Two S&P/ASX 300 Index (ASX: XKO) shares that have earned a positive rating from Bell Potter after earnings results are Imdex Ltd (ASX: IMD) and McMillan Shakespeare Ltd (ASX: MMS).
Both companies released their H1 FY26 results yesterday, prompting buy recommendations from the broker.
Here is what both ASX 300 companies reported.
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Imdex
Imdex is an Australian mining equipment and technology company operating globally.
Its share price has been on a steady increase over the last 12 months, rising 30.7% in that span.
This continued yesterday as its share price rose 2.5% on the back of its 1H FY26 results.
For the half year ending 31 December 2025, this ASX 300 company reported:
- Revenue of $247 million, up 16% on prior corresponding period (pcp)
- EBITDA normalised $78 million, up 22% on pcp
- Interim dividend of 1.7 cps
Speaking on the results, Managing Director and Chief Executive Officer, Paul House, said:
I am delighted with the record 1H26 result, two things stand out to me. The first being our commitment to invest continually through the exploration cycle that continues to build on a portfolio of leading technology. The second being our unrivalled global network and team of IMDEX personnel around the world working relentlessly to deliver value for our customers. This combination has enabled IMDEX to once again outperform the market.
McMillan Shakespeare
It was a different reaction from the market after this ASX 300 company released its half-year results yesterday.
Its share price fell more than 5% as investors were seemingly discouraged by the results.
This ASX 300 company specialises in employee benefits.
Its services include salary packaging, novated leasing, disability plan management and support coordination, asset management, and related financial products and services.
For the six months ending 31st December 2025, it reported:
- Statutory net profit after tax (NPAT) up 9.7% to $49.6 million
- Underlying net profit after tax and amortisation (UNPATA) up 1.4% to $50.3 million
- Group revenue up 11.2% to $297.4 million
- Half-year fully-franked dividend of 62 cents
Bell Potter upgrades both ASX 300 companies
Bell Potter previously had a hold recommendation on both stocks, but has now upgraded both to a buy.
Responding to the results from Imdex, Bell Potter said it was highly encouraged by the CY26 global gold and copper Major and Intermediate budgets announced to date, implying a significant uplift in exploration spend compared with CY25.
Together, with greater Junior exploration activity, as a record wave of recently raised equity is deployed, we believe IMD will see robust demand growth for its products and services and operating leverage.
The broker has upgraded its share price target to $4.60 (previously $3.60).
From yesterday's closing price of $4, this indicates an upside of 15%.
Meanwhile, for McMillan Shakespeare shares, the broker was optimistic about future growth thanks to the company's disciplined cost control.
We view the result as being classified by disciplined cost control. MMS could see as much as +8% benefit at EBITDA line from non-recurring costs and productivity alone. We upgrade to Buy on the depressed multiple and upgrade our EPS +2%/+0%/+0%.
The broker has an updated price target of $18.50 (previously $19.70).
From yesterday's closing price, this indicates an upside of approximately 11.4%.
