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Australasian Equities

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Core

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Trimming the Fat Treasury Wines Estates (ASX: TWE) is cutting around 40 wine labels from the current lineup, shrinking the portfolio from over 70 brands to fewer than 30 over the next five years. The move aims to save A$100 million a year, though there are one-off costs which are expected to be around A$220-260 million, and debt levels are expected to peak this year. Meanwhile, the company has put a large vineyard in South Australia up for sale, part of a broader move away from struggling growing regions.

Austal

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Building Slowly, But Building Smart Austal (ASX: ASB) has partnered with a design firm, BMT, to access extra engineering support when workloads peak. In Vietnam, the shipyard delivered a hybrid vessel combining steel and lightweight materials, showing that the operation can now build more complex ships beyond usual lightweight designs. Meanwhile, a long-term Australian defence agreement covering dozens of vessels remains in place, though contracts still need to be finalised. Overall, these are useful building blocks, but proof of delivery is

Sandfire Resources

Speculative

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The Copper Story Gets a Longer ‘Chapter’ Sandfire Resources (ASX: SFR) has significantly boosted the outlook for the Black Butte copper project in Montana, with a new study lifting the amount of copper the project can economically dig up by almost +50%. Sandfire’s Montana copper mine is now expected to have a working life of 12 years, up from 8 years prior, made possible by connecting a second underground deposit to the same processing plant, keeping costs low. The project is forecast to generate solid returns, and most of

New Hope Corp

Speculative

high

Digging In, Not Up New Hope Corporation (ASX: NHC) remains strongly profitable thanks to firm prices and reliable demand, particularly from India. The company benefits from being based mainly in New South Wales, avoiding Queensland’s steep state charges on premium-priced coal. Meanwhile, global demand for this metallurgical coal (the type used in steel) is expected to hold steady over the next few years. In our last tech update on the 19th of May, we noted that “New Hope made a three-year high above $6

WiseTech Global

Speculative

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Founder Steps Back but Not Away WiseTech (ASX: WTC) has appointed a new independent chair, sparking rebound in the share price, though shares are still down ~34% year-to-date. Regulators are investigating founder Richard White’s sale of shares worth around A$229 million during a period when he should not have been trading, and the federal police raided the company’s Sydney office last October. White still sits on the board in a senior role, so questions over oversight remain unresolved. A record number

Santos

Speculative

high

Locking In a Decade of Steady Gas Supply Santos (ASX: STO) has signed a 10-year deal to supply gas to the South Australian government, locking in steady income and helping fund upgrades at the Cooper Basin operations aimed at cutting costs. Meanwhile, the Barossa gas project is now running at 75% of planned output. Santos is prioritising proven, lower-risk projects over more expensive, uncertain ones, keeping spending disciplined. The ongoing conflict adds volatility to the outlook, but Santos is managing the aspects it can, well. In our

Vicinity Centres

Core

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Guidance Upgraded to the Top of the Range Vicinity’s (ASX: VCX) shopping centre portfolio is performing well, with occupancy at 99.6%, retailer sales up 5.1% and full-year earnings guidance upgraded to the top of its target range. The company has bought full ownership of a Brisbane city centre property for $212 million, backed by $27 billion of government infrastructure ahead of the 2032 Olympics. A new luxury retail precinct at Chatswood Chase in Sydney opens from the fourth quarter. Asset sales

QBE Insurance

Core

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A Foothold in One of the World’s Fastest-Growing Markets QBE Insurance (ASX: QBE) has bought out an Indian business partner, taking full ownership of an insurance venture the two companies had run together for 18 years, deepening QBE’s exposure in India, a market growing quickly as more people take out cover for the first time. Meanwhile, in Canada, the company has expanded their marine and environmental insurance, building out higher‑margin niche lines. QBE is trading near year highs, and as a global insurer, the business is helped by rising bond yields,

About these archived stock reports

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