Australasian Equities

Equity Research
Archive
Australasian Equities

Sample Reports | Old Reports | Not Current

Core

medium

Recycling capital Scentre Group announced it will introduce a new JV partner at Westfield Chermside in Brisbane, with a Dexus-managed fund agreeing to acquire a further 25% interest in the centre for $683 million. The price reflects Scentre’s book value at 30 June 2025 and implies a valuation capitalisation rate of 5.0%, signalling stable asset pricing for one of the group’s flagship retail destinations. The transaction follows the entry of the Dexus Wholesale Shopping Centre Fund as a 25% partner in

Evolution Mining

Speculative

high

Adding a Lithium Option, Not a Pivot Evolution Mining (ASX: EVN) has added some optionality on lithium without straying from the core gold and copper positioning. A JV with Surge Battery Metals at Nevada North in the US provides exposure to a high-grade lithium project while capping upfront risk through study-phase funding (i.e. funding support for initial or exploratory research). The move broadens Evolution’s opportunities at modest cost, but near-term value remains mainly linked to gold and copper output. In our last tech

Elders

Core

medium

Livestock Rebuild and Property Lift Set a Firmer Base Elders (ASX: ELD) heads into 2026 with conditions turning in their favour. The shift in sheep markets from heavy selling toward gradual rebuilding supports a steadier earnings base in livestock services, while targeted real estate acquisitions in Central Queensland broaden exposure to higher-margin, less seasonal property activity. In our last tech update on the 6th of November, we noted that “Elders, after retesting support at $6 on two occasions, we remain of the view

Fortescue

Speculative

high

All Charged Up Fortescue (ASX: FMG) latest update shows the company advancing their clean-energy build-out while keeping the core iron ore business on a stable footing. The new Pilbara battery system and the Baowu green-iron pilot both signal steady progress, especially in their “new energy ventures” arm. Management’s pacing suggests the strategy is designed to strengthen long-term competitiveness. In our last tech update on the 24th of October, we noted that “Fortescue Metals has broken out above the near-term downtrend in place since the

BHP

Core

medium

A Power Move BHP (ASX: BHP) has inked an interesting deal to release cash without changing how the business operates. BHP has brought in BlackRock-owned GIP to help fund the power system that supplies its Pilbara iron ore operations. In exchange for US$2 billion in cash, the company keeps control of the assets and how they are run. The deal frees up capital for other priorities, supports steady iron ore output, and improves balance-sheet flexibility without changing day-to-day operations. In our last tech

St Barbara

Speculative

high

A Shot in the Arm for St Barbara’s Growth Plans St Barbara (ASX: SBM) has reshaped its outlook with a large funding deal for Simberi and a pragmatic restart plan for Touquoy, easing past constraints and putting clearer paths to cash flow on the table. The A$470 million partnership lifts Simberi’s implied value above the group’s market cap, while Touquoy’s short, low-cost restart offers a quick win. Together, they give the company firmer footing and a more grounded route back to

GrainCorp

Speculative

high

Reading the Season Right Graincorp (ASX: GNC) confirms a strong east-coast harvest moving steadily through the network, with more than 7.4 million tonnes of grain already delivered and northern regions (from Queensland and northern New South Wales) doing much of the early heavy lifting. Victoria has now begun to pick up, keeping the season broadly in line with expectations. The solid volumes and generally good crop quality support the company’s outlook for another above-average year, even if the share price has been

Rio Tinto

Core

medium

Ticking the right boxes The headline theme of Rio Tinto’s Investor Day in early December was “Stronger, Sharper, Simpler.” Setting aside the corporate speak, under new CEO Simon Trott, the company laid out a credible, clear, disciplined plan to modestly grow volumes, cut unit costs and release capital, all while protecting balance-sheet strength and the 40–60% dividend payout framework. The presentation was well-received and, combined with the tailwind from record LME copper prices, Rio Tinto shares are trading around all-time

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.

This is general information only and does not take into account your objectives, financial situation or needs. Before acting on anything in this report, you should consider its appropriateness to your circumstances and seek advice from a licensed financial adviser.

DISCLAIMER Fat Prophets has made every effort to ensure the reliability of the views and recommendations expressed in the reports published on its websites. Fat Prophets research is based upon information known to us or which was obtained from sources which we believed to be reliable and accurate at time of publication. However, like the markets, we are not perfect. This report is prepared for general information only, and as such, the specific needs, investment objectives or financial situation of any particular user have not been taken into consideration. Individuals should therefore discuss, with their financial planner or advisor, the merits of each recommendation for their own specific circumstances and realise that not all investments will be appropriate for all subscribers. To the extent permitted by law, Fat Prophets and its employees, agents and authorised representatives exclude all liability for any loss or damage (including indirect, special, or consequential loss or damage) arising from the use of, or reliance on, any information within the report whether or not caused by any negligent act or omission. If the law prohibits the exclusion of such liability, Fat Prophets hereby limits its liability, to the extent permitted by law, to the resupply of the said information or the cost of the said resupply.

Funds Management – In addition to the listed fund FPC, Fat Prophets Pty Ltd manages the separately managed accounts, namely Concentrated Australian Shares, Australian Shares Income, Small Midcap, Global Opportunities, Mining & Resources, and Asian Shares. These SMAs are managed under their own mandates by the fund managers, and this is independent to the research reports.

Staff trading – Fat Prophets Pty Ltd, its directors, employees and associates of Fat Prophets may hold interests in many ASX-listed Australian companies which may or may not be mentioned or recommended in the Fat Prophets newsletter. These positions may change at any time, without notice. To manage the conflict between personal dealing and newsletter recommendations the directors, employees, and associates of Fat Prophets Pty Ltd cannot knowingly trade in a stock 48 hours either side of a buy or sell recommendation being made in the Fat Prophets newsletter. Staff trades are pre-approved by an appointed staff trading compliance officer to ensure compliance with the staff trading policy.

For positions that directors and/or associates of the Fat Prophets group of companies currently hold in, please click here.