Australasian Equities

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Australasian Equities

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Speculative

high

GrainCorp Puts Harvest First, Technology Second GrainCorp has maintained FY26 earnings guidance and delivered cost savings ahead of plan, while delaying its Nutrition and Energy systems rollout to protect harvest execution and capture a potentially larger east-coast crop. GrainCorp earns money across the grain supply chain. It stores, handles, transports and exports grain, processes oilseeds, and supplies feed, food and energy products. Earnings depend on the size and quality of the crop, the timing and volume of grain exports, supply-chain margins and

St Barbara

Speculative

high

St Barbara turns Simberi value into cold, hard cash We retain a Buy rating following the agreed sale of St Barbara’s remaining Simberi interest to Lingbao Gold. The shares jumped 16.4% to 85 cents on the 10 September announcement, before giving back much of the gain as gold softened modestly since. The shares closed at 79.5 cents on 14 September (Monday), still ~9% above their pre-announcement level. The transaction brings forward value, removes St Barbara’s future Simberi construction funding obligation on completion

Fiducian

Core

medium

Growth Holds Despite a Costly Setback Fiducian’s (ASX: FID) FY26 operating result shows that its recurring-fee model is still producing faster profit growth than revenue growth, while the ASIC settlement is a material but contained cost that does not alter the group’s underlying earnings trajectory. Fiducian earns recurring fees across financial planning, funds management and platform administration. Advisers bring client assets into Fiducian’s advice network, managed funds and investment platform, and the group earns a percentage of assets under advice, management and

Newmont

Speculative

high

The Gold Price is only Part of the Story We believe the bullion consolidation has run its course, with a house target of US$5,000/oz by year-end. Newmont’s guidance is conservative. We also see the market as underestimating Newmont’s margins this year and beyond, as industry analysts are reluctant to acknowledge the sea change in the backdrop for gold. Additionally, Newmont’s US$1.95 billion Fourmile agreement adds a potentially long-life, low-cost growth asset to Nevada Gold Mines while ending its disputes with Barrick.

Sonic Healthcare

Core

medium

Real Growth, Real Roadblocks Sonic Healthcare (ASX: SHL) delivered genuine FY26 earnings growth across its global diagnostics network, but uneven offshore margins mean the key investment question is whether higher revenue can translate into faster profit growth in FY27. Sonic earns fees for pathology testing, diagnostic imaging and related healthcare services. Laboratories process medical tests for doctors, hospitals, insurers and public health systems, while the Australian radiology business provides imaging services. Earnings depend on test volumes, reimbursement rates, labour costs, acquisitions and

APA Group

Core

medium

Dependable Returns, Bigger Ambitions APA’s (ASX: APA) FY26 result confirms that largely contracted cash flows continue to support distribution growth, while its expanding project pipeline creates a credible second source of value if it can be delivered without stretching the balance sheet. APA owns and operates gas pipelines, gas-processing and storage facilities, gas and renewable power generation, batteries and electricity transmission assets. Its customers generally pay regulated tariffs, fixed charges or capacity fees to move gas or secure energy supply. Around 86%

New Hope Corp

Speculative

high

Low-cost tonnes being delivered into a firm cycle New Hope’s (ASX: NHC) FY26 operating performance exceeded guidance, and the coal miner rebuilt cash. The investment case remains tied to whether its low-cost mines can sustain margins when the late-year coal-price recovery normalises. We are of the view that a firm commodities cycle and stickier medium-term coal demand than the market is forecasting will benefit New Hope more than is being priced in. New Hope earns revenue by mining and selling thermal

Qantas

Core

high

Fuel Costs Bite, Loyalty Did Its Job Qantas (ASX: QAN) finished FY26 with resilient passenger demand, growing Loyalty earnings and a credible fleet-renewal plan, but elevated fuel costs and heavy investment mean near-term shareholder returns depend on its ability to protect airline margins. Qantas earns most of its income by flying passengers through the premium Qantas network and lower-fare Jetstar network. Airline profitability is shaped by fares, passenger volumes, aircraft utilisation and fuel costs. Qantas Loyalty earns money differently: it sells points

About these archived stock reports

These are archived Fat Prophets equity research stock reports and share analysis. They do not constitute current investment advice, financial product advice, or a recommendation to buy, sell or hold any financial product. They are provided for historical reference only, and reflect the market conditions, company information, forecasts and opinions available at its original publication date. The information may no longer be current or applicable. Past performance is not a reliable indicator of future performance.

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