Australasian Equities

Equity Research
Archive
Australasian Equities

Sample Reports | Old Reports | Not Current

Speculative

high

Reloading under the surface Gold’s retreat from its early 2026 highs, especially over the past 2-3 months, has hampered sentiment towards Evolution Mining, rather than anything the company itself has done wrong. Since we moved to Hold in late May, noting that gold’s consolidation may have further to run, gold bullion has been weighed down by a hawkish speech from new Fed chair Kevin Warsh, the firmer US dollar, and a partial unwind of the geopolitical risk premium. Central bank

BHP

Core

medium

Costs Blow Out Again. The Long-Term Case Still Intact BHP (ASX: BHP) has revised the cost of the second phase of its Jansen potash fertiliser project in Saskatchewan, Canada, from US$4.9 billion to US$6.9 billion, and will write down the value of the broader project by US$2.3 billion when it reports its June 2026 financial results. Potash is a key ingredient in agricultural fertiliser used to feed crops globally. Despite the cost increase, BHP says the project remains economically sound, targeting

Qantas

Core

high

Oil Falls, Margins Up; Eyes on Sunrise Bet Qantas (ASX: QAN) has held up well amid the turbulence of the US-Iran conflict, already regaining much of the lost ground from when the conflict began in late February. Pricing power and travel demand remain resilient, while the recent oil pullback should support margins into year-end. The balance sheet sits within target, giving Qantas room to fund fleet renewal. Project Sunrise (the super long-haul flights plan) now represents a 2027‑onward premium growth option

CSL

Core

medium

The ‘Moat’ is still there CSL (ASX: CSL) is one of only three major global suppliers of plasma-derived medicines and a leading influenza vaccine manufacturer. CSL has fallen more than 50% over the past year following a series of earnings downgrades, asset write-downs totalling around US$5 billion, and a US$300 million headwind in the core immunoglobulin business. The company has no permanent CEO in place, and the planned separation of the vaccine division has been delayed indefinitely. In our last tech update on

SGH

Core

medium

Stays True to Long-Term Compounding Playbook SGH (ASX: SGH), the conglomerate led by the Billionaire Stokes family, gained +3% after announcing a share buyback of up to $500 million, while saying it would not impede any acquisition aspirations. The stock has been a good long-term compounder for smaller retail shareholders, benefiting from being aligned with the Stokes’ disciplined capital allocation over the years, accumulating a portfolio of ‘boring’ industrial businesses that quietly build value. In our last tech comment in early

Westpac

Core

medium

Re-entering Wealth: A Risky Second Act? Westpac (ASX: WBC) is navigating a trickier stretch as rising interest rates and new property tax rules cool demand for home loans. Monthly mortgage applications have fallen around 23% since the December quarter, with investor lending hit hardest. The gap between what the bank earns on loans and what it pays on deposits remains wide while the RBA holds rates at 4.35%, but slower lending volumes are a real constraint on growth. Westpac is investing in

National Australia Bank

Core

medium

Interest Rates at Decade Highs, is NAB Built to Benefit? National Australia Bank (ASX: NAB) is, in our view, well-positioned to weather the storm as the RBA held the benchmark rate steady at 4.35% this week following three consecutive increases since February. Despite bearish sentiment towards the banking sector, the current rate environment keeps NAB’s net interest margins structurally elevated at cycle highs. New property tax changes from July 2027 will cool investor appetite for mortgages, but the Australian banks are also a

Newmont

Speculative

high

New Leadership Team Takes the Wheel Just as the Gold Market Hits Its Stride Newmont (NYSE, ASX: NEM) the world’s largest gold producer, generated record free cash flow of US$7.3 billion in FY25 and followed that with another record US$3.1 billion in the 1Q26 alone, supported by rising gold prices and tighter cost controls. The company holds net cash of US$2.1 billion, has launched a US$6 billion share buyback programme, and pays a quarterly dividend of US$0.261 per share. A new leadership

About these archived stock reports

These are archived Fat Prophets equity research stock reports and share analysis. They do not constitute current investment advice, financial product advice, or a recommendation to buy, sell or hold any financial product. They are provided for historical reference only, and reflect the market conditions, company information, forecasts and opinions available at its original publication date. The information may no longer be current or applicable. Past performance is not a reliable indicator of future performance.

This is general information only and does not take into account your objectives, financial situation or needs. Before acting on anything in this report, you should consider its appropriateness to your circumstances and seek advice from a licensed financial adviser.

DISCLAIMER Fat Prophets has made every effort to ensure the reliability of the views and recommendations expressed in the reports published on its websites. Fat Prophets research is based upon information known to us or which was obtained from sources which we believed to be reliable and accurate at time of publication. However, like the markets, we are not perfect. This report is prepared for general information only, and as such, the specific needs, investment objectives or financial situation of any particular user have not been taken into consideration. Individuals should therefore discuss, with their financial planner or advisor, the merits of each recommendation for their own specific circumstances and realise that not all investments will be appropriate for all subscribers. To the extent permitted by law, Fat Prophets and its employees, agents and authorised representatives exclude all liability for any loss or damage (including indirect, special, or consequential loss or damage) arising from the use of, or reliance on, any information within the report whether or not caused by any negligent act or omission. If the law prohibits the exclusion of such liability, Fat Prophets hereby limits its liability, to the extent permitted by law, to the resupply of the said information or the cost of the said resupply.

Funds Management – In addition to the listed fund FPC, Fat Prophets Pty Ltd manages the separately managed accounts, namely Concentrated Australian Shares, Australian Shares Income, Small Midcap, Global Opportunities, Mining & Resources, and Asian Shares. These SMAs are managed under their own mandates by the fund managers, and this is independent to the research reports.

Staff trading – Fat Prophets Pty Ltd, its directors, employees and associates of Fat Prophets may hold interests in many ASX-listed Australian companies which may or may not be mentioned or recommended in the Fat Prophets newsletter. These positions may change at any time, without notice. To manage the conflict between personal dealing and newsletter recommendations the directors, employees, and associates of Fat Prophets Pty Ltd cannot knowingly trade in a stock 48 hours either side of a buy or sell recommendation being made in the Fat Prophets newsletter. Staff trades are pre-approved by an appointed staff trading compliance officer to ensure compliance with the staff trading policy.

For positions that directors and/or associates of the Fat Prophets group of companies currently hold in, please click here.