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Australasian Equities

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Core

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Solid Start Out the Gate Vicinity Centres +1.2% opened FY26 on a steady footing, posting 4.4% portfolio sales growth in the September quarter, supported by firm tenant demand, near-full occupancy, and strong performance from discretionary categories. Premium assets such as Chadstone and Chatswood Chase continued to draw higher visitation and deliver firmer rents, reflecting the payoff from Vicinity’s ongoing asset reshaping. In our last tech update on the 2nd of September, we noted that “Similar to other REITs, Vicinity has confirmed a breakout above

SRG Global

Core

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Deal Done, Execution Ahead SRG Global has now completed the acquisition of Total AMS (TAMS), issuing 13,948,705 new fully paid ordinary shares to the vendors. The completion was quickly delivered as flagged, and the clock has started on integration and delivery. We reaffirm our Hold rating. The deal is strategically and financially attractive, but the share price still sits only modestly below the post-announcement spike, leaving us more inclined to buy on more material weakness than to chase strength here. Our

Scentre Group

Core

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The Right Kind of (investment) Boring Scentre Group’s trading update landed this week just as the consumer mood in Australia looks brighter. November’s Westpac–Melbourne Institute Consumer Sentiment Index jumped 12.8% to 103.8, its first above-100 reading since February 2022, and the “time to buy a major household item” sub-index leapt 14.9% to a four-year high of 111.6. Unfortunately, that isn’t going to magically refill shopping bags for the Christmas season, but it does tilt the near-term odds in favour of

Austal

Core

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Crew Optional Austal’s -0.2% latest update outlines concrete steps in their defence and autonomy work: First is the group taking on Design Authority responsibilities for the Landing Craft Medium program, advanced AI-driven autonomy trials with Greenroom Robotics, which introduces optionally-crewed vessel concepts. These developments reflect technical progress and widening project scope, but the commercial impact will depend on forthcoming design milestones, procurement decisions, and longer-term adoption of autonomy systems. In our tech update last 3rd September, we noted that “Austal has extended

DroneShield

Speculative

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Not a Good Look DroneShield crashed -31.4% after insiders, including CEO Oleg Vornik and chairman Peter James, offloaded roughly $70 million worth of shares obtained via performance options. Vornik’s $49.5 million sale (between November 6-12) was his entire shareholding of ordinary shares. The timing was further problematic as it followed a recent administrative error that saw $7.6 million in contracts initially reported as new orders, rather than revised contracts (i.e., they weren’t new at all). After the market closed on Thursday, a

Qantas

Core

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Pulling Back the Throttle Qantas (ASX: QAN) has dialled back first-half expectations, signalling a steadier but more cautious outlook as softer domestic corporate travel, higher fuel costs, and JV currency drags temper otherwise resilient demand across leisure, resources, and international routes; the update shows a business still holding ground, but no longer flying quite as high as earlier guidance implied. Back in our 1st September tech update, we noted that “Following a brief consolidation since our last update, Qantas has managed to break above overhead

Downer EDI

Speculative

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A Win That Moves the Needle Downer (ASX: DOW) scored a landmark win with Chevron, giving the company a decade-plus stream of work and a clearer revenue runway, with the A$750 million maintenance deal at Gorgon and Wheatstone cementing their role as a core partner in Australia’s LNG infrastructure. The long-term contract lifts visibility, strengthens Downer’s competitive standing, and offers stable growth, marking a material step forward. In our last update on the 11th of September, we noted that “We remain constructive in our

ANZ Banking Group

Core

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Holding the Line Despite Headwinds ANZ’s FY25 results shows a bank holding its ground in a tight market. Headline profit fell 10% to $5.9 billion on higher costs and regulatory charges, but underlying earnings were steady at $6.9 billion, capital stayed strong, and dividends were maintained. With margins squeezed and expenses higher, the bank is now leaning hard into the ANZ 2030 reset, where management aims to simplify the business, cut costs, and revive performance in the weaker retail and business

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