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Australasian Equities

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Speculative

high

21 Million Reasons Genesis Minerals has just told the market it holds 18.9 million ounces of gold resources at 2.1g/t and 4.4 million ounces in reserves at 1.9g/t – and those figures, on a pro forma basis following the pending Magnetic Resources acquisition, rise to 21.3Moz and 5.4Moz respectively. The scale of the inventory being assembled is remarkable, and the May corporate presentation makes the path to monetising it more tangible. While the underlying traction at the miner is impressive,

HUB24

Core

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Guaranteed Income for Life Available Through HUB24 HUB24 (ASX: HUB) launched a new retirement income product in partnership with life insurer TAL. The product allows retirees to receive a guaranteed income for the rest of their lives, regardless of how long they live or whether their original savings run out. Total funds administered reached $151.7 billion, up 22% year-on-year. The company has ranked first among Australia’s financial platforms for net inflows over eight consecutive quarters. First-half underlying profit rose 35%, and net

Xero

Core

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The Integration Tax Xero delivered a full-year revenue beat in FY26, with the core platform performing ahead of our assumptions while Melio integration costs drove reported profit lower. Operating revenue reached NZ$2,753m, up +31% (+21% in constant currency, +19% organically excluding Melio). The result validates the fundamental thesis, but it did impact near-term margin visibility, leading to a negative market reaction on the day of release. The organic business is materially stronger than the reported headline suggests. Excluding Melio, revenue grew +21%

Fiducian

Core

medium

Growing the Adviser Network While the Rest of the Industry Shrinks Fiducian (ASX: FID) is quietly expanding its adviser network at a time when the broader industry saw some shrinkage. Fiducian now has a team of 83 qualified advisers across a mix of company-employed staff and independently run franchise offices. The firm added three new franchise locations after completing several smaller acquisitions this financial year. The company is actively looking for further client-base acquisitions to bolt onto their centralised operating platform. In our

Telstra

Core

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Research Today, Competitive Advantage Tomorrow Telstra (ASX: TLS) shares have been a relatively safe haven amid the recent broader market volatility and pullback. The blend of strong cash flows and a growing dividend has appealed, with pricing power across the dominant mobile business having improved in a more rational local market in recent years. The telco has passed peak spending, and AI-related initiatives are likely to reduce the cost base further in the coming years, improving cash flow generation. Both Telstra and Vodafone

Macquarie Group

Core

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57 Years of Unbroken Profitability Macquarie Group (ASX: MQG) reported FY26 net profit of $4.85 billion, up 30%, with all four business divisions contributing to growth. Momentum improved in the second half, with 2H26 alone producing a record $3.19 billion profit. Their commodity trading and energy markets division led the way, surging 49% as Middle East tensions drove volatile energy prices and strong client demand for risk management. The asset management division rose 27%, boosted by performance fees on infrastructure investments. The

James Hardie Industries

Core

medium

The Trough Year James Hardie shares have had a tough past year, falling ~30% against a flattish ASX200. Elevated mortgage rates in the US have hampered the company’s largest market, and many institutional investors have never fully made their peace with the scale of the AZEK acquisition. The question heading into this week’s results was not just whether the quarterly results were any good, but what the outlook would be and whether management could begin rebuilding credibility with the broader market.

Rio Tinto

Core

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Recycling Capital Rio Tinto (ASX: RIO) is reshaping its portfolio in two directions simultaneously. In Western Australia, Rio is exploring the sale of a minority stake in the power network that supplies their iron ore operations, freeing up capital while keeping full operational control. A new 30-year solar energy agreement will also cut diesel costs at those operations. Second, they are evaluating a larger investment in Los Azules, one of the world’s ten largest undeveloped copper projects in Argentina, where their proprietary

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