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Australasian Equities

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Speculative

high

Ramp-Up Delivers, but Valuation Needs Support Paladin Energy’s (ASX: PDN) Langer Heinrich restart has moved from a funding and ramp-up phase to steady production and cash-generative. The investment case now depends on sustaining an output increase and advancing Patterson Lake South without causing further funding strain. Paladin earns revenue by selling uranium produced at its 75%-owned Namibian mine, while the Canadian Patterson Lake South project is intended to provide the next source of growth over the medium-term. The key change is that

Sandfire Resources

Speculative

high

The Next Act: Capital Returns FY26 was a record year for Sandfire on several metrics. Copper is a preferred base metal exposure in our House view due to our expectations for a structural deficit for the red metal over the coming years. We note that Sandfire’s FY27 guidance was struck at a forward price deck we find conservative, with each of the key metals trading above those levels currently. Secondly, the balance sheet has finished its repair job. Debt has been

Genesis Minerals

Speculative

high

Positioned for a stronger gold market We are upgrading Genesis Minerals to Buy. Our house view on gold over the coming quarters has turned more constructive, dovetailing with our medium-term stance, which has remained positive. We believe the correction earlier this year has run its course, and expect the metal to reclaim a US$5,000 handle by year-end. Second, Genesis is becoming one of the clearest large-cap ASX exposures to that view. From October it will be completely unhedged. The position at

Woodside Energy

Core

medium

Growth Arrives as Capital Peaks Woodside Energy’s (ASX: WDS) first-half result shows rising commodity prices are supporting earnings and dividends, but the investment case now turns on delivering Scarborough safely and on schedule while funding a large global project pipeline. The first half was a price story rather than volume. Realised prices rose 20% to US$74 per barrel of oil equivalent while production fell 13%, lifting underlying profit 7% to US$1.33 billion. With the Strait of Hormuz effectively closed or hampered since

Scentre Group

Core

medium

Full House at Scentre We maintain our HOLD rating on Scentre Group (ASX: SCG). The result actually reads better than the rating implies on the surface. Guidance is up, occupancy is at its highest in over a decade, and funding costs have fallen. What holds us back is not Scentre Group’s performance but the broader backdrop that poses a headwind to a substantial upward re-rating from current levels. In our view, the RBA is boxed in. Inflation is still well above

Ansell

Core

medium

Strong Result, Higher Expectations Ansell’s FY26 result was strong, and the market quickly paid up for it on the day the results dropped and again on Thursday, with the shares surging roughly 18% across the two sessions. Adjusted EBIT rose 14.9% on 5.7% sales growth, the margin expanded to 15%, and cash conversion of 113% funded US$118.4m of buy-backs while net debt fell to 1.3x. For a few years, the Ansell story has largely been one of self-help, restructuring the business,

Fortescue

Speculative

high

Strong Cash Flow, but Costs Rise Fortescue’s (ASX: FMG) FY26 result confirms the cash generation strength of its core iron-ore operation and dividend capacity, even as rising FY27 costs, Iron Bridge execution risk and uncertainty around Chinese trade conditions prevent the outlook from being more positive. An important part of that cost step-up forecast is currency. Guidance assumes the Australian dollar holds near 70 US cents, up from 65 cents in FY26, worth roughly US$0.80/t of the increase on the company’s own

JPMorgan Global Emerging Markets Research Enhanced Index Equity Active ETF

Speculative

high

A Direct Route Into Asia’s AI Buildout We’re moving JPMorgan Emerging Markets Research Enhanced Index Equity Active ETF (ASX: JEME) from Traffic Light to BUY, as earnings momentum has better caught up with the price action and we believe the market is underestimating the durability of this cycle. TSMC’s July sales rose 45% year on year, with 2026 US-dollar revenue guided to grow more than 40%. The world’s largest cloud providers are projected to spend US$886.7 billion on capex in 2026,

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