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Core

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What Patient Capital signalled The housing bear case has had a difficult few weeks. In the space of approximately a month, Berkshire Hathaway committed US$8.5 billion to acquire Taylor Morrison, one of the largest US homebuilders, and a landmark bipartisan housing bill cleared both chambers of Congress with wide margins – not an easy feat in today’s fragmented US political environment. Both are favourable for James Hardie and the broader US housing cohort. JHX is the largest exterior cladding supplier

Paladin Energy

Speculative

high

Seven From Eight Holes Hit Uranium Paladin Energy (ASX: PDN) announced a significant new uranium discovery at the Canadian Patterson Lake South project, named Atlas. Seven of eight drill holes struck uranium, with the strongest results reaching grades of 4.25% (note: an impressive result that is more than 40x higher than the global average for operating uranium mines), located 3.5 kilometres from the company’s existing deposit. The existing deposit holds 93.7 million pounds of uranium at production costs well below current uranium prices.

Judo Capital

Speculative

high

3 Bad Loans? Judo Capital (ASX: JDO) plunged -40.4% after a profit warning, trimming its full-year profit forecast from A$180-190 million to A$163-169 million. The downgrade was driven by three specific business loans that turned sour, pushing bad debt charges to more than double the bank’s own long-term target. Loan book growth, interest margins and cost controls all remain on track. The question investors are now asking is whether these three problem loans are isolated incidents or an early warning of

Telstra

Core

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When Rotation Creates Opportunity Defensives got sold when the Middle East ceasefire came through. Telstra went with them, giving back some ground since our last note, without any material company-specific news to justify it. Although the stock has attracted some more bids this week amid broader market jitters, it is around 8% below 52-week highs, offering a decent entry point. Telstra owns a large portfolio of economically critical assets. The spectrum licences, the tower network, its new Aura long‑haul fibre backbone

BWP Trust

Core

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Rent on Time and the Portfolio Keeps Growing Quietly BWP Trust (ASX: BWP) has reported a A$115.6 million increase in the value of their properties for the six months to June 2026. Three development sites in Victoria, South Australia and Western Australia contributed A$51.1 million of that gain. The trust raised its half-year income distribution by 4% to 9.83 cents per unit, with full-year distributions on track to reach A$0.1941 per unit. Meanwhile, the RBA holding interest rates steady has eased valuation

WiseTech Global

Speculative

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Down 70% YoY; Core Business Has Not Changed WiseTech (ASX: WTC) has already faced a sharp sell-off in early 2026 due to AI disruption fears, which followed earlier governance concerns in 2025. The business itself is high-quality, serving many of the world’s largest logistics providers with CargoWise, which has benefited from high ‘stickiness’ with very low churn, delivering strong cash flows for WiseTech. The e2open acquisition has expanded the total addressable market opportunity. However, Monday’s steep fall highlights that investor nervousness

GrainCorp

Speculative

high

Focussing on the Home Turf GrainCorp (ASX: GNC) has sold its Canadian grain storage and handling business to a local buyer, completing the transaction on 22 June and booking a modest accounting loss in the process. The sale simplifies the company back to the core business of storing, handling and exporting grain along Australia’s east coast. The outlook for this year’s domestic winter crop has improved after timely rainfall, with government forecasters now expecting a harvest around 2.5% above the ten-year average,

Santos

Speculative

high

Pikka Is Pumping. Now Santos Has to Deliver the Ramp-Up Santos (ASX: STO) has begun continuous oil production at the Pikka project on Alaska’s North Slope, currently pumping around 20,000 barrels per day and targeting 80,000 barrels per day by the 3Q26. First sales revenue is expected in that same quarter. The project holds an estimated 400 million barrels of proven reserves, with a further 600 million barrels identified for potential future development. Combined with a separate gas project in northern Australia, Santos is entering a period

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