Australasian Equities

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Australasian Equities

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A New Escondida Every Year BHP (ASX: BHP) eased about −7.5% from its all-time high in early June to around A$60.20 at the time of writing, as iron ore slipped back toward US$100/t and a broad commodity sell-off took some heat out of the diversified miners. We read the dip not as a top but as a buying opportunity in a stock whose earnings base has quietly changed shape, with a structural engine still underneath the re-rate. That engine is copper. In

Woodside Energy

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Keeping the Country Running? Woodside Energy’s (ASX: WDS) flagship Scarborough gas project off Western Australia is 96% complete and on track to ship its first cargo in late 2026. A separate project in Louisiana, USA, is 31% complete with first shipments expected in 2029. Disruption to roughly 20% of global liquefied natural gas supplies following the Middle East conflict has tightened the market, providing a genuine pricing tailwind. In our last tech update on the 30th of April, we noted that “In terms of the big

Ansell

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What the Sell-Off Bought Ansell’s first-half numbers were strong. EBIT up 15% on flat sales, margins among the highest in recent years, cash conversion at 112%, and full-year guidance held. The stock has fallen roughly 25% from its November peak anyway. Three things have weighed on the shares, but don’t change the long-term story. In February, Neil Salmon handed over to incoming CEO Nathalie Ahlström on results day itself, a transition that was telegraphed and orderly. However, in April, CFO Brian

Downer EDI

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Nine Years of Revenue Locked In Downer EDI (ASX: DOW) has secured a $310 million contract to maintain key Sydney toll roads for up to nine years from July 2026. This builds on existing work in Melbourne and extends a long-standing relationship with one of Australia’s most demanding infrastructure owners. The company manages over 50,000 kilometres of road networks across Australia and New Zealand. The business is steadily shifting away from riskier construction projects toward lower-risk, long-dated maintenance and services work, supporting more

Domino’s Pizza Enterprises

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Labour Pain? Domino’s Pizza Enterprises (ASX: DMP) is navigating a difficult period, with same-store sales already down 2.5% across the group and the Australian and New Zealand business falling 4.7%. A new CEO is still settling in. From 1 July, award wages rise 4.75%, directly increasing labour costs across a franchise network where individual store profits are already thin at around A$103,000 per year. Cost savings of A$55 to A$70 million and digital efficiencies provide some offset. Until same-store sales show a clear recovery,

Treasury Wine Estates

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Ascent! Treasury Wine Estates (ASX: TWE) popped higher last week after the vintner unveiled its “Ascent” transformation plan at the 2026 Investor Day, with plans to cut the wine brand portfolio from 76 to fewer than 30, focusing resources on three flagship labels and seven regional brands. Operating profit guidance of A$480m to A$490m for 2026 is flat again in 2027, with meaningful revenue growth and margin improvement not expected until 2028. Debt levels peak at roughly 2.9x earnings in 2026, and dividends have been suspended. The US business remains in

South32

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A Portfolio Built for the Energy Transition South32 (ASX: S32) is increasingly positioning itself around copper, zinc and silver, metals closely tied to electric vehicles, renewable energy and data centre construction. The flagship development project in Arizona, which contains large zinc and silver deposits, has seen costs rise more than 50% to US$3.3 billion, with first production now delayed to late 2028 and full output pushed to 2031. On the other hand, the broader resource has grown by 52%, extending the project’s life to 33 years.

The Lottery Corporation

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Funding Digital Transformation The Lottery Corporation (ASX: TLC) has cut its annual operating cost guidance by $10 million by permanently reducing staff numbers. The savings are being redirected into artificial intelligence, digital product improvements and customer experience upgrades, funding the transformation from within rather than asking shareholders for more money. Online lottery sales already represent 41.2% of total turnover and are growing. Dividends remain fully franked at 8 cents per share for the half year. The company is cycling out of

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.

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