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Australasian Equities

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Core

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18-Month Portfolio Clean-Up DONE APA Group (ASX: APA) is executing a simple growth strategy that involves a cleanup of the company’s portfolio. The completed Allgas sale caps an 18-month portfolio divestment program where several smaller assets have been sold, and funds directed towards higher-returning gas pipelines, backup power generation and renewable energy projects. The $50 million cost-cutting programme is on track, and APA now has an efficient balance sheet. A c6% prospective dividend yield (underpinned by long-dated infrastructure revenues contracts) along with

Westpac

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Technology Transformation: On Time and On Budget Westpac’s (ASX: WBC) technology transformation is reducing risk rapidly through multiple initiatives. Over 180 antiquated legacy computer systems have been shut down, which adds to our argument that Australian banks are in a multi-year cost-out phase. Meanwhile, the BT funds business recently passed $150 billion in funds. Westpac’s 1Q26 statutory net profit rose 5% to hit $1.9 billion, on the back of robust profit margins on the loan book and falling costs. This supports a generous dividend payout plus

Suncorp

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Profit Margin at Top of the Target Suncorp’s (ASX: SUN) underlying insurance profit margin of 11.7% sits at the top of their 10-12% target range for the seventh consecutive half, confirming successful pricing. A return approaching 5% on reinvested bonds, combined with the RBA hiking to 4.10% (with more expected!), will materially lift investment income on Suncorp’s over $15 billion portfolio as older bonds mature and are replaced at higher rates. Capital remains strong after the bank sale. Higher bond yields deliver

ANZ Banking Group

Core

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Premium Franchise and Rising Earnings ANZ (ASX: ANZ) is compounding NIM expansion and franchise strength simultaneously. 1Q26 cash profit surged versus 2H25 quarterly averages, Group NIM expanded slightly, and CET1 is well above regulatory minimums. With the RBA at 4.10% and possibly moving to 4.35%, asset yields continue to reprice favourably. Mortgage arrears at just ~0.8% confirm loan quality remains excellent. ANZ’s premium franchise, fully-franked dividend, and rising earnings create a compelling total-return setup. In our last tech update on the 13th of February,

Evolution Mining

Speculative

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A tactical buying opportunity Six weeks ago, we held our fire on Evolution Mining with a hold rating as the stock stormed to all-time highs at about A$17.70 following a record 1H26 result. The subsequent 30% correction has burned off that premium. We see this as a tactical buying opportunity in a still favourable gold/copper environment. FY26 guidance looks achievable; the balance sheet has strengthened to support higher dividends and project investment. The company’s asset base is long-life and high-margin,

SRG Global

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Rating Update: Better Value on Offer The mid-cap industrials sell-off of the past several weeks has been broad, and SRG Global wasn’t spared, though the stock has held up better than many. In our last note on SRG Global in mid-February, we recommended taking some partial profits with a sell-half note. As we write this note, the shares are trading approximately 16% below record highs, without negative company-specific catalysts. Indeed, the stock joined the ASX200 on Monday morning (23 March

QBE Insurance

Core

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Buying and Selling Businesses QBE (ASX: QBE) is executing a textbook business transformation. Selling the commoditised trade credit insurance business (~US$200 million revenue) to Swiss Re to redeploy funds into higher-margin specialty insurance, taking full ownership of the Indian joint venture to capture one of the world’s fastest-growing insurance markets at minimal cost. QBE is also launching a Bermuda operation for large, complex corporate risks. The world-first fully automated underwriting system structurally lowers operating costs and scales specialised insurance portfolios without proportionate staff increases. Recent moves in bond yields

Downer EDI

Speculative

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What’s in Stock(land)? Downer EDI (ASX: DOW) announced a new facilities management contract with Stockland that adds around $100 million per year in recurring, predictable revenue from August 2026, complementing the $750 million, 15-year Chevron maintenance deal that started in January 2026. Together, these long-term contracts with financially strong clients shift earnings toward lower-risk, higher-quality work. Trading below March highs with a roughly 3.5% dividend yield, the market has yet to fully recognise the transformation that a growing base of contracted, recurring revenue deserves. In

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