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Australasian Equities

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Speculative

high

A fixer-upper with good bones James Hardie has been in the ‘sin bin’ with investors for much of 2025, though we believe the case is building for the stock to re-rate firmly higher over the next year or so. At the AGM in late October, shareholders understandably effectively fired the ‘coach.’ Chair Anne Lloyd and two other directors were voted off the board after investors were denied a vote on the US$8.4 billion AZEK acquisition and then watched guidance lurch lower

Suncorp

Core

medium

Ready to Weather the Storm Suncorp (ASX: SUN) laid out a clean, focused roadmap as a pure insurance business, showing how their plans to grow steadily in a tougher climate by tightening costs, improving digital service, and pushing for broader insurance access across the country. The company is leaning on stronger technology, smoother claims handling, and a simpler corporate structure after exiting non-core units, all while keeping earnings, margins, and capital in solid shape. Management’s push to make insurance more accessible – especially

Elders

Core

medium

Holding Its Ground as FY25 Earnings Weather the Season Elders (ASX: ELD) surged +6.3% after turning in a steady FY25, holding firm through a patchy farm cycle as stronger livestock trading, real estate activity, and better feedlot returns balanced softer crop-care demand and squeezed retail margins. The Delta Agribusiness deal widens their reach heading into FY26, while tight cost control, solid cash flow, and modest debt keep the balance sheet tidy. With livestock prices improving and dry conditions easing, Elders enters the

New Hope Corp

Speculative

high

Starting FY26 with the Wind at Its Back New Hope (ASX: NHC) opened FY26 on the front foot, lifting earnings and output despite another choppy quarter for global coal markets, as smoother logistics and better weather helped push production and sales higher while disciplined cost control at Bengalla shored up margins and offset softer volumes at New Acland. With solid cash reserves, a fully committed sales book heading into winter, and steady dividends supported by a clean balance sheet, New Hope enters

Woodside Energy

Core

medium

A Deal That Could Change the Game Woodside Energy (ASX: WDS) is closing in on a landmark deal with Saudi Aramco that would bring the Saudi giant in as both an equity partner and long-term LNG offtaker for Woodside’s $17.5 billion Louisiana project – giving Woodside the de-risking it needs to push the development toward FID and first exports in 2029. Aramco’s planned stake and 2 mtpa of supply agreements strengthen the project’s financing base, ease Woodside’s capital load, and lock

Sandfire Resources

Speculative

high

Taking a Big Swing at Kalkaroo Sandfire’s (ASX: SFR) deal with Havilah marks a major swing at long-life copper growth, giving it a pathway to earn 80% of the large Kalkaroo copper-gold project through a staged A$240 million commitment. The structure gives Sandfire control over one of Australia’s biggest undeveloped copper deposits while keeping early risk manageable, and the refreshed PFS plus A$30 million in regional exploration funding positions Curnamona as a potential new copper district. With copper prices firm and

GrainCorp

Speculative

high

Full Silos but Thinner Margins GrainCorp (ASX: GNC) plunged after reporting a 35% decline in full-year net profit to $39.9 million, weighed down by weakness in international operations. There was a $26 million write-down in Canada. Strong domestic grain volumes offset by weaker global margins. Still, underlying EBITDA rose 15% to $308 million. Dividends held firm at 48 cents, backed by solid cash reserves of $321 million. Management remains cautious heading into FY26, expecting tight margins and focusing on efficiency and capital

Orica

Core

medium

Blasting Past Expectations Orica (ASX: ORI) delivered the strongest year in over a decade, with EBIT up 23% to $992 million and underlying NPAT climbing 32% to $541 million, reflecting a successful turnaround built on technology-led growth and solid execution. Strong demand across explosives, digital, and chemical divisions lifted margins, while tighter capital control reinforced the outlook. Orica enters FY26 with solid momentum but remains cautious amid global cost pressures and operational risks. In our last tech update on 12 September, we noted that

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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