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Australasian Equities

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Speculative

high

Execution Strong, Risk-Reward Balanced Genesis Minerals delivered a strong first half. Production was up 58%, NPAT up nearly +300%, debt cleared, and cash building, which is clear proof that the ASPIRE 400 strategy is delivering. Gwalia remains the high-grade anchor, Ulysses is ramping, Jupiter is off the blocks, and the balance sheet provides optionality, which is being used. The gold price has been kind, but Genesis has also earned its margins through operational discipline. We are holders here rather than buyers,

Sonic Healthcare

Core

medium

Solid HY, breakout pending Sonic’s H1 FY2026 results were solid and well-received by the market, leading to a nice pop on the day the results were released. Revenue grew 17%, while organic growth was 5%, underlying margins improved, with strong execution in Germany, Switzerland and the UK, and a capital return catalyst in the Brisbane property sale. Cash flows were strong, and the dividend was given a slight lift, extending the company’s impressive track record. Looking ahead, AI-assisted workflows have

Ansell

Core

medium

Pricing Power Delivers Margin Bump Ansell (ASX: ANN) posted profit up 61.5% to $88.8 million for the 1H26 as margins expanded 180 basis points to 14.3% despite flat organic sales. The company fully offset an estimated $80 million tariff hit through price increases with minimal customer pushback, driven by limited alternative supply for protective gloves. Both industrial and healthcare divisions lifted margins above 13% on pricing and productivity gains. Management reaffirmed full-year earnings guidance and continued buybacks, with new CEO Nathalie Ahlström

Woodside Energy

Core

medium

Production Up, Margins Down Woodside Energy (ASX: WDS) posted record production of 198.8 million barrels for FY25, but net profit fell 24% to $2.72 billion as realised prices dropped 5% and tax charges rose. The board declared a final dividend of 59 cents, taking the full-year payout to 112 cents and representing 80% of underlying profit. Major projects Scarborough LNG, Louisiana LNG, and Trion oil remain on track for 2026-2029 start-ups, with gearing at 18% providing capacity to fund the growth pipeline. In

Fiducian

Core

medium

Steady Growth, Expanding Margins Fiducian (ASX: FID) posted 1H26 net profit up 15% to $9.9 million as total funds under management and advice grew 9% to $15.61 billion. Operating margins expanded to 33% from 31% as revenue growth outpaced costs. The company completed several small adviser practice acquisitions, adding $96.6 million in client assets, and lifted the interim dividend 16% to 25.5 cents per share. Platform administration assets rose 11% to $4.27 billion, benefiting from industry consolidation toward larger licensees. However, ASIC civil

APA Group

Core

medium

$3 Billion Pipeline Targets AI Power Boom APA Group (ASX: APA) was little changed after posting 1H26 underlying earnings up 7.6% to $1.092 billion as margins expanded to 77.3% on inflation-linked tariff increases and new asset contributions. The company lifted the interim distribution 1.9% to 27.5 cents, extending a 23-year growth streak, and reaffirmed full-year guidance. Management also upgraded the three-year growth pipeline from $2.1 billion to $3 billion, focusing on gas transmission and power projects. The ramp-up in pipeline is a

Austal

Core

medium

Win Big, Stumble Hard: $4B Contract Meets Accounting Error Austal (ASX: ASB) fell sharply after posting 1H26 revenue up 34% to $1.1 billion with net profit rising 21% to $30.5 million, securing a record $17.7 billion order book including a new $4 billion contract to build eight landing craft for the Australian Defence Force through 2038. However, shares dropped as management cut full-year profit guidance following a $25 million US accounting error on incentive calculations. Operating cash flow swung to a

Praemium

Core

medium

High-Net-Worth Bet Pays Off Praemium (ASX: PPS) posted a statutory profit up 69.5% to $9.9 million for the 1H26 as funds under administration grew 13.7% to $70.5 billion. The high-net-worth Spectrum platform attracted $659 million in new business, driving the earnings beat. Underlying margins expanded to 27.1% as costs stayed flat despite revenue growth of 5.3%. Management completed the OneVue integration with planned adviser exits in line and cut 28% of technology staff, saving $9 million annually from FY27 onward. Despite the robust

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