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Speculative

high

A Cyclical “Reset” Graincorp (ASX: GNC) has reset FY26 expectations to reflect global grain oversupply rather than domestic production weakness. Guidance points to materially lower earnings as oversupply weighs on prices, grower selling volume slows, and export spreads sit at multi-year lows, despite a still-healthy east coast crop. Management guidance reflects this margin compression and slower commercial flows, prompting a material downgrade. However, the balance sheet remains sound, cost discipline is being tightened, and diversification across processing and nutrition supports the view that

Woodside Energy

Core

medium

A Pause Before the Payoff Woodside’s (ASX: WDS) December quarter reflects the business is in ‘transition’. Near-term numbers softened, with lower oil prices and volumes pulling quarterly revenue down, but full-year production reached a record and landed above guidance. The step-down flagged for FY26 reflects planned outages and project changeover. Meanwhile, Scarborough, Trion and Louisiana LNG are largely de-risked and advancing toward first production, while new energy initiatives are moving from concept to delivery. In our last tech update on the 19th of

BWP Trust

Core

medium

Selling at the Right Time BWP Trust (ASX: BWP) has sold the Chadstone Homeplus Homemaker Centre. The asset was divested for $86m at a modest premium to book value, locking in a 15.2% IRR in under two years after a lease extension lifted the property’s appeal. Proceeds will be used to reduce debt, with FY26 distribution guidance unchanged. Beyond the numbers, the deal signals improving liquidity for Melbourne’s large-format retail and reinforces BWP’s preference for trimming non-core assets while keeping the Bunnings-led

South32

Speculative

high

Back on Track South32’s (ASX: S32, December 2025 quarter was a solid one with higher manganese output driving a solid 1H26 while alumina, aluminium and base metals broadly tracked expectations. Australia Manganese rebounded strongly as logistics normalised, costs remained within guidance across most operations, and cash distributions from joint ventures supported the balance sheet. Portfolio simplification continued with the Cerro Matoso exit, while investment at Hermosa and Ambler signals a tilt toward future-facing base metals. In our last tech update on the 5th

Santos

Speculative

high

Steady Hands in Choppy Waters Santos (ASX: STO) closed 2025 with steady execution despite softer energy prices, delivering 87.7 million boe of production, roughly US$1.8 billion of operating free cash flow and unit costs below guidance. The December quarter showed improving momentum as volumes and sales lifted sequentially, balance sheet gearing eased, and major projects moved into delivery. Guidance for 2026 points to higher volumes. That aside, the group also announced that the first LNG cargo from the long-delayed Barossa project had

Generation Development Group

Core

medium

Scaling Up Without Missing a Step Generation Development Group’s (ASX: GDG) December quarter update points to continued scaling across their platform businesses, with record inflows and funds under management reflecting steady demand rather than one-off effects. Evidentia drove the bulk of growth as managed account flows remained broad-based, while Generation Life posted record sales and Lonsec delivered stable research and subscription momentum. Management is reinvesting in technology, product and capability, which has tempered near-term margins but better supports visibility into FY26. Overall, the update reinforces

Evolution Mining

Speculative

high

Evolution Mining: Printing Cash, but some consolidation is likely here. Evolution Mining (ASX: EVN) delivered a nice, clean set of quarterly results for the final three months of 2025. Record cash flows, low costs, and a strengthening balance sheet that’s likely to hit net cash levels by the end of the current quarter. Gold production rose to 191koz (+9.8% quarter-on-quarter), while copper held steady at around 18kt. The company remains almost entirely exposed to spot pricing. There were only 10koz of

Fortescue

Speculative

high

Volumes Doing the Heavy Lifting Fortescue’s (ASX: FMG) 1H26 was defined by volume strength rather than margin expansion, with record iron ore shipments offsetting higher costs from the Iron Bridge ramp-up. Shipments reached a record 100.2 million tonnes for the half, pricing held up across hematite and concentrate, and guidance remained unchanged. Cash generation stayed solid, lifting liquidity and reducing net debt. Alongside this, Fortescue advanced its copper strategy through the Alta Copper move and continued incremental progress on decarbonisation, reinforcing

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