Australasian Equities

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Australasian Equities

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Core

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Steady as she goes Austal (ASX: ASB) shares pushed higher on reports that federal Treasurer Jim Chalmers will soon rule on whether South Korean firm Hanwha can increase its stake in the naval shipbuilder. Long-dated defence work is enjoying steady progress on US Coast Guard contracts and advanced manufacturing partnerships, which adds earnings visibility. With demand anchored by government programs, the key swing factors are approval risk and execution, rather than a shortage of work. In our last tech update on the

Northern Star

Speculative

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Still Gold in the Ground, but the Bar Is Higher Northern Star’s (ASX: NST) latest exploration update shows the company is still uncovering new gold close to existing operations, backing management’s strategy of growing from within. The expanded exploration spend is opening up future options, especially around the company’s largest sites, but also lifts near-term costs. In our last tech update on the 28th of November, we noted that “Northern Star has extended higher up towards record territory near $27 since breaking

National Storage REIT

Core

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A (Price) Floor, Not a Fire Sale National Storage’s (ASX: NSR) agreed A$2.86 all-cash buyout by a Brookfield–GIC consortium largely draws a line under further upside, effectively setting a near-term floor while approvals play out. The bid reflects strong asset quality and long-term fundamentals, and while upside is capped under current terms, holders retain optionality should conditions change. For investors, the situation resembles a steady yield-plus outcome with limited downside. In our last tech update on the 23rd of September 2025, we noted

WiseTech Global

Speculative

high

Big changes afoot The investment narrative for WiseTech Global is undergoing a shift. The story has increased in complexity and scale. Following a punishing year, the stock plunged more than 50% from its highs, and the market has moved from pricing in perfection to pricing in a company that has lost its way. The risks to the fundamental story have undeniably increased, ranging from the Australian Federal Police raids on the headquarters, reported customer backlash against new pricing models, and

South32

Speculative

high

Drawing a Line Under Cerro Matoso South32’s (ASX: S32, LSEG: S32) exit from Cerro Matoso closes the chapter on a difficult, low-return asset and nudges the company further toward higher-margin, energy-transition metals. The sale cleans up long-term risks and offers modest upside through future payments, but doesn’t materially change earnings overnight. Investors now shift their attention to whether South32’s reshaped portfolio and upcoming projects can deliver steadier returns in a market that still moves with global sentiment and metal prices. In our last

Treasury Wine Estates

Core

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Clearing the Decks in the US Treasury Wine Estates’ (ASX: TWE) steep (~US$450mln) Americas impairment marks a long-needed reset rather than a collapse, clearing out inflated valuations after years of softer US market trends. The hit is non-cash, the premium brands remain resilient, and the share price slump has pushed the stock to decade-low levels that arguably reset expectations. The business now enters a cleaner starting point as the new CEO reshapes the US portfolio and focuses more on premium growth. In our

Fiducian

Core

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A Fork in the Road Fiducian (ASX: FID) is juggling a steady wealth-management business with a live ESG court case, positioning the group at a turning point. ASIC’s action creates a clear governance and reputational overhang, but it relates to a narrow, closed fund and not the group’s core advice and platform earnings. Profits and fully franked dividends appear resilient, leaving the stock discounted rather than fundamentally impaired. In our last tech update on the 9th of October, we noted that “After rebounding

Stockland Corporation

Core

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Building Growth One Brick at a Time Stockland (ASX: SGP) is leaning into long-term population and infrastructure trends, lifting its focus on large housing estates, modern warehouses and growing retirement communities. Their latest strategy updates show management aiming for steadier, more repeatable earnings by recycling older assets, securing strong tenants and expanding in high-demand growth corridors. The plan offers a clearer growth path, even if housing conditions, interest rates and planning approvals are headwinds to overcome. In our last tech update on the

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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