct-25
Amount on Offer: K267.780 million
|
TERMS |
ISSUE ID |
ISSUE ID |
ISSUE ID |
ISSUE ID |
ISSUE ID |
TOTAL |
|
Weighted Average Yield |
0.000 |
0.00% |
7.23% |
0.00% |
7.21% |
|
|
Amount on offer Kina Million |
0.000 |
0.000 |
20.000 |
50.000 |
306.780 |
376.780 |
|
Bids Received Kina Million |
0.00 |
0.000 |
48.300 |
65.120 |
479.100 |
592.520 |
|
Successful Bids Kina Million |
0.00 |
0.000 |
38.300 |
0.000 |
396.300 |
434.600 |
|
Overall Auction OVER-SUBSCRIBED by |
0.00 |
0.000 |
28.300 |
15.120 |
172.320 |
215.740 |
What we have been reading
AUSTRALIAN EQUITY STRATEGY- HOLD NOW, BUY ON WEAKNESS
By: Bell Potter – Monthly Bell Nov 2025 – Paul Basha, Strategist
This has been a grudging rally. Outside of a recent step up in resource earnings, market earnings in Australia have been flat-to-down while multiples keep stretching.
That leaves prices fragile to narrative shocks even as pullbacks are bought quickly. We expect that investors continue to buy the dip until the story genuinely changes. If a catalyst lands however, the first leg lower is usually fast and mechanical. We’re not calling a downturn, but risks of a US induced correction have risen, we see three US air pocket triggers: no policy cushion (sticky inflation keeps rates higher-for-longer than markets price), narrow leadership (an AI bellwether wobble cracks the soft-landing
+ AI story), and credit cockroaches (small spread moves spark outsized equity selling, signaling tight positioning and thin buffers).
+ AI story), and credit cockroaches (small spread moves spark outsized equity selling, signaling tight positioning and thin buffers).
Any of these could trigger a fast, multiple-led sell-off that Australia would participate strongly in. We highlight two high quality stocks our analysts rate HOLD on valuation. In an air-pocket we’d expect multiples to compress while earnings stay comparatively resilient versus sector peers, creating buy-on-weakness set-ups like April this year and August 2024. Assuming no change to the underlying thesis, the price reset is the opportunity.
Pro Medicus (PME) – Best in class
PME sits at the top of the ASX quality stack. Revenue and earnings keep stepping higher, helped by a contract mix that’s getting larger and longer. Renewal dynamics are exceptional: every material renewal has come back at better terms, and most agreements embed an ~80% usage floor, which leaves built-in upside as scan volumes grow. Margins remain 70%+ because this is pure software with tight opex and very sticky customers across tier-one hospitals and imaging networks. The industry backdrop is constructive; imaging volumes and enterprise standardization are structurally rising, and PME is outgrowing the sector.
The channel is broadening as well as deepening. The Authority to Operate (ATO) in the US federal system (Veterans Affairs) is an important and difficult credential to secure and while it doesn’t guarantee wins, it opens doors across a large ecosystem and turns security compliance into a sales asset. Internationally, the first EU deal in years was signed and while small in dollars it is useful as a reminder and a proof point that the playbook works across regions.
The product story is now a platform story. PME is moving beyond radiology into cardiology and pathology, giving hospitals a single viewer and workflow across modalities; it’s a cleaner value proposition for CIOs that want fewer vendors and simpler integrations. University partnerships are a smart way to pull AI into production, rather than trying to acquire or build the technology from scratch. Cloud deployments keep scaling, which matters for speed of implementation and for attaching the full stack over time.
Bell Potter view: this is one of the highest-quality names on the market.
Bell Potter view: this is one of the highest-quality names on the market.
We expect that PME’s revenue growth re-accelerates above 30%+ with margins expanding off an already high base as full-stack/cloud deployments and renewal pricing flow through. The P/E steps down each year as earnings compound, though from a very high starting point, with the stock remaining sensitive to multiple compression in a risk-off. HOLD now, Buy on weakness.
TechnologyOne (TNE) – PLUS one
TechnologyOne is a high-quality Australian SaaS name with a wide moat in public sector ERP. It serves more than a thousand customers across government, education, health and financial services, with deep integration and long contract cycles that keep switching costs high. The SaaS transition is done; recurring revenue is the engine.
Annualized recurring revenue (ARR) passed the $500m mark in 1H25 and net revenue retention sat around 118%, consistent with the 115–120% ambition. The combination of sticky customers plus upsell underpins a credible path toward the FY30 scale targets.
Australia remains the base, but higher education in the UK is a real runway as universities standardize on cloud ERP.
The AI strategy adds another leg. The company has recently launched PLUS, an agentic AI layer that sits across the ERP suite, letting users query and execute tasks in natural language against their own data. Thirteen of nineteen existing products (with PLUS being the 20th in the stable) have been AI-enabled to improve usability and data sharing. The go-to market is sensible: AI enhancements come as part of existing subscriptions with a capped number of free interactions, then per-interaction charges; PLUS, itself is a paid subscription with a conversation cap and extra-use fees beyond that. That model should drive higher attach, support net revenue retention (NRR), and nudge margins toward the 35%+ target, without demanding a wholesale change in customer behavior.
Bell Potter view:
Execution has been consistent. EPS has compounded at ~17% over five years, with ~20% growth expected for FY25 and ~21% for FY26. R&D investment of roughly 20–25% of revenue funds a steady cadence of product launches, now with AI in the foreground.
Management’s FY30 ambitions (including $1bn+ ARR) look high but achievable. Our analyst is currently more bullish than management on the out-years (revenue and
margin trajectory), yet even on those numbers the valuation remains full. The stock can grow into its multiple, but at today’s settings the PEG sits above 4, which we view as too rich for fresh money. The business quality is not in question: long-dated contracts, high NRR, clear AI monetization paths, and growing both domestically and globally. HOLD now, Buy on weakness.
Please feel free to reach out for your investment needs.
Regards,
JMP Securities Team
a. Level 3, ADF Haus, Musgrave St., Port Moresby NCD Papua New Guinea
p. PO Box 2064, Port Moresby NCD Papua New Guinea
Managing Director
Email: lars.mortensen@jmpmarkets.com
Ph: +675 7200 2233
Mobile: +675 7056 5124
Head of Equity Capital Markets
Email: nathan.chang@jmpmarkets.com
Ph: +675 7167 3223
Mobile: +61 422 113 630