Westpac Banking Corporation is the third-largest of the big four commercial banks by market capitalisation and offers a full suite of financial services to more than 13 million customers. Westpac’s first-quarter FY24 profit of $1.8 billion was little changed from the final quarter of FY23, with interest margin pressure and higher bad debts well managed.
Read MoreSuper Retail Group is the owner of the Supercheap Auto, Rebel, BCF and Macpac brands, which have positions in growing high-involvement lifestyle categories of auto, sports and outdoor leisure. The company has more than nine million active loyalty club members, and sells via a network of 716 stores and online. Super Retail’s first-half FY24 sales
Read MoreFortescue is Australia’s No.3. iron ore miner behind Rio Tinto and BHP, and also has a growing green energy business via the company’s Fortescue Future Industries division. A monster $1.08 per share fully franked dividend was the highlight of Fortescue’s first half of FY24, up 44% on last year’s $0.75 per share interim payout. The
Read MoreColes Group is Australia’s second-largest supermarket chain, whose retail offerings included fresh food, groceries, general merchandise, liquor, fuel and financial services through its store network and online platforms. The value gap between Australia’s two largest supermarket operators has been dramatically closing over the space of a week, following their first-half FY24 results. However, both defensive
Read MoreLife360 operates a platform that offers tracking of family members via location coordination and safety alerts, driving alerts, digital safety alerts, and emergency assistance alerts. Life360, which also sells the Tile hardware tracking devices, is based in San Francisco, has circa 51 million monthly active users, and operates in more than 150 countries. We initiate
Read MoreSelect Harvests is involved in the growing, processing, packaging and sale of almonds and its by-products from company-owned and leased almond orchards and processing, packaging, marketing and distribution of edible nuts, dried fruits, seeds, muesli and a range of natural health foods. The company is Australia’s largest vertically integrated almond company with a portfolio of
Read More4DMedical is a medical research technology and development of a non-invasive respiratory imaging solution using four-dimensional imaging. This four-dimensional lung imaging technology utilises proven, patented mathematical models and algorithms to convert X-ray scans into quantitative data to enhance the capacity of physicians to manage patients with respiratory diseases and diseases of the lung. The company
Read MoreWoolworths is the largest supermarket chain in Australia and New Zealand, with 3,357 stores and more than 190,000 employees. Its business comprises Australian Food, New Zealand Food and Big W divisions. The non-cash goodwill write-down of Woolworths’ small New Zealand business in the first-half FY24 results has no direct impact on our $27.50 per share
Read MoreStar Entertainment Group operates integrated resorts with gaming, entertainment and hospitality services. Star also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland government and invests in a number of strategic joint ventures. Shares in Star are materially undervalued versus our unchanged $1.20 fair value estimate post the company’s first-half FY24
Read MoreAmcor provides packaging for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world through a range of flexible and rigid packaging, specialty cartons, closures, and services. Some 44,000 Amcor staff generate sales from operations that span 220 locations in 43 countries. We modestly raise our fair
Read MorePinnacle Investment Management Group is a financial services company, providing distribution services, business support and responsible entity services to the Pinnacle Affiliates and developing and operating investment management businesses. Pinnacle currently consists of 15 investment affiliates. Most derive their revenue from funds under management and/or administration (FUMA), which are driven by asset price movements and
Read MoreAVITA Medical is a regenerative medicine group with a technology platform positioned to address unmet medical needs in burn injuries, trauma injuries, chronic wounds, and dermatological and aesthetics indications. Avita has a distribution agreement with Stedical Scientific to exclusively sell its PermeaDerm products in the US for the next five years, with the option to
Read MoreBrambles is a supply-chain logistics company operating in more than 60 countries, primarily through the CHEP pallet- brand. Brambles specialises in the pooling of unit-load equipment and the provision of associated services, and is focusing on the outsourced management of reusable pallets, crates and containers. Economic activity is set to slow across Brambles’ core markets
Read MoreHUB24 operates the HUB24 investment management platform, HUBconnect, the Xplore platform, and Class. The HUB24 platform offers advisers and their clients a comprehensive range of investment options, including market-leading managed portfolio solutions, and enhanced transaction and reporting functionality. As one of the fastest growing platforms in the market, the platform is recognised for providing choice
Read MoreBHP Group is a diversified natural resources company. BHP’s principal business lines are mineral exploration and production. The company’s assets, operations and interests include copper, iron ore, nickel, metallurgical coal and potash. BHP’s FY24 second-quarter sales were in line with our expectations, and the company reiterated FY24 guidance, except for metallurgical coal. FY24 production will
Read MoreRio Tinto is engaged in minerals and metals exploration, development, production, and processing. The company’s portfolio of assets is condensed into four product groups, namely iron ore, aluminium, copper, and minerals. Rio Tinto’s 2023 December-quarter sales were in line with our expectations. Its Pilbara iron ore operations were the main driver of earnings, with production
Read MorePWR Holdings provides high-performance engine cooling solutions, manufacturing aluminium radiators, inter-coolers and oil coolers for leading race categories and teams such as Formula One, NASCAR, V8 Supercars, Deutsche Tourenwagen Masters and the World Rally Championship. We recently initiated coverage of PWR with a Lighten recommendation and a fair value estimate of $8.50 per share. At
Read MoreGrainCorp is an integrated grain and edible oils business with a market presence in Australia, New Zealand, Asia, North America, Europe, the Middle East and North Africa. The company’s recent FY23 result was broadly in line with our forecast. We lifted our fair value estimate by 3% to $7.40 per share, principally due to the
Read MoreNewmont Corporation is a gold miner and also produces copper, silver, zinc and lead. The company’s portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia, and Africa. Newmont, which recently acquired Australia’s Newcrest Mining, is the only gold producer listed in the US equity benchmark, the
Read MoreCollins Foods is a KFC and Taco Bell franchisee in Australia and Europe. It operates 261 franchised KFC restaurants in Australia, 17 in Germany and 45 in the Netherlands, along with 20 Taco Bell restaurants in Australia. The company is also a franchisor of the Sizzler brand in southeast Asia, with 66 franchised restaurants, predominantly
Read MoreBluescope Steel is a provider of steel materials, products, systems and technologies. It is headquartered in Australia, with operations across North America, Australia, New Zealand, the Pacific Islands and through Asia. The company’s most-recognized product brands are COLORBOND and ZINCALUME steels, COLORSTEEL, BlueScope Zacs, LYSAGHT steel building products, Butler and Varco Pruden engineered buildings. No-moat
Read MoreJudo Capital is an Australia bank with a focus on lending to small-to-medium enterprises (SMEs). Judo offers its 3,758 business customers tailored lending solutions, and has 35,050 term deposit customers that fund its lending book. We recently initiated coverage of Judo with an Accumulate recommendation and a fair value estimate of $1.10 per share. Shares
Read MoreTASK Group (TSK) develops and deploys cloud-based, transactional management and mobile customer engagement solutions, primarily for the hospitality sector, that offers clients a single solution for all customer interactions. Operating cash flows for the first half ending September 2023 fell, due to timing factors and additional investment incurred in the development of Task’s proprietary payments
Read MoreBluebet (BBT) offers sports and racing betting products and services to online and telephone clients, via its online wagering platform and mobile applications. The company’s September quarter was highlighted by strong margins in the Australian business. Customer additions were slightly softer, but this was offset by a higher turnover from its active customers. The company
Read MoreFortescue (FMG) is the third-largest iron ore miner in Australia and is diversifying into a global renewables and resources company through the activities of its green energy division. Fortescue shipped about 46 million metric tons of iron ore in the first quarter of FY24. This was in line with our expectations but 3% below the
Read MoreShaver Shop Group Limited (SSG) is an Australian specialty retailer of personal grooming and beauty appliances in Australia and New Zealand. Through a network of more than 120 stores and online sales capability, it delivers customer service excellence across every channel that customers choose to engage in. Like its retail peers, SSG is cycling strong
Read MoreRegis Healthcare Limited (REG) is an aged care provider. Through its services and facilities, Regis continues to provide innovative residential, respite care, ageing in place and dementia care to help residents and home care clients. The outlook continues to improve for REG. Industry feedback and recent datapoints suggest 1Q24 is tracking well. M&A opportunities are
Read MoreCobram Estate Olives Limited (CBO) is a leading Australian food and agribusiness company with olive farm and milling operations in Australia and the USA, and a portfolio of premium brands including Cobram Estate and Red Island. CBO is Australia’s largest olive oil producer with over 2.4 million olive trees on its Australian groves and is
Read MoreDomain Holdings Australia Limited (DHG) is an online property marketplace that provides a range of solutions, services and data to consumers, agents and other stakeholders with an interest in the Australian commercial and residential property markets. Domain offers services and solutions to consumers and agents at different points of the property lifecycle, including home loan
Read MoreAuckland International Airport Limited (AIA) provides airport facilities & supporting infrastructure in Auckland, New Zealand. It offers services that facilitate the movement of aircraft, passengers, and cargo, besides utility services, which support the airport; and leases space for facilities, such as terminals and cargo buildings and investment properties. It also provides services to the retailers
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