Australasian Equities

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Australasian Equities

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Speculative

high

Steady Sales and Better Prices Make for a Positive Quarter Whitehaven’s (ASX: WHC) March quarter delivered steady coal sales of 6.8Mt, tracking toward the upper end of FY guidance despite wet season disruptions in Queensland. Prices improved across both steelmaking and ‘energy’ coal, with the latter achieving 101% of the benchmark price as Middle East tensions tightened global supply. Debt refinancing of US$900m locks in roughly $50-55m in annual interest savings from May 2026, while net debt has fallen to $0.6

Vicinity Centres

Core

medium

Guidance Upgraded to the Top of the Range Vicinity’s (ASX: VCX) shopping centre portfolio is performing well, with occupancy at 99.6%, retailer sales up 5.1% and full-year earnings guidance upgraded to the top of its target range. The company has bought full ownership of a Brisbane city centre property for $212 million, backed by $27 billion of government infrastructure ahead of the 2032 Olympics. A new luxury retail precinct at Chatswood Chase in Sydney opens from the fourth quarter. Asset sales

Fortescue

Speculative

high

Record Nine-Month Shipments; Market Hopes for More? Fortescue (ASX: FMG) shipped a record 148.Mt of iron ore in the 9M26 period, up 4% year-on-year, with FY guidance of 195-205Mt unchanged. Production costs were very competitive at US$18.3/t, 4% lower than the previous quarter. The company is investing heavily in renewable energy across their Western Australian operations, with a further US$680 million approved for green power infrastructure in April. In our last tech update on the 11th of March, we noted that “Fortescue encountered resistance above $23,

Northern Star

Speculative

high

Plant Expansion on Track to Lower Costs From FY27 Northern Star (ASX: NST) sold 381,000 ounces of gold in the March quarter, generating $301 million in free cash flow after all costs. The company held $320 million in net cash at quarter-end even after paying a $347 million dividend. A major processing plant expansion in Kalgoorlie remains on track for early FY27, which is expected to lower the cost of producing each ounce and unlock higher returns from a stockpile of

Scentre Group

Core

medium

99.8% Occupancy: Nowhere Left to Fill, Nowhere Left to Fall Australian REIT Scentre Group (ASX: SCG) continues to have best-in-class positioning and a solid management team, which is drive for shopping centre business. The shopping centres recorded $7bn in retail sales for the March quarter, up 5%, with annualised sales reaching a record $30.3bn across 42 properties. Occupancy across the portfolio sits at 99.8%, with effectively no vacancies. Consumers are still spending, with customer visits rising 3.1% YoY. Full-year earnings guidance of

Mirvac

Core

medium

97% Occupancy Across the Commercial Portfolio Does the Heavy Lifting Mirvac Group (ASX: MGR) slipped after cautioning on softening residential demand and broader Middle East headwinds. Still, Mirvac is tracking steadily toward full-year earnings guidance of 12.8-13.0 cents per share, with 1,896 home sales year-to-date, up 28% year-on-year, and forward sales contracts up 13% to roughly $1.8 billion. Land-lease community sales rose 42%. Commercial property occupancy sits at roughly 97%, with over 90,000 square metres leased during the year. In our last tech update

St Barbara

Speculative

high

Production Set to Grow Nearly Four-Fold by FY30 St Barbara (ASX: SBM) has approved three separate gold projects within three weeks, setting out a production growth path from roughly 48,000 ounces in FY27 to 191,000 ounces by FY30. A 13-year mine in Papua New Guinea, a restart of a stockpile operation in Nova Scotia targeting first output by end-2026, and a larger Canadian processing hub form the backbone of the plan. With $504 million in cash and all three projects funded

South32

Speculative

high

Alumina Hits a Record as the Weather Hits Manganese South32’s (ASX: S32, LSEG: S32) March quarter delivered a mixed but broadly solid result. Brazil’s alumina plant reached a record year-to-date output, and a net cash position was established despite US$158 million spent on a major zinc project in Arizona. However, weather disruptions and a cyclone led to a 6% cut to full-year manganese production guidance in Australia. Most other production guidance was maintained. We are watching the impact of rising freight, fuel and

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