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Speculative

high

Turning the Lights On, Slowly Fortescue (ASX: FMG) has taken two tangible steps toward decarbonising their Pilbara operations – breaking ground on the first wind farm at Nullagine and securing federal approval for the large Turner River solar project. Together, the energy projects will extend Fortescue’s renewable footprint through a mix of wind, solar, storage and shared transmission, where management is aiming at reducing diesel use. The projects are capital-intensive and long-dated, but they reflect the steady execution of a stated strategy

Suncorp

Core

medium

Weathering the Storm… Within Budget Suncorp’s (ASX: SUN) latest hazard update points to a costly first half from natural disasters, but the losses remain contained within the group’s planned budget and reinsurance protections. 1H26 natural hazard costs of $1.32 billion exceed the interim allowance, yet still sit within the unchanged full-year budget, leaving headroom. A heavy run of hail and weather events drove claims volumes, but rapid processing and stable investment income point to operational resilience rather than stress, even as catastrophe risks

BHP

Core

medium

Making the Pilbara Work Harder BHP (ASX: BHP) has opted for a low-risk way to maximise key Pilbara assets, agreeing this week with Rio Tinto to study joint development of a c200 million tonnes of iron ore from adjoining deposits. By sharing infrastructure rather than building new capacity, the project would extend mine life and unlock stranded ore at modest incremental cost. This would also see Rio and BHP cement their position in the iron ore market as a “global duopoly” and potentially provide greater

GrainCorp

Speculative

high

Pruning for a Leaner Core GrainCorp (ASX: GNC) is moving ahead with the sale of the underperforming Canadian division to sharpen focus on the Australian core. The C$150 million sale of GrainsConnect Canada crystallises a modest loss but removes a long-running earnings drag, even as FY26 grain volumes are set to fall on a weaker East Coast crop. While the initial market reaction was harsh, the move signals a more disciplined, capital-efficient Grain Corp, prioritising more controllable domestic returns over offshore exposure in

Telstra

Core

medium

Telstra’s Inflection Point Telstra Group (ASX: TLS) enters 2026 at a significant structural and technical inflection point. We believe the telco exited a long-term downtrend last year and offers an attractive risk-to-reward proposition around current levels. The investment case is predicated on a combination of dominant infrastructure assets, renewed pricing power, and a disciplined capital management framework, with reduced 5G capital expenditure required, and cost outs, leading to higher cash flows/earnings and dividends going forward, while trading at a reasonable valuation for

Sandfire Resources

Speculative

high

Guidance intact, H2 weighted: Sandfire leans on a strong MATSA start Sandfire’s (ASX: SFR) preliminary operations update this week keeps FY26 group copper equivalent (CuEq) guidance intact, but flagged a more back-end-loaded year as the Motheo mine in Botswana faced a modest operational hiccup. MATSA in Spain is running well and doing a lot of the heavy lifting. A significant takeaway was that the balance sheet is estimated to have moved to a net cash position of $13 million (unaudited). While modest,

Domino’s Pizza Enterprises

Core

medium

New Hands on the Wheel Domino’s Pizza Enterprises (ASX: DMP) Chairman Jack Cowin recently appointed an experienced quick-service operator as the new Australia/NZ CEO. This step addresses leadership gaps but does not yet resolve underlying operational pressures. The market response has been cautiously positive, reflecting relief rather than renewed confidence, as sales momentum, franchise economics and cost discipline remain the real tests. While the appointments add credibility to the turnaround effort, they reinforce that progress will need to be demonstrated over

Northern Star

Speculative

high

Hitting a Speed Bump at the Wrong Time Northern Star’s (ASX: NST) December-quarter update has clipped near-term expectations without dismantling the broader investment case. A cluster of discrete operational issues has prompted a cut to FY26 gold sales guidance. Importantly, the problems cited are largely mechanical and operational, not geological, and sit within a portfolio of long-life, high-quality assets. A strong growth profile over the coming years will provide strong leverage to the elevated gold prices we expect. In our last tech update

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