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Australasian Equities

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Speculative

high

Weathering the Storm: Coal Under Pressure Whitehaven Coal (ASX: WHC) announced a bumpy September quarter, with output down 7% YoY to 9.0 million tonnes due to floods in New South Wales and schedule adjustments, but firm pricing and steady sales kept results grounded. Demand for their high-quality coal held strong, with only a 1% dip in sales and average prices remaining robust at AU$200 per tonne in Queensland and AU$175 in NSW. Costs are expected to ease as integration issues fade, while

Fortescue

Speculative

high

Ironclad Start Fortescue (ASX: FMG) opened FY26 with record first-quarter shipments and disciplined cost control. Shipments hit an all-time 1Q26 high of 49.7 million tonnes, driven by Iron Bridge’s premium output and continued Pilbara strength, while unit costs fell 10% YoY to US$18.17/ton. The miner’s balance sheet remains robust, with US$4.6 billion in cash despite major dividends and capex outlays, while new financing moves – including a US$750 million debt buyback and a RMB 14.2 billion loan facility – boost flexibility. Decarbonisation

Northern Star

Speculative

high

Build Now, Harvest Later Northern Star just printed a textbook ‘build-now, harvest-later’ quarter. Some headline numbers don’t look good at first glance, but reflect heavy investment in a superior growth profile for a gold major. Given our positive stance on gold, we believe this will pay off in spades for shareholders. The market reaction was modestly positive on Thursday, reflecting generally upbeat trading in gold miners on the day and investor recognition of the hefty cash flows for NST looming in

Judo Capital

Speculative

high

Keeping Its Growth Engine Running Judo Capital (ASX: JDO) delivered a solid start to FY26, combining strong loan growth with disciplined execution and stable margins in a highly competitive banking climate. Total lending rose by $463 million to $12.9 billion, an annualised 16% growth rate, while margins held steady at 4.3%. The bank’s growing $1.9 billion loan pipeline and expanding warehouse lending business highlight sustained demand from Australia’s SME sector. Judo also strengthened their funding base, lifting deposits to $10.5 billion and completing a $150 million Tier 2 capital

Woodside Energy

Core

medium

Sangomar and Pluto Keep Woodside on Track Woodside Energy Group (ASX: WDS) delivered a strong 3Q25 marked by record operational reliability and upgraded full-year production guidance to 192–197 MMboe. Despite softer realised prices trimming quarterly revenue to $3.36 billion, output strength – driven by Sangomar’s 99,000 bpd performance and Pluto LNG’s 100% uptime – supported results. Major projects like Scarborough (91% complete) and Beaumont (97% complete) remain on schedule, reinforcing Woodside’s low-cost growth trajectory. We also review the latest LNG deal. On September

iShares MSCI Japan ETF

Core

medium

Heavy Metal Politics: Takaichi’s win reinforces our view on Japanese stocks Japan’s reform snowball looks set to accelerate. Prime Minister Takaichi’s stimulus-friendly government, record ¥20 trillion corporate buybacks, ¥1.1 trillion in household cash shifting to equities, and BOJ rate normalisation create a multi-year tailwind. Japanese stocks trade on undemanding valuations even as benchmarks have crested new records. The technical picture is supportive. IJP provides direct exposure to Japan’s equity market through a large basket spanning many of the country’s industrial

Generation Development Group

Core

medium

Kicking Off FY26 With Record Flows Generation Development Group (ASX: GDG) opened FY26 on a solid footing, reporting record first-quarter growth across all core segments and reaffirming their position as a fast-scaling player in Australia’s wealth and investment ecosystem. Group funds under management climbed 46% year-on-year to $32.6 billion, driven by strong inflows from Evidentia Group, Generation Life, and Lonsec. Evidentia led with $2 billion in quarterly inflows and new managed account launches, while Generation Life delivered record sales on rising demand for

South32

Speculative

high

Back on Track With Manganese Surge South32 (ASX: S32, LSEG: S32) surged +4.5% as the September quarter saw a sharp rebound in manganese output (up 135% year-on-year to 1.4 million tonnes) as the Australian operations returned to near-full capacity following last year’s cyclone disruptions. Improved production across alumina, aluminium, and copper further underpinned results, reinforcing operational reliability and stable guidance across all major commodities. Strategic progress at the Hermosa project in Arizona, now 40% complete and backed by $186 million in

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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