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Speculative

high

The Dealmaker Swoops Again Genesis Minerals (ASX: GMD) shares surged more than +7% on Monday after inking a cash-and-scrip deal to acquire 100% of Magnetic Resources NL (ASX: MAU), another step in consolidating GMD’s grip on the resource-rich Laverton district. Magnetic shares rallied +25% to hover around the implied offer price. The market clearly liked the deal from Genesis Mineral’s perspective as well, given the surge in those shares on Monday, which isn’t a given for an acquirer, with those shares often

Treasury Wine Estates

Core

medium

Clearing the Fog in the US Treasury Wine Estates (ASX: TWE) has removed major uncertainty in the US while delivering slightly better-than-expected near-term earnings. A settlement with RNDC resolves the California disruption, clearing a long-running inventory overhang. At the same time, 1H26 earnings guidance has edged ahead of expectations, suggesting trading held up better than feared. The sharp price reaction reflects relief from the market with a key risk having been resolved and contained, but the US business is still not out

Evolution Mining

Speculative

high

EVN’s Golden Dividend Evolution Mining (ASX: EVN) released half-year results that vindicate gold/copper bulls. Record profit, record cash flow, and a record dividend (which smashed market expectations) led to a more than +8% pop for the stock, kissing a fresh all-time high. Most numbers were impressive, but not all. After a more than +150% ascent over the past year and our view that gold prices could be in for a consolidation period, before resuming an upward march, we don’t recommend

James Hardie Industries

Core

medium

Results Rebuild Confidence James Hardie’s December-quarter result landed with a bang, and the market response was decisive. The shares jumped after the company delivered adjusted EBITDA of circa $330m, around 6% ahead of consensus and comfortably above the top end of its own guidance range of $298m–$318m. For a stock where confidence had been shaken by the AZEK acquisition and a softer US housing tape, that upside surprise was welcome. Amounts in US$ unless specified otherwise. The AZEK acquisition swelled the top line

ANZ Banking Group

Core

medium

Getting Its House in Order: Costs Fall, Returns Rise ANZ (ASX: ANZ) led with a +8.5% surge after the quarterly cash profit of $1.94 billion beat market expectations. Chief executive Nuno Matos’s aggressive restructuring program also caught investors by surprise, delivering sharp cost reductions. Profit was up 17% after stripping out one-offs, as cost cuts and deposit growth drove returns higher. The cost-to-income ratio fell to 49.5% with over 60% of planned job cuts complete, while return on equity climbed to

CSL

Core

medium

Taking Its Medicine: Short-Term Pain for Long-Term Gain CSL (ASX: CSL) reported underlying profit down 7% to $1.9 billion for the 1H26, but reported net profit crashed 81% to $401 million after $1.1 billion in asset write-downs and restructuring charges. The stock plunged to an eight-year low following CEO Paul McKenzie’s sudden departure. Management expanded the buyback to $750 million and held the dividend, arguing that the reset positions CSL for higher growth. Cost savings are 60% complete, but core plasma and

Macquarie Group

Core

medium

Earnings Tide Turns Broader Macquarie Group (ASX: MQG) firmed +0.75% after the investment bank flagged improving conditions in some key areas while providing a quarterly update. The positive price reaction to the result reflects growing confidence that earnings momentum is improving across the group, supported by a strong balance sheet and diversified business mix. In our last tech update on the 27th of November, we noted that “Macquarie Bank has recently broken below the near-term support level between $215/225 and staged a

SGH

Core

medium

Boral Carries the Load SGH (ASX: SGH) posted underlying profit of $844 million for the 1H26, flat year-on-year, but operating cash flow surged 32% to $1.1 billion. Boral drove margin expansion with 10% profit growth, while equipment dealer WesTrac held earnings steady despite lower sales. Net debt fell to 1.9 times earnings, below target ranges. Management also shelved the pursuit of BlueScope Steel. The result confirms SGH can grind out cash flow in softer markets, though growth remains modest at best. In our last

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