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11 Aug
ASX:FMG
- Michael Bell, chief investment officer of Solaris Investment Management, has significantly invested in Fortescue Metals (ASX:FMG).
- Investment was triggered by the iron ore price easing to just over $US100 a tonne.
- Fortescue's green hydrogen ambitions have been scaled back, making the investment more appealing.
- The share price has halved to around $15, prompting a buying opportunity.
- Solaris believes the balance sheet is strong and management churn has slowed.
- Current share price range of $15 to $16 is considered attractive.
- Solaris holds a decent position in Fortescue, anticipating strong dividend support.
- Bell sees a floor for iron ore prices near $US90 a tonne.
- Fortescue’s shares have rebounded over 30% from April lows.
- Solaris Investment Management focuses on companies with improving industry dynamics, strong management, and sustainable returns.
10 Aug
ASX:AZJ
- Aitken Mount Capital Partners believes Aurizon's strategy is misaligned, advocating for the sale of its bulk business.
- Angus Aitken criticizes Aurizon's focus on bulk, noting it is their smallest business and has not delivered financial outcomes.
- Aitken suggests that selling the bulk division, even at a loss, could lead to a potential doubling of the stock value and increased dividends.
- Aitken is actively seeking a family office or billionaire investor to acquire a significant stake in Aurizon to influence management decisions.
- He emphasizes that returning capital to shareholders instead of pursuing acquisitions like One Rail could have significantly increased dividends.
- Aitken calls for a major overhaul of Aurizon's board, including the replacement of CEO Harding.
08 Aug
ASX:MVF
- Datt Capital has acquired a stake in Monash IVF Group Ltd.
- The company’s shares have fallen 25% since April due to two significant embryo transfer errors.
- These incidents involved a patient giving birth to another’s baby and a mix-up with a partner's embryo.
- Despite the errors, Datt Capital believes the error rate remains low, with only two mistakes out of 13,000 cycles annually.
- Monash IVF revised its full-year earnings guidance downwards in May, citing fewer customers, but denied a link to the first incident.
- Datt Capital purchased shares near their June lows at around 60¢ and has increased their position since.
- Currently, Monash IVF shares are trading at 80¢ and constitute about 8% of Datt’s portfolio.
04 Aug
ASX:CHC
- First Sentier Investors continues to hold a positive outlook on Charter Hall.
- David Harrison has effectively led the company over a long period.
- The stock is currently valued at a PE of 20.
- Projected high single-digit to early double-digit EPS growth.
- Funds Under Management (FUM) expected to grow from $70 billion to $100 billion by the end of the decade.
- Charter Hall offers attractive growth potential.
- The business is well-diversified.
04 Aug
ASX:GMG
- First Sentier Investors initiated a position in Goodman Group due to a recent capital raise.
- The capital raise has strengthened Goodman's balance sheet.
- This financial stability positions Goodman well for future growth.
- Data centres represent 50% of Goodman's growth pipeline.
- First Sentier Investors anticipates around 10% EPS growth in the near term.
- The fund manager believes Goodman is well-positioned for success.
- Overall, First Sentier Investors views Goodman Group as a buy.
04 Aug
ASX:GMG
- Airlie Funds Management views recent market fluctuations as a favorable buying opportunity for Goodman Group.
- The investment remains in the portfolio, reflecting confidence in the company's prospects.
- The balance sheet is positioned well, indicating financial stability.
- Upcoming results are anticipated to be critical for assessing execution on the pipeline.
- Potential insights on capital partnerships may emerge, enhancing growth prospects.
- Goodman Group offers unique exposure to significant market themes, particularly reflecting trends seen in the US.
- Overall, the setup for Goodman Group appears promising for investors.
04 Aug
ASX:WPR
- Airlie Funds Management continues to hold Waypoint REIT due to its ownership of approximately 400 petrol stations across Australia.
- The investment thesis highlights the quality of Waypoint REIT as a business.
- Waypoint REIT offers a dividend yield of over 6%.
- Private market transactions for similar assets, such as petrol stations, are occurring at tighter cap rates than Waypoint REIT's current valuation.
- Waypoint REIT is considered a bite-sized company that could attract interest from larger capital players.
- The expectation is for modest capital growth alongside the dividend yield.
- While not a rapid wealth generator, the combination of income and growth is viewed as satisfactory.
01 Aug
ASX:HUB
- First Sentier Investors initiated a position in Hub24 Ltd due to strong leadership by Andrew Alcock.
- The company is experiencing consistent growth in funds under administration (FUA), projected at $14-15 billion annually.
- Expected earnings per share (EPS) growth in the high teens.
- Hub24 is successfully gaining market share.
- There is significant potential for continued growth, both for Hub24 and Netwealth (ASX: NWL).
- Overall, First Sentier Investors views Hub24 as a strong investment opportunity.
01 Aug
ASX:MQG
- Airlie Funds Management continues to hold Macquarie Group Ltd in their portfolio.
- Current market conditions indicate a lull for Macquarie, alongside some regulatory pressure.
- These challenges are expected to pass over time.
- The breadth of Macquarie's business and its global presence are seen as attractive.
- Airlie believes Macquarie will resume growth in the near future.
- Compared to Westpac, Macquarie's valuation at 19 times PE is considered favorable.
- In a three to five-year outlook, Macquarie Group is expected to outperform Westpac.
01 Aug
ASX:MPL
- Airlie Funds Management notes a strong performance from Medibank Private, with a 30% increase over the past year, including dividends.
- The fund has trimmed its position in Medibank, reflecting its significant size in the portfolio.
- Despite the trim, the investment setup remains attractive, with good potential for growth.
- There is decent policyholder growth and manageable claims expected to continue.
- Regulatory risks are present, particularly with hospital operators facing challenges and seeking government intervention.
- Overall, Medibank is well-positioned for ongoing growth, bolstered by strong market share and effective management during COVID.
- Airlie Funds Management anticipates that the company will continue to deliver positive results moving forward.
01 Aug
ASX:QBE
- First Sentier Investors acknowledges the effective leadership of CEO Andrew Horton in enhancing QBE's performance.
- QBE has transitioned from a challenging period (2010-2020) marked by poor acquisitions.
- There has been a systematic and patient improvement in QBE's earnings, particularly in North America.
- Return on Equity (ROE) has improved significantly, rising from 6%-9% to 15%-18%.
- First Sentier Investors sees continued potential for growth in QBE's stock moving forward.
01 Aug
ASX:SUN
- First Sentier Investors views Suncorp Group Ltd as a buy.
- Steve Johnston has effectively positioned the company for growth following the divestment of the bank.
- The management can now focus on expanding the business without the distraction of banking operations.
- Suncorp holds a strong market share in home and motor insurance sectors.
- There is potential to grow margins and enhance presence in the commercial sector.
- At a valuation of 17 times earnings, the stock offers significant growth potential.
- The company's performance compares favorably to the banks.
31 Jul
ASX:GNC
- HMC Capital has reduced its stake in GrainCorp, no longer being a major shareholder.
- Shares sold between $6.85 and $8 from February 13 to July 30.
- Previously acquired a 5% stake at prices between $7.27 and $8.60.
- Market speculation surrounds HMC Capital's 21.9% stake in HomeCo Daily Needs REIT, valued at $2.7bn.
- GrainCorp holds valuable ports and terminals, with potential for asset spin-off or sale.
- GrainCorp's share price faced a plunge due to a profit warning in February.
- HMC Capital sees latent value in GrainCorp not reflected in the current share price.
- GrainCorp is exploring opportunities in renewable energy through biofuels.
- GrainCorp's share price fluctuated between $6 and $7.50 last April, recently closing at $7.58.
- Summer rainfall in Queensland and NSW is expected to enhance crop yields.
- GrainCorp upgraded its earnings guidance for FY2025 to a net profit between $65m and $95m.
- Underlying EBITDA guidance for FY2025 is projected between $285m and $325m.
- Previous EBITDA expectations were between $270m and $320m, with last year's at $268m.
- The selldown coincides with HMC Capital facing pressure to secure funds for its renewable energy acquisition.
30 Jul
ASX:MVF
- Resilient healthcare business supported by long-term demographic trends.
- Market leader in fertility services across Australia and Southeast Asia.
- Recent operational challenges were addressed through decisive board action.
- Investment made at valuations well below its 52-week peak.
- Perceived as a defensive sector with strong demographic tailwinds.
- Opportunity to invest at a significant discount reinforced conviction.
- Thesis emphasizes governance, defensive sector exposure, and potential re-rating over time.
28 Jul
ASX:RMS
- Cerutty Macro Fund continues to hold an interest in Ramelius Resources Ltd.
- Investment thesis is based on a bullish outlook for precious metals.
- Concerns over the US government's increasing debt are a key factor.
- The depreciation of the US dollar is expected to benefit gold prices.
- Ramelius is positioned well among small-cap peers in the gold mining sector.
28 Jul
ASX:VYS
- Cerutty Macro Fund has a significant investment in ASX-listed micro cap Vysarn Ltd, a provider of water solutions for mining companies.
- Vysarn is notably associated with major clients such as Rio Tinto and Fortescue.
- The company is led by James Clement, a former AFL player, which adds a unique leadership aspect.
- Over the past year, Vysarn's shares have experienced a notable increase of 49%.
- Cerutty Macro Fund continues to hold this investment due to its strong performance and strategic position in the mining sector.
25 Jul
ASX:AMC
- Atlas Funds Management continues to hold Amcor CDI due to its strong market position.
- They are benefiting from a range of acquisitions, notably the recent acquisition of Berry.
- This acquisition is expected to significantly increase their size and market influence.
- Projected earnings per share accretion of around 10% per year for the next couple of years.
- Amcor trades on a 5% yield, paid in US dollars and distributed quarterly.
- The payout ratio is approximately 60%, which is a key consideration for Atlas Funds Management.
- There is a lack of alternative packaging options, especially in the medicine and food sectors.
- Amcor is viewed as a high-quality pick with a consistent dividend payment history.
25 Jul
ASX:DBI
- Atlas Funds Management views Dalrymple Bay Infrastructure Ltd as a compelling investment opportunity due to its ownership of a coal loading port in Queensland.
- The company operates as a lightly regulated utility, benefiting from take or pay contracts that are generally long-term.
- Dalrymple Bay does not have operational responsibilities, eliminating concerns related to stevedores and union issues.
- The asset is considered attractive and long-dated, making it a favorable buy at current prices.
- Recent developments include Brookfield's 23% sell-down, improving the free float of the stock.
- There is a reasonable possibility of Dalrymple Bay being included in the ASX 200, unlike other companies in the sector.
- While the company may face higher interest costs in the coming years, these will likely be offset by increased charges on infrastructure.
- Overall, Atlas Funds Management finds Dalrymple Bay to be a very interesting company with solid investment potential.
25 Jul
ASX:DBI
- Plato Investment Management continues to hold Dalrymple Bay Infrastructure Ltd due to its performance, having increased from $2 to $4.50 over the past couple of years.
- Initially, the market anticipated a decline in coal assets, particularly during heightened climate change concerns.
- Currently, there is still no alternative to metallurgical coal for steel production, suggesting that the structural demand for these assets will persist longer than previously expected.
- The stock has rallied, reflecting this ongoing demand, yet it remains attractive with a solid yield.
- Future dividend growth is supported by take-or-pay contracts that are set to increase.
- Overall, Plato Investment Management maintains a positive outlook on Dalrymple Bay Infrastructure Ltd.
25 Jul
ASX:NWH
- Plato Investment Management continues to hold NRW Holdings Limited due to its solid investment thesis.
- NRW Holdings is categorized as a mining service company, which is inherently variable and cyclical.
- Despite its cyclical nature, NRW's customer base consists of large clients that are increasing their investments.
- The company currently boasts a strong order book, indicating solid earnings potential for the next few years.
- There is an inherent risk of contract mismanagement in such companies, but the current pricing reflects this risk.
- NRW Holdings is trading at a low P/E ratio of approximately 12, with a yield around 7%.
- Overall, Plato Investment Management views NRW Holdings as a favorable investment opportunity.
25 Jul
ASX:NWH
- Atlas Funds Management continues to hold a cautious outlook on NRW Holdings Limited.
- Mining services and contracting companies are generally not reliable for consistent dividend yields.
- Past experiences with similar companies have led to unexpected downturns.
- Frequent contract renewals contribute to volatility in the sector.
- NRW Holdings has a significant liability of $113 million to OneSteel, which may impact future dividend payouts.
- The focus remains on maintaining a conservative approach amid these challenges.
25 Jul
ASX:ORG
- Plato Investment Management continues to hold its position in Origin Energy Ltd.
- Despite recent struggles due to declining oil and gas prices, Origin Energy is expected to recover.
- The earnings drop from APLNG has been offset by benefits from the Octopus investment.
- Avoidance of a previous takeover by AussieSuper is seen as a positive for the market.
- Origin Energy is anticipated to be valued significantly higher than the previous takeover price.
25 Jul
ASX:ORG
- Atlas Funds Management continues to hold a significant stake in Octopus Energy, having invested approximately £500 million and owning about 23% of the company.
- The initial investment in Octopus Energy was made around four years ago for £230 million.
- Octopus Energy is preparing for an IPO, with Origin's stake estimated to be worth about £2.3 billion.
- Despite Octopus Energy not generating profits, it is not expected to impact Origin's dividend.
- Atlas believes that Origin will be able to maintain its dividend due to new pricing dynamics, particularly in New South Wales.
- Higher energy prices in the region are anticipated to support the dividend stability.
- Overall, Atlas Funds Management views Origin Energy as a buy.
25 Jul
ASX:QAN
- Plato Investment Management identifies Qantas Airways Ltd as a surprising dividend pick.
- Qantas is currently performing strongly in the post-COVID travel boom.
- The company operates in a cosy duopoly in the Australian market, focusing on domestic travel and frequent flyer earnings.
- Despite some negative sentiment towards Qantas, customer loyalty remains strong, with continued bookings.
- Qantas is considered relatively cheap, with a P/E ratio of around 10 and potential for growth.
24 Jul
ASX:XYZ
- ELM Responsible Investments continues to hold Block due to its strong founder-led leadership.
- Block exhibits significant high-growth potential and improving financial discipline.
- The current valuation of Block appears increasingly attractive.
- Despite a cooling investor sentiment, there is a disconnect between market views and the company's progress.
- Over the past year, Block has focused on operational efficiency and achieved record profitability.
- Block has seen significant margin expansion even as revenue growth has moderated.
- The company's core ecosystems, CashApp and Square, continue to expand and deepen user engagement.
- There is notable momentum in international markets and with higher-value merchant clients.
- As artificial intelligence enhances productivity, Block is well positioned to benefit from leaner operating models.
- ELM Responsible Investments anticipates a re-rating as the market recognizes Block's accelerating margin expansion and growth trajectory.
24 Jul
ASX:IFT
- Bennelong Australian Equity Partners highlights Infratil as a lesser-known investment opportunity for Australian investors.
- Infratil is a diversified infrastructure investor with interests in data centres, renewable energy, and healthcare.
- The company is well-positioned to capitalize on global megatrends such as digitalisation, decarbonisation, and demographic ageing.
- Infratil employs a focused and hands-on investment model that creates real operating value.
- It holds a significant stake in CDC Data Centres, benefiting from the growth in cloud computing and AI workloads.
- The firm adopts an entrepreneurial and high-conviction approach to capital deployment.
- Infratil has a long-term track record of compounding shareholder value that is regarded as exceptional.
- Bennelong Australian Equity Partners continues to hold Infratil due to its strong fundamentals and growth prospects.
24 Jul
ASX:SNL
- Bennelong Australian Equity Partners recognizes Supply Network as a standout performer in the market.
- Supply Network supplies truck and bus parts under the Multispares brand.
- The company has experienced a 70% surge on the ASX over the past year.
- It is characterized as a "stable compounder" by Macphillamy.
- Supply Network has demonstrated a decade of mid-teen revenue growth.
- The company maintains strong margins and is increasing market share.
- Bennelong Australian Equity Partners continues to hold its position in Supply Network due to these positive indicators.
24 Jul
ASX:TPW
- Temple & Webster was a key contributor with shares more than doubling in value over the past 12 months.
- Bennelong Australian Equity Partners continues to hold due to the retailer’s ability to grow at 20 to 30 percent in a flat furniture market.
- The company is gaining share from struggling competitors.
- Bennelong Australian Equity Partners believes the business is well positioned for rate cuts and the eventual recovery in the housing market.
- Its $130 million net cash position could potentially support acquisitions.
23 Jul
ASX:GDG
- Ophir Asset Management highlights Generation Development Group as a standout performer in the market.
- Recent acquisitions of Evidentia and Lonsec position the company for significant growth.
- Mitchell notes the asset consulting industry is a scale business, and Generation Development Group has established a substantial lead.
- This lead provides leverage with Independent Financial Advisors (IFAs) who utilize their services.
- Ophir sees a long runway for growth and expansion in this sector.
- Ophir Asset Management has participated in a capital raise, supporting the consolidation strategy at attractive terms.
23 Jul
ASX:360
- Long-time holding in the Australian portfolio.
- Life360 is a unique platform-style B2C business in Australia.
- Possesses virality with low customer acquisition costs.
- Potential for significant growth as they expand the platform into advertising, pet services, and aged care.
- Despite the stock’s rerated multiple, there is confidence in its long-term optionality and monetisation potential.
21 Jul
ASX:SRG
- Mint Asset Management noted that Industrials was the best performing sector in the quarter.
- SRG Global emerged as the standout performer with a gain of 46%.
- There was no specific news from SRG Global, indicating underlying strength in the business.
- Insights from an update with the CEO revealed strong demand across the business.
- Mint Asset Management continues to hold its position in SRG Global due to these positive indicators.
21 Jul
ASX:TNE
- Montgomery Investment Management recognizes TechnologyOne’s transformation under a focused Software as a Service (SaaS) strategy, enhancing its earnings growth trajectory.
- The company has established a strong presence in the UK since 2006, with significant growth in the education and local government sectors.
- Accelerating Annual Recurring Revenue (ARR) growth is noted, supported by a favorable digital transformation backdrop.
- TechnologyOne’s UK operations are expected to maintain sustained momentum due to its disciplined approach and strategic focus.
- The acquisition of Scientia for £12 million in 2021 has sharpened its higher education offerings, particularly in timetabling and student management.
- The launch of the SaaS+ platform has streamlined value propositions for councils and universities, enhancing appeal to budget-conscious public sector clients.
- In the first half of 2025, UK ARR reached A$43 million, up 50% year-on-year, significantly outpacing group ARR growth of 21%.
- New sales ARR climbed 61% to A$4.3 million, reflecting strong traction in government verticals and education.
- TechnologyOne is capturing market share from legacy players like SAP and Oracle, driven by its competitive advantage and structural improvements.
- The integration of Scientia is challenging competitors in the higher education sector, while OneCouncil is eroding shares of Civica and Capita in local government.
- TechnologyOne’s innovative SaaS+ model simplifies deployment, contrasting with the complexity of offerings from larger competitors.
- Montgomery Investment Management continues to hold because of the expected sustained growth driven by a strong competitive advantage and a large total addressable market.
- The company aims to double revenue every five years, supported by deeper market penetration and new government contracts.
21 Jul
ASX:TLX
- Mint Asset Management notes a 7% decline in Telix Pharmaceuticals, indicating some profit taking by investors.
- Despite the decline, the company held a solid investor day, which provided positive engagement.
- No further upgrade to EPS was announced during the investor day, which may have influenced investor sentiment.
- The potential for Orphan drug status is being revisited, which could be a significant catalyst for the company.
- Mint Asset Management continues to hold its position based on the long-term outlook and developments in the pipeline.
18 Jul
ASX:ASG
- Centennial Asset Management continues to hold a positive outlook on Auto Sports, a luxury car dealership group.
- The Australian car market experienced significant dislocation due to COVID-19, leading to both shortages and oversupply.
- Dealerships faced challenges with high financing costs and squeezed margins during this period.
- Current market conditions show that supply and demand are realigning, with interest rates trending downwards.
- Auto Sports is viewed as a more affordable investment opportunity with strong management under Nick Pageant.
- There is potential for leverage and growth over the next year and a half, suggesting a positive trajectory for the company.
18 Jul
ASX:CU6
- Frazis Capital Partners observes that Clarity stock has experienced a classic momentum unwind, where initial higher prices attracted buyers, followed by lower prices attracting sellers.
- Despite the momentum unwind, Frazis Capital Partners believes the price will stabilize at a level where no further selling occurs, creating an investment opportunity.
- The average purchase price for Clarity shares was $1.69 in April, reflecting a strategic entry point.
- Serious revenues for Clarity are anticipated in 2-3+ years, but the perception of timeframes is shifting as 2027 approaches.
- Frazis Capital Partners is testing the waters on whether the current biotech liquidation phase has concluded.
- A recent call with Dr. Oliver Sartor highlighted the significant unmet need in diagnosing prostate cancer, particularly for the 600,000 men in the U.S. who test negative on current screens.
- Patients are actively seeking better diagnostics, indicating strong demand for Clarity’s offerings, despite skepticism from some investors about competing with established incumbents.
- Clarity's stock has more than doubled from its lows but is still approximately 150% below its peak last year, suggesting potential for recovery.
18 Jul
ASX:ELD
- Centennial Asset Management notes that Elders has faced significant challenges recently, including a poor performance over the years.
- To maintain growth, Elders has had to acquire businesses, leading to declining returns.
- Adverse climate conditions have further impacted the company, with northern Australia experiencing excessive wetness and southern Australia being too dry.
- However, there are signs of improvement as northern Australia is starting to dry out, and southern regions have received some beneficial rainfall.
- This rain is significant for Elders, who operates in sectors such as livestock, financing, grains, and fertilizers.
- Additionally, real estate prices may benefit from increased rainfall and lower interest rates, potentially enhancing valuations for rural properties.
- Overall, Centennial Asset Management continues to hold their position in Elders due to these evolving conditions.
18 Jul
ASX:EHL
- Centennial Asset Management sold their investment in Emeco.
- Emeco is exposed to the mining sector, focusing on rental yellow equipment in major mining facilities.
- The investment environment has become a little tougher for Emeco.
- Emeco still trades below NTA (Net Tangible Assets).
- Cost management and returns are improving for Emeco.
- Centennial believes there might still be potential in Emeco but plans to revisit the investment later.
18 Jul
ASX:GNP
- Centennial Asset Management continues to hold an interest in GenusPlus Group Ltd due to its strong positioning in a growing sector in Australia.
- GenusPlus is actively involved in the electrification of Australia, focusing on the essential infrastructure of poles and wires.
- The company is benefiting from a significant capex spend aimed at updating and replacing outdated infrastructure.
- GenusPlus has experienced a substantial rerating, reflecting its strong performance and market position.
- While valuations are approaching a stretch point, the company remains domestically focused, insulated from global market fluctuations.
- There is a rich vein of growth anticipated within their specific sector, supporting a positive outlook.
18 Jul
ASX:PLT
- Centennial Asset Management views Plenti Group Ltd as a promising non-bank lender focusing on three key areas: autos, personal loans, and solar financing.
- With lower interest rates, there is a potential increase in demand for financing in Australia, particularly in the auto and personal loan sectors.
- Plenti is expected to benefit from a growing demand as banks become more stringent in lending.
- The company is experiencing rapid growth and has recently achieved profitability.
- Centennial Asset Management believes Plenti is not overly expensive and could be a beneficiary of lower rates in the coming years.
- Plenti's domestic focus and strong balance sheet position it well for future growth.
- Recent news flow has reinforced confidence in Plenti's financial stability.
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11 Aug
ASX:FMG
- Michael Bell, chief investment officer of Solaris Investment Management, has significantly invested in Fortescue Metals (ASX:FMG).
- Investment was triggered by the iron ore price easing to just over $US100 a tonne.
- Fortescue's green hydrogen ambitions have been scaled back, making the investment more appealing.
- The share price has halved to around $15, prompting a buying opportunity.
- Solaris believes the balance sheet is strong and management churn has slowed.
- Current share price range of $15 to $16 is considered attractive.
- Solaris holds a decent position in Fortescue, anticipating strong dividend support.
- Bell sees a floor for iron ore prices near $US90 a tonne.
- Fortescue’s shares have rebounded over 30% from April lows.
- Solaris Investment Management focuses on companies with improving industry dynamics, strong management, and sustainable returns.
10 Aug
ASX:AZJ
- Aitken Mount Capital Partners believes Aurizon's strategy is misaligned, advocating for the sale of its bulk business.
- Angus Aitken criticizes Aurizon's focus on bulk, noting it is their smallest business and has not delivered financial outcomes.
- Aitken suggests that selling the bulk division, even at a loss, could lead to a potential doubling of the stock value and increased dividends.
- Aitken is actively seeking a family office or billionaire investor to acquire a significant stake in Aurizon to influence management decisions.
- He emphasizes that returning capital to shareholders instead of pursuing acquisitions like One Rail could have significantly increased dividends.
- Aitken calls for a major overhaul of Aurizon's board, including the replacement of CEO Harding.
08 Aug
ASX:MVF
- Datt Capital has acquired a stake in Monash IVF Group Ltd.
- The company’s shares have fallen 25% since April due to two significant embryo transfer errors.
- These incidents involved a patient giving birth to another’s baby and a mix-up with a partner's embryo.
- Despite the errors, Datt Capital believes the error rate remains low, with only two mistakes out of 13,000 cycles annually.
- Monash IVF revised its full-year earnings guidance downwards in May, citing fewer customers, but denied a link to the first incident.
- Datt Capital purchased shares near their June lows at around 60¢ and has increased their position since.
- Currently, Monash IVF shares are trading at 80¢ and constitute about 8% of Datt’s portfolio.
04 Aug
ASX:CHC
- First Sentier Investors continues to hold a positive outlook on Charter Hall.
- David Harrison has effectively led the company over a long period.
- The stock is currently valued at a PE of 20.
- Projected high single-digit to early double-digit EPS growth.
- Funds Under Management (FUM) expected to grow from $70 billion to $100 billion by the end of the decade.
- Charter Hall offers attractive growth potential.
- The business is well-diversified.
04 Aug
ASX:GMG
- First Sentier Investors initiated a position in Goodman Group due to a recent capital raise.
- The capital raise has strengthened Goodman's balance sheet.
- This financial stability positions Goodman well for future growth.
- Data centres represent 50% of Goodman's growth pipeline.
- First Sentier Investors anticipates around 10% EPS growth in the near term.
- The fund manager believes Goodman is well-positioned for success.
- Overall, First Sentier Investors views Goodman Group as a buy.
04 Aug
ASX:GMG
- Airlie Funds Management views recent market fluctuations as a favorable buying opportunity for Goodman Group.
- The investment remains in the portfolio, reflecting confidence in the company's prospects.
- The balance sheet is positioned well, indicating financial stability.
- Upcoming results are anticipated to be critical for assessing execution on the pipeline.
- Potential insights on capital partnerships may emerge, enhancing growth prospects.
- Goodman Group offers unique exposure to significant market themes, particularly reflecting trends seen in the US.
- Overall, the setup for Goodman Group appears promising for investors.
04 Aug
ASX:WPR
- Airlie Funds Management continues to hold Waypoint REIT due to its ownership of approximately 400 petrol stations across Australia.
- The investment thesis highlights the quality of Waypoint REIT as a business.
- Waypoint REIT offers a dividend yield of over 6%.
- Private market transactions for similar assets, such as petrol stations, are occurring at tighter cap rates than Waypoint REIT's current valuation.
- Waypoint REIT is considered a bite-sized company that could attract interest from larger capital players.
- The expectation is for modest capital growth alongside the dividend yield.
- While not a rapid wealth generator, the combination of income and growth is viewed as satisfactory.
01 Aug
ASX:HUB
- First Sentier Investors initiated a position in Hub24 Ltd due to strong leadership by Andrew Alcock.
- The company is experiencing consistent growth in funds under administration (FUA), projected at $14-15 billion annually.
- Expected earnings per share (EPS) growth in the high teens.
- Hub24 is successfully gaining market share.
- There is significant potential for continued growth, both for Hub24 and Netwealth (ASX: NWL).
- Overall, First Sentier Investors views Hub24 as a strong investment opportunity.
01 Aug
ASX:MQG
- Airlie Funds Management continues to hold Macquarie Group Ltd in their portfolio.
- Current market conditions indicate a lull for Macquarie, alongside some regulatory pressure.
- These challenges are expected to pass over time.
- The breadth of Macquarie's business and its global presence are seen as attractive.
- Airlie believes Macquarie will resume growth in the near future.
- Compared to Westpac, Macquarie's valuation at 19 times PE is considered favorable.
- In a three to five-year outlook, Macquarie Group is expected to outperform Westpac.
01 Aug
ASX:MPL
- Airlie Funds Management notes a strong performance from Medibank Private, with a 30% increase over the past year, including dividends.
- The fund has trimmed its position in Medibank, reflecting its significant size in the portfolio.
- Despite the trim, the investment setup remains attractive, with good potential for growth.
- There is decent policyholder growth and manageable claims expected to continue.
- Regulatory risks are present, particularly with hospital operators facing challenges and seeking government intervention.
- Overall, Medibank is well-positioned for ongoing growth, bolstered by strong market share and effective management during COVID.
- Airlie Funds Management anticipates that the company will continue to deliver positive results moving forward.
01 Aug
ASX:QBE
- First Sentier Investors acknowledges the effective leadership of CEO Andrew Horton in enhancing QBE's performance.
- QBE has transitioned from a challenging period (2010-2020) marked by poor acquisitions.
- There has been a systematic and patient improvement in QBE's earnings, particularly in North America.
- Return on Equity (ROE) has improved significantly, rising from 6%-9% to 15%-18%.
- First Sentier Investors sees continued potential for growth in QBE's stock moving forward.
01 Aug
ASX:SUN
- First Sentier Investors views Suncorp Group Ltd as a buy.
- Steve Johnston has effectively positioned the company for growth following the divestment of the bank.
- The management can now focus on expanding the business without the distraction of banking operations.
- Suncorp holds a strong market share in home and motor insurance sectors.
- There is potential to grow margins and enhance presence in the commercial sector.
- At a valuation of 17 times earnings, the stock offers significant growth potential.
- The company's performance compares favorably to the banks.
31 Jul
ASX:GNC
- HMC Capital has reduced its stake in GrainCorp, no longer being a major shareholder.
- Shares sold between $6.85 and $8 from February 13 to July 30.
- Previously acquired a 5% stake at prices between $7.27 and $8.60.
- Market speculation surrounds HMC Capital's 21.9% stake in HomeCo Daily Needs REIT, valued at $2.7bn.
- GrainCorp holds valuable ports and terminals, with potential for asset spin-off or sale.
- GrainCorp's share price faced a plunge due to a profit warning in February.
- HMC Capital sees latent value in GrainCorp not reflected in the current share price.
- GrainCorp is exploring opportunities in renewable energy through biofuels.
- GrainCorp's share price fluctuated between $6 and $7.50 last April, recently closing at $7.58.
- Summer rainfall in Queensland and NSW is expected to enhance crop yields.
- GrainCorp upgraded its earnings guidance for FY2025 to a net profit between $65m and $95m.
- Underlying EBITDA guidance for FY2025 is projected between $285m and $325m.
- Previous EBITDA expectations were between $270m and $320m, with last year's at $268m.
- The selldown coincides with HMC Capital facing pressure to secure funds for its renewable energy acquisition.
30 Jul
ASX:MVF
- Resilient healthcare business supported by long-term demographic trends.
- Market leader in fertility services across Australia and Southeast Asia.
- Recent operational challenges were addressed through decisive board action.
- Investment made at valuations well below its 52-week peak.
- Perceived as a defensive sector with strong demographic tailwinds.
- Opportunity to invest at a significant discount reinforced conviction.
- Thesis emphasizes governance, defensive sector exposure, and potential re-rating over time.
28 Jul
ASX:RMS
- Cerutty Macro Fund continues to hold an interest in Ramelius Resources Ltd.
- Investment thesis is based on a bullish outlook for precious metals.
- Concerns over the US government's increasing debt are a key factor.
- The depreciation of the US dollar is expected to benefit gold prices.
- Ramelius is positioned well among small-cap peers in the gold mining sector.
28 Jul
ASX:VYS
- Cerutty Macro Fund has a significant investment in ASX-listed micro cap Vysarn Ltd, a provider of water solutions for mining companies.
- Vysarn is notably associated with major clients such as Rio Tinto and Fortescue.
- The company is led by James Clement, a former AFL player, which adds a unique leadership aspect.
- Over the past year, Vysarn's shares have experienced a notable increase of 49%.
- Cerutty Macro Fund continues to hold this investment due to its strong performance and strategic position in the mining sector.
25 Jul
ASX:AMC
- Atlas Funds Management continues to hold Amcor CDI due to its strong market position.
- They are benefiting from a range of acquisitions, notably the recent acquisition of Berry.
- This acquisition is expected to significantly increase their size and market influence.
- Projected earnings per share accretion of around 10% per year for the next couple of years.
- Amcor trades on a 5% yield, paid in US dollars and distributed quarterly.
- The payout ratio is approximately 60%, which is a key consideration for Atlas Funds Management.
- There is a lack of alternative packaging options, especially in the medicine and food sectors.
- Amcor is viewed as a high-quality pick with a consistent dividend payment history.
25 Jul
ASX:DBI
- Atlas Funds Management views Dalrymple Bay Infrastructure Ltd as a compelling investment opportunity due to its ownership of a coal loading port in Queensland.
- The company operates as a lightly regulated utility, benefiting from take or pay contracts that are generally long-term.
- Dalrymple Bay does not have operational responsibilities, eliminating concerns related to stevedores and union issues.
- The asset is considered attractive and long-dated, making it a favorable buy at current prices.
- Recent developments include Brookfield's 23% sell-down, improving the free float of the stock.
- There is a reasonable possibility of Dalrymple Bay being included in the ASX 200, unlike other companies in the sector.
- While the company may face higher interest costs in the coming years, these will likely be offset by increased charges on infrastructure.
- Overall, Atlas Funds Management finds Dalrymple Bay to be a very interesting company with solid investment potential.
25 Jul
ASX:DBI
- Plato Investment Management continues to hold Dalrymple Bay Infrastructure Ltd due to its performance, having increased from $2 to $4.50 over the past couple of years.
- Initially, the market anticipated a decline in coal assets, particularly during heightened climate change concerns.
- Currently, there is still no alternative to metallurgical coal for steel production, suggesting that the structural demand for these assets will persist longer than previously expected.
- The stock has rallied, reflecting this ongoing demand, yet it remains attractive with a solid yield.
- Future dividend growth is supported by take-or-pay contracts that are set to increase.
- Overall, Plato Investment Management maintains a positive outlook on Dalrymple Bay Infrastructure Ltd.
25 Jul
ASX:NWH
- Plato Investment Management continues to hold NRW Holdings Limited due to its solid investment thesis.
- NRW Holdings is categorized as a mining service company, which is inherently variable and cyclical.
- Despite its cyclical nature, NRW's customer base consists of large clients that are increasing their investments.
- The company currently boasts a strong order book, indicating solid earnings potential for the next few years.
- There is an inherent risk of contract mismanagement in such companies, but the current pricing reflects this risk.
- NRW Holdings is trading at a low P/E ratio of approximately 12, with a yield around 7%.
- Overall, Plato Investment Management views NRW Holdings as a favorable investment opportunity.
25 Jul
ASX:NWH
- Atlas Funds Management continues to hold a cautious outlook on NRW Holdings Limited.
- Mining services and contracting companies are generally not reliable for consistent dividend yields.
- Past experiences with similar companies have led to unexpected downturns.
- Frequent contract renewals contribute to volatility in the sector.
- NRW Holdings has a significant liability of $113 million to OneSteel, which may impact future dividend payouts.
- The focus remains on maintaining a conservative approach amid these challenges.
25 Jul
ASX:ORG
- Plato Investment Management continues to hold its position in Origin Energy Ltd.
- Despite recent struggles due to declining oil and gas prices, Origin Energy is expected to recover.
- The earnings drop from APLNG has been offset by benefits from the Octopus investment.
- Avoidance of a previous takeover by AussieSuper is seen as a positive for the market.
- Origin Energy is anticipated to be valued significantly higher than the previous takeover price.
25 Jul
ASX:ORG
- Atlas Funds Management continues to hold a significant stake in Octopus Energy, having invested approximately £500 million and owning about 23% of the company.
- The initial investment in Octopus Energy was made around four years ago for £230 million.
- Octopus Energy is preparing for an IPO, with Origin's stake estimated to be worth about £2.3 billion.
- Despite Octopus Energy not generating profits, it is not expected to impact Origin's dividend.
- Atlas believes that Origin will be able to maintain its dividend due to new pricing dynamics, particularly in New South Wales.
- Higher energy prices in the region are anticipated to support the dividend stability.
- Overall, Atlas Funds Management views Origin Energy as a buy.
25 Jul
ASX:QAN
- Plato Investment Management identifies Qantas Airways Ltd as a surprising dividend pick.
- Qantas is currently performing strongly in the post-COVID travel boom.
- The company operates in a cosy duopoly in the Australian market, focusing on domestic travel and frequent flyer earnings.
- Despite some negative sentiment towards Qantas, customer loyalty remains strong, with continued bookings.
- Qantas is considered relatively cheap, with a P/E ratio of around 10 and potential for growth.
24 Jul
ASX:XYZ
- ELM Responsible Investments continues to hold Block due to its strong founder-led leadership.
- Block exhibits significant high-growth potential and improving financial discipline.
- The current valuation of Block appears increasingly attractive.
- Despite a cooling investor sentiment, there is a disconnect between market views and the company's progress.
- Over the past year, Block has focused on operational efficiency and achieved record profitability.
- Block has seen significant margin expansion even as revenue growth has moderated.
- The company's core ecosystems, CashApp and Square, continue to expand and deepen user engagement.
- There is notable momentum in international markets and with higher-value merchant clients.
- As artificial intelligence enhances productivity, Block is well positioned to benefit from leaner operating models.
- ELM Responsible Investments anticipates a re-rating as the market recognizes Block's accelerating margin expansion and growth trajectory.
24 Jul
ASX:IFT
- Bennelong Australian Equity Partners highlights Infratil as a lesser-known investment opportunity for Australian investors.
- Infratil is a diversified infrastructure investor with interests in data centres, renewable energy, and healthcare.
- The company is well-positioned to capitalize on global megatrends such as digitalisation, decarbonisation, and demographic ageing.
- Infratil employs a focused and hands-on investment model that creates real operating value.
- It holds a significant stake in CDC Data Centres, benefiting from the growth in cloud computing and AI workloads.
- The firm adopts an entrepreneurial and high-conviction approach to capital deployment.
- Infratil has a long-term track record of compounding shareholder value that is regarded as exceptional.
- Bennelong Australian Equity Partners continues to hold Infratil due to its strong fundamentals and growth prospects.
24 Jul
ASX:SNL
- Bennelong Australian Equity Partners recognizes Supply Network as a standout performer in the market.
- Supply Network supplies truck and bus parts under the Multispares brand.
- The company has experienced a 70% surge on the ASX over the past year.
- It is characterized as a "stable compounder" by Macphillamy.
- Supply Network has demonstrated a decade of mid-teen revenue growth.
- The company maintains strong margins and is increasing market share.
- Bennelong Australian Equity Partners continues to hold its position in Supply Network due to these positive indicators.
24 Jul
ASX:TPW
- Temple & Webster was a key contributor with shares more than doubling in value over the past 12 months.
- Bennelong Australian Equity Partners continues to hold due to the retailer’s ability to grow at 20 to 30 percent in a flat furniture market.
- The company is gaining share from struggling competitors.
- Bennelong Australian Equity Partners believes the business is well positioned for rate cuts and the eventual recovery in the housing market.
- Its $130 million net cash position could potentially support acquisitions.
23 Jul
ASX:GDG
- Ophir Asset Management highlights Generation Development Group as a standout performer in the market.
- Recent acquisitions of Evidentia and Lonsec position the company for significant growth.
- Mitchell notes the asset consulting industry is a scale business, and Generation Development Group has established a substantial lead.
- This lead provides leverage with Independent Financial Advisors (IFAs) who utilize their services.
- Ophir sees a long runway for growth and expansion in this sector.
- Ophir Asset Management has participated in a capital raise, supporting the consolidation strategy at attractive terms.
23 Jul
ASX:360
- Long-time holding in the Australian portfolio.
- Life360 is a unique platform-style B2C business in Australia.
- Possesses virality with low customer acquisition costs.
- Potential for significant growth as they expand the platform into advertising, pet services, and aged care.
- Despite the stock’s rerated multiple, there is confidence in its long-term optionality and monetisation potential.
21 Jul
ASX:SRG
- Mint Asset Management noted that Industrials was the best performing sector in the quarter.
- SRG Global emerged as the standout performer with a gain of 46%.
- There was no specific news from SRG Global, indicating underlying strength in the business.
- Insights from an update with the CEO revealed strong demand across the business.
- Mint Asset Management continues to hold its position in SRG Global due to these positive indicators.
21 Jul
ASX:TNE
- Montgomery Investment Management recognizes TechnologyOne’s transformation under a focused Software as a Service (SaaS) strategy, enhancing its earnings growth trajectory.
- The company has established a strong presence in the UK since 2006, with significant growth in the education and local government sectors.
- Accelerating Annual Recurring Revenue (ARR) growth is noted, supported by a favorable digital transformation backdrop.
- TechnologyOne’s UK operations are expected to maintain sustained momentum due to its disciplined approach and strategic focus.
- The acquisition of Scientia for £12 million in 2021 has sharpened its higher education offerings, particularly in timetabling and student management.
- The launch of the SaaS+ platform has streamlined value propositions for councils and universities, enhancing appeal to budget-conscious public sector clients.
- In the first half of 2025, UK ARR reached A$43 million, up 50% year-on-year, significantly outpacing group ARR growth of 21%.
- New sales ARR climbed 61% to A$4.3 million, reflecting strong traction in government verticals and education.
- TechnologyOne is capturing market share from legacy players like SAP and Oracle, driven by its competitive advantage and structural improvements.
- The integration of Scientia is challenging competitors in the higher education sector, while OneCouncil is eroding shares of Civica and Capita in local government.
- TechnologyOne’s innovative SaaS+ model simplifies deployment, contrasting with the complexity of offerings from larger competitors.
- Montgomery Investment Management continues to hold because of the expected sustained growth driven by a strong competitive advantage and a large total addressable market.
- The company aims to double revenue every five years, supported by deeper market penetration and new government contracts.
21 Jul
ASX:TLX
- Mint Asset Management notes a 7% decline in Telix Pharmaceuticals, indicating some profit taking by investors.
- Despite the decline, the company held a solid investor day, which provided positive engagement.
- No further upgrade to EPS was announced during the investor day, which may have influenced investor sentiment.
- The potential for Orphan drug status is being revisited, which could be a significant catalyst for the company.
- Mint Asset Management continues to hold its position based on the long-term outlook and developments in the pipeline.
18 Jul
ASX:ASG
- Centennial Asset Management continues to hold a positive outlook on Auto Sports, a luxury car dealership group.
- The Australian car market experienced significant dislocation due to COVID-19, leading to both shortages and oversupply.
- Dealerships faced challenges with high financing costs and squeezed margins during this period.
- Current market conditions show that supply and demand are realigning, with interest rates trending downwards.
- Auto Sports is viewed as a more affordable investment opportunity with strong management under Nick Pageant.
- There is potential for leverage and growth over the next year and a half, suggesting a positive trajectory for the company.
18 Jul
ASX:CU6
- Frazis Capital Partners observes that Clarity stock has experienced a classic momentum unwind, where initial higher prices attracted buyers, followed by lower prices attracting sellers.
- Despite the momentum unwind, Frazis Capital Partners believes the price will stabilize at a level where no further selling occurs, creating an investment opportunity.
- The average purchase price for Clarity shares was $1.69 in April, reflecting a strategic entry point.
- Serious revenues for Clarity are anticipated in 2-3+ years, but the perception of timeframes is shifting as 2027 approaches.
- Frazis Capital Partners is testing the waters on whether the current biotech liquidation phase has concluded.
- A recent call with Dr. Oliver Sartor highlighted the significant unmet need in diagnosing prostate cancer, particularly for the 600,000 men in the U.S. who test negative on current screens.
- Patients are actively seeking better diagnostics, indicating strong demand for Clarity’s offerings, despite skepticism from some investors about competing with established incumbents.
- Clarity's stock has more than doubled from its lows but is still approximately 150% below its peak last year, suggesting potential for recovery.
18 Jul
ASX:ELD
- Centennial Asset Management notes that Elders has faced significant challenges recently, including a poor performance over the years.
- To maintain growth, Elders has had to acquire businesses, leading to declining returns.
- Adverse climate conditions have further impacted the company, with northern Australia experiencing excessive wetness and southern Australia being too dry.
- However, there are signs of improvement as northern Australia is starting to dry out, and southern regions have received some beneficial rainfall.
- This rain is significant for Elders, who operates in sectors such as livestock, financing, grains, and fertilizers.
- Additionally, real estate prices may benefit from increased rainfall and lower interest rates, potentially enhancing valuations for rural properties.
- Overall, Centennial Asset Management continues to hold their position in Elders due to these evolving conditions.
18 Jul
ASX:EHL
- Centennial Asset Management sold their investment in Emeco.
- Emeco is exposed to the mining sector, focusing on rental yellow equipment in major mining facilities.
- The investment environment has become a little tougher for Emeco.
- Emeco still trades below NTA (Net Tangible Assets).
- Cost management and returns are improving for Emeco.
- Centennial believes there might still be potential in Emeco but plans to revisit the investment later.
18 Jul
ASX:GNP
- Centennial Asset Management continues to hold an interest in GenusPlus Group Ltd due to its strong positioning in a growing sector in Australia.
- GenusPlus is actively involved in the electrification of Australia, focusing on the essential infrastructure of poles and wires.
- The company is benefiting from a significant capex spend aimed at updating and replacing outdated infrastructure.
- GenusPlus has experienced a substantial rerating, reflecting its strong performance and market position.
- While valuations are approaching a stretch point, the company remains domestically focused, insulated from global market fluctuations.
- There is a rich vein of growth anticipated within their specific sector, supporting a positive outlook.
18 Jul
ASX:PLT
- Centennial Asset Management views Plenti Group Ltd as a promising non-bank lender focusing on three key areas: autos, personal loans, and solar financing.
- With lower interest rates, there is a potential increase in demand for financing in Australia, particularly in the auto and personal loan sectors.
- Plenti is expected to benefit from a growing demand as banks become more stringent in lending.
- The company is experiencing rapid growth and has recently achieved profitability.
- Centennial Asset Management believes Plenti is not overly expensive and could be a beneficiary of lower rates in the coming years.
- Plenti's domestic focus and strong balance sheet position it well for future growth.
- Recent news flow has reinforced confidence in Plenti's financial stability.
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