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Core

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Pipeline Capacity to Grow 30% as Southern Gas Shortfalls Loom APA Group (ASX: APA) has committed $480 million to expand the capacity of their east coast pipeline system. The funds will be spent on increasing the volume of gas by 30% flowing southward from Queensland. The investment is backed by long-term take-or-pay contracts. The interim distribution of 27.5c was lifted 1.9% year-on-year, continuing a long track record of growing dividends. In our last tech update on the 27th of March, we noted that “APA has

CSL

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Interim CEO Review Delivers a Hard but Necessary Reckoning CSL (ASX: CSL) plunged -16% after cutting full-year profit forecasts by around 9%-13% to approximately US$3.1 billion following a 90-day review by the interim CEO. The company also flagged around a US$5 billion in non-cash write-downs, largely tied to the 2022 acquisition of kidney disease specialist Vifor, which has not performed as originally expected. The write-downs do not affect cash flow or the dividend. Core blood plasma and vaccine operations remain firmly profitable. The shares have fallen almost

Amcor

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Accretive Growth: Acquisition Pays Off Amcor, (ASX: AMC) delivered a sharp rise in sales and profit following their acquisition of US rival Berry, with adjusted operating profit up 72% for the quarter. Cost savings from combining the two businesses are tracking ahead of schedule, now targeting US$270 million in annual savings. Full-year earnings per share guidance of US$3.98 to US$4.03 was maintained. However, free cash flow guidance was trimmed as the company holds more inventory to manage supply chain disruptions. Net debt remains elevated at

QBE Insurance

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A Solid Start QBE Insurance (ASX: QBE) opened 2026 with total premiums written up 11% to US$9.2 billion, supported by growth in North American crop insurance and selected international lines. Natural disaster claims for the first four months came in at around US$300 million, well below the 1H26 budget of US$517 million. Investment income reached approximately US$500 million, benefiting from higher interest rates on its bond portfolio. Full-year profitability guidance was reaffirmed. The company has also cut their exposure to large disaster losses by around 40% over two

Betashares Japan ETF

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Going Above and Beyond When we published our February note on HJPN, we called for the Nikkei 225 to sustain its re-rating toward the 54,000–56,000 range. The index blew through both numbers. As of May 8, the Nikkei traded at 62,713, having touched a new record above 63,000 in the prior session. The Betashares Japan ETF (ASX: HJPN) is up around +16% YTD and +53% over the past year. While some of the ‘easy’ upside has arrived, we believe Japanese equities

Global X Copper Miners ETF

Speculative

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Another demand engine in a tight market Our last note on the Global X Copper Miners ETF (ASX: WIRE) in late January noted that the copper thesis rested on structural demand – electrification, AI data centres, the energy transition – converging with a mine supply peak. That thesis is intact. What has happened since is that demand forces are strengthening, and the supply side has signalled that it is struggling to keep up. The latter signal is the collapse in treatment

Orica

Core

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Strongest First-Half in Over Two Decades Orica (ASX: ORI) delivered their strongest first-half operating profit in over 20 years, rising 5% to $512 million. Underlying net profit grew 8%, and the interim dividend was lifted 14% to 28.5 cents per share. A court settlement with a US chemical supplier will result in a cash payment of around US$170 million in the second half, which weighed on the headline statutory result. The digital technology and specialty chemicals divisions both grew strongly. A cost reduction

Northern Star

Speculative

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Why Northern Star is a medium-term play We are moving Northern Star Resources (ASX: NST) from Buy to Hold. The decision reflects a deliberate shift in the House view on the near-term gold price outlook, and a closer read that reveals a Q4 production window more exposed than the headline result suggests. The long-term investment thesis – new mill, production step-change, structural cost reset – remains intact. What has changed is the risk/reward calculus between now and that delivery. Our House view

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