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Australasian Equities

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Speculative

high

Twenty Years Worth in the Ground Genesis Minerals’ $639m acquisition of Magnetic Resources was completed in late June, lifting group resources to 21.3Moz and reserves to 5.4Moz, and a fresh sweep of Laverton drilling confirms the organic engine behind “ASPIRE 500” is running. At mid-guidance production, that reserve base equates to roughly two decades of mine life. Yet with Australian-dollar gold down materially since our last note and the correction still unresolved, the margin cushion is narrowing even as it stays

South32

Speculative

high

Aluminium Out, Copper In South32 (ASX: S32) surged after agreeing to sell its aluminium value chain assets to Alcoa in a deal sized at US$5.6bn, pivoting the company toward a heavier copper exposure. The deal includes US$3.1 billion in cash, with a planned US$500 million special dividend to shareholders. At the same time, South32 is spending US$725 million to expand its Chilean copper mine, aiming to lift output by about 30% from around FY30. The sale is expected to close next year, pending several regulatory

Orica

Core

medium

Explosives Company Bets on Hydrogen Orica (ASX: ORI) has given the final go-ahead for a hydrogen production facility at the existing Newcastle chemical plant, backed by A$547 million in government funding. Though the first output is years away, shareholders benefit from the heavy government subsidy. Meanwhile, the core explosives business remains the near-term earnings driver, and deeper mines are a structurally supportive factor in the years ahead. In our last tech update on the 3rd of June, we noted that “Orica has resumed upward momentum following

Collins Foods

Core

medium

Record Sales, Higher Profits and Digital Doing the Heavy Lifting Collins Foods (ASX: CKF) after reporting record revenue of A$1.59 billion in FY26, with underlying profit up +13% to A$61.4 million. Same-store sales at Australian KFC stores opened at least one year ago rose +2.7%, and digital ordering channels now account for over 43% of sales. This points to the core Australian market remaining highly resilient for KFC despite multiple consumer headwinds. This is constructive. In Europe, operating profit almost doubled, but same-store

Domino’s Pizza Enterprises

Core

medium

Licence Clock Extended; Turnaround Clock Still Ticking Domino’s Pizza Enterprises (ASX: DMP) has secured an extension of its rights to run the Domino’s brand in France and Belgium until 30 September 2026, removing immediate licence risk. The share price fell about 5% on the news, reflecting broader scepticism after 1H26 sales fell 1.6% across the network and 2.5% at comparable stores, not to mention pressure from higher labour costs. Profit in Europe improved 23%, yet Australia and Japan remain soft, and the US parent has cut full‑year

CSL

Core

medium

Small Setback; Turnaround Still in Motion CSL (ASX: CSL) is dealing with a contained setback in one small drug while the broader business still hinges on much larger franchises. The European regulator has recommended pulling TAVNEOS, a medicine for a rare inflammatory blood-vessel disease, but that product contributes only about 1% of CSL’s total sales, so the direct financial hit is limited. FY26 guidance has already been cut, with revenue now expected around US$15.2 billion and underlying profit slightly below last year,

Scentre Group

Core

medium

1500 Apartments: Changing the Maths Scentre Group (ASX: SCG), which owns and operates Westfield shopping centres and currently enjoys a 99.8% occupancy with retailers paying higher rents on new leases, has announced plans to build roughly 1,500 apartments across eight towers adjacent to Westfield Warringah Mall on Sydney’s Northern Beaches, which are progressing through a state government fast-track process. In addition, a $240 million upgrade at Westfield Bondi Junction is also underway. The business is well run and has probably faced the peak of local interest rate

Woodside Energy

Core

medium

Alcoa Deal Locks In Three Years of Gas Revenue Woodside Energy (ASX: WDS) has signed a three-year gas supply deal with Alcoa’s Australian alumina refineries that runs from next year through to 2030, locking in a meaningful share of domestic gas volumes. Meanwhile, the group’s offshore Senegal oil field has now produced over 50 million barrels and is being assessed for a potential second phase that could unlock a further 250 million barrels. While near-term sentiment will be dominated by the US/Iran

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