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This is a paragraph where the fund manager's comments are surmised. It is typically 4 or 5 lines and lines to the company page. This is a paragraph where the fund manager's comments are surmised. It is typically 4 or 5 lines and lines to the company page.This is a paragraph where the fund manager's comments are surmised. It is typically 4 or 5 lines and lines to the company page.This is a paragraph where the fund manager's comments are surmised. It is typically 4 or 5 lines and lines to the company page.
05 Dec
ASX:RHC
- Clime Investment Management continues to hold Ramsay Health Care Ltd (RHC.ASX) following their recent AGM update.
- Reported growth in earnings from the core Australian business for the first quarter of FY26.
- Notable revenue indexation exceeding cost indexation, indicating better compensation from private health insurers.
- Completion of the review of Ramsay Sante, with findings to be announced before the financial result in February 2026.
- Despite last week's rally, RHC is viewed as good value due to improving fundamentals.
- New management is correcting previous capital misallocations, enhancing the company's outlook.
04 Dec
ASX:AEL
- Balmoral Investors sees significant potential in Amplitude Energy Ltd due to its catalyst-rich environment.
- As an east coast gas producer, Amplitude is well-positioned to benefit from rising gas prices.
- The company is involved in exploration in the Otway and is experiencing improving volumes from its Orbost gas plant.
- There is a growing recognition among regulators and politicians that gas is a crucial fuel for the economy, beyond just a transition fuel.
- With existing gas fields depleting and a lack of investment, Amplitude could face much higher gas prices.
- Amplitude holds strategic value in its existing gas plants in Victoria, especially given the difficulty in obtaining approvals for new infrastructure.
- The current Otway drill program by ConocoPhillips shows promise, though processing options are limited, highlighting the value of Amplitude's Athena gas plant.
- Amplitude Energy has a strong management team that has successfully turned the business around and reset its cash-generating base.
- A recent capital raising has positioned the company favorably for future growth.
- The stock is viewed as attractively priced, with contracted volumes and potential upside to gas prices.
04 Dec
ASX:KOV
- Balmoral Investors continues to hold Korvest Ltd due to its consistent returns over the past decade.
- The company operates in the "old economy" sector, focusing on galvanising steel to prevent corrosion.
- Korvest also owns the EzyStrut business, which manufactures cable tray systems for commercial and industrial uses.
- It is well-positioned to benefit from increased infrastructure spending, including tunnelling and large building projects.
- The company boasts a strong return on invested capital exceeding 20%.
- Korvest offers a solid dividend yield of over 6%, fully franked.
- The management team is strong and conservative, consistently delivering results.
- Korvest maintains an attractive zero-debt balance sheet.
01 Dec
ASX:QBE
- Pendal Group views QBE Insurance’s recent 3Q update as initially positive, highlighted by flat pricing growth and mid-single digit revenue growth.
- Despite the positive outlook, the overall quality of results was considered poor due to higher claims ex-catastrophes.
- QBE reported a benign period for catastrophes, with costs $250 million below budget, indicating potential future claims risks.
- The company issued new guidance for margins to remain steady into CY26, aligning with market expectations.
- Details on ex-catastrophe claims were vague, raising concerns about visibility and risk as they move toward 2026.
- Accident and health claims were identified as an area for improvement, but they only accounted for one third of the overall miss.
- The CEO has maintained a consistent performance over the past four years, focusing on overall results rather than underlying metrics.
- Market skepticism remains, especially as the pricing cycle is expected to become more challenging.
- Currently, QBE trades at a 10x PE with capital returns exceeding 7% and underlying growth projected at 3-5%, suggesting the cautious outlook is already reflected in the stock price.
01 Dec
ASX:QUB
- Qube Holdings is Australia’s largest integrated import and export logistics provider.
- Received a conditional, non-binding proposal from Macquarie Asset Management (MAM) for $5.20 per share, adjusted for future dividends.
- The proposal represents a 24% premium to the volume-weighted average price (VWAP) since Qube's FY2025 result.
- Implies an FY2026 enterprise value (EV)/EBITDA multiple of 13.3x.
- Share price increased by more than 19% on the announcement day.
- Both parties signed an exclusivity deed granting MAM due diligence until February 2026.
- Qube’s directors intend to unanimously recommend the deal, subject to the absence of a superior proposal.
- Possibility of a superior proposal exists due to the strategic nature of Qube's assets.
- Qube's $400 million franking credit balance may allow for increased dividends within the transaction.
- Wilson Asset Management continues to hold in: WAM Leaders (ASX: WLE), WAM Income Maximiser (ASX: WMX), and Wilson Asset Management Leaders Fund.
01 Dec
ASX:WEB
- Web Travel Group (ASX: WEB) reported an EBITDA of 4.5%, exceeding consensus expectations.
- Total Transaction Value (TTV) margin was 6.45%, surpassing guidance of 6.2-6.4%.
- Strong $238 million net cash position and $699 million in liquidity support future capital management initiatives.
- Completed a $150 million buyback in the second half of FY2025.
- Reaffirmed FY2027 targets of at least a 6.5% TTV margin and around 50% EBITDA margin.
- Confidence in scaling TTV towards a $10 billion target by FY2030 has strengthened.
- Outperformance in the market without sacrificing TTV margin could justify an upward re-rating.
- Wilson Asset Management continues to hold Web Travel Group in WAM Capital (ASX: WAM), WAM Research (ASX: WAX), and Wilson Asset Management Founders Fund.
30 Nov
ASX:360
- Life360 delivered a strong September quarter result, showcasing revenue momentum, firmer margins, and healthier cash flow.
- Business remains on track with positive indicators in paid subscriptions and solid user engagement.
- Despite these strengths, the market reacted negatively, leading to a drop in share price.
- Investors expressed concerns over lower-than-expected growth in Monthly Active Users.
- For a company priced for perfection, even minor shifts can trigger significant market reactions.
- QVG Capital continues to hold its position as the fundamentals remain robust despite market fluctuations.
30 Nov
ASX:LNW
- QVG Capital notes that Light & Wonder’s recent share price slump was short-lived, marking it as one of their best performers in November.
- The prior share price weakness was attributed to fundamental factors like modest earnings growth and litigation overhangs from Aristocrat.
- Technical factors included the NASDAQ exit, which forced passive fund selling.
- With the negative technical catalyst now resolved and a significant buy-back in progress, LNW has shown recovery.
- QVG Capital believes LNW benefits from a highly aligned board and management with best-in-class capital allocation.
- The strengthening game pipeline further supports their outlook.
- The Grover acquisition enhances the group’s reach in charitable gaming.
- There remains a valuation gap to Aristocrat that is still wider than the Vegas Strip.
30 Nov
ASX:RIC
- Ridley Corporation Ltd maintains established stockfeed and pet-food businesses.
- QVG Capital's enthusiasm is driven by the $300 million acquisition of Incitec Pivot Fertilisers.
- Management's ability to leverage the acquisition is a key focus for growth.
- Incitec was previously a small, non-core unit within Dyno Nobel focused on explosives.
- Fertilisers represent a meaningful new growth pillar for Ridley.
- Ridley is expected to improve Incitec's performance by providing capital, focus, and support.
- Ridley has a strong track record of operational excellence.
- The company is valued at a low-teen forward PE ratio.
- QVG Capital believes Ridley has a very exciting year ahead with its A+ board and management.
30 Nov
ASX:ZIP
- QVG Capital notes that despite an excellent Q1 update from Zip Co Ltd, the shares experienced volatility.
- Key metrics included accelerating revenue, expanding margins, and a step-change in profitability.
- Market reaction was mixed, with shares initially rising then falling, reflecting investor concerns about the health of the low-end US consumer, which is ZIP’s core demographic.
- However, ZIP’s business model is designed to withstand economic fluctuations: loans are short duration, balances are small, leading to quick turnover of the book.
- This structure helps to contain credit risk.
- Despite acknowledging the risks, QVG Capital remains attracted to ZIP’s high growth potential and high returns on capital.
- At current valuations, QVG Capital believes ZIP offers outstanding investment opportunities.
27 Nov
ASX:ALK
- Alkane Resources has been a long-term holding of Cromwell Funds Management in the Cromwell Phoenix Opportunities Fund.
- In April 2025, Alkane announced a merger with Mandalay Resources, structured as an acquisition.
- Shareholders of Alkane will own 45% of the combined entity, while Mandalay shareholders will own 55%.
- This merger presented an opportunity to acquire Mandalay at a discount to the merger price and to the combined company’s NAV.
- The merger has a high likelihood of closing, supported by both boards and major shareholders.
- Mandalay has struggled for market relevance, making this merger attractive for both sets of shareholders.
- The merger transforms Alkane from a single-mine producer to a multi-mine company, reducing asset-specific risk.
- Alkane has been burdened by legacy hedging contracts, while Mandalay is unhedged, enhancing exposure to gold price movements.
- The increased scale of the merged company has attracted investor interest and passive investment inflows.
- Alkane was added to the ASX 300 Index and upweighted in the VanEck Junior Gold Miners ETF (GDXJ).
- The merged company is led by Nic Earner, respected CEO of Alkane.
- The merger was successfully closed in early August, and since then, the holding has returned almost 66% in CAD.
- The position in Mandalay was trimmed as it rose, but it remains 3.0% of portfolio assets at period end.
26 Nov
ASX:BHD
- Glennon Small Companies continues to hold due to potential favourable outcomes before June 2026.
- The company attended mediation with the former directors and their insurers.
- A court case has indicatively been set for June 2026, with the possibility of an outcome before that date.
- Post-outcome, Glennon Small Companies will evaluate the position and uses for BHD.
26 Nov
ASX:MEL
- Glennon Small Companies announced intentions to reduce exposure to Metgasco.
- Active management of the company was deemed necessary.
- Business operations lacked sufficient cashflow to remain a going concern.
- Metgasco has announced the sale of main assets for $5.9 million.
- Proceeds from the sale will repay debt to GC1, totaling $5.9 million including capitalised interest.
- The asset sale deal is contingent on Vintage Energy (VEN) financing.
- Blended debt on loans was approximately 17%.
- With a significant shareholding, Glennon Small Companies aims to identify new assets for the Metgasco shell.
24 Nov
ASX:A2M
- A2 Milk Company upgraded FY2026 revenue growth guidance from high single digits to low double digits.
- Upgrade driven by strong English label performance as the market recovers.
- Key factors include label shifting, innovation, premiumisation, and e-commerce growth.
- Transformation activities at the Pōkeno milk processing facility are underway.
- Transition of the A2 Platinum product is planned for FY2027.
- Update led to earnings upgrades by analysts, reinforcing positive momentum.
24 Nov
ASX:A2M
- Pendal Group acknowledges A2 Milk's upgraded FY26 guidance.
- Revenue growth forecasted to shift from high single digit to low double digit.
- NPAT is now expected to be slightly ahead of FY25.
- This upgrade was largely anticipated by the market.
- Consensus estimates were already ahead of previous guidance.
- Multiple brokers had predicted this upgrade.
- Analyst estimates have adjusted marginally following the announcement.
24 Nov
ASX:ALQ
- Pendal Group notes that ALS's FY25 results met expectations and slightly exceeded FY26 guidance.
- Market expectations were high, leading to a muted response despite positive results.
- Looking ahead to FY27/FY28, the market anticipates 6-8% annual revenue growth and 50-100 basis points annual margin expansion.
- Life sciences performance may decline, while commodities are expected to rise.
- ALS is positioned to achieve 10-15% EPS growth, although consensus forecasts already reflect this growth.
- A more optimistic commodities cycle and margin expansion, along with a recovery in life sciences, could present upside risks.
- The stock has reached all-time highs, trading at over 26x price to earnings.
- ALS has also outperformed relative to historical ranges compared to global peers.
24 Nov
ASX:ASX
- Akambo updates their investment thesis on ASX Ltd, noting challenges with the CHESS replacement system.
- The project has faced constant delays and cost overruns.
- Barrow initially purchased ASX Ltd stock in June 2024 at around $60, currently trading at $57.48.
- Barrow acknowledges they underestimated regulator frustration regarding the CHESS project delays.
- Concerns about increased competition are considered overblown, especially after Cboe exited the Australian market.
- ASX Ltd is experiencing record high revenue, with earnings per share near historical levels.
- The dividend yield is at a 10-year peak, supporting Barrow's investment.
- Akambo continues to hold ASX, indicating that it may require some patience.
24 Nov
ASX:XYZ
- Pendal Group continues to hold its position in Block CDI due to its optimistic three-year guidance presented during the investor day.
- Block is forecasting gross profit growth of 17% in FY26, with expectations to maintain growth in the mid-teens for at least the next three years.
- There is an anticipated expansion in margins, aiming to reach nearly 30% by FY28.
- The company has extended its buyback program, indicating confidence in its financial health.
- Despite these positive developments, the share price remained relatively unchanged, impacted by broader market sentiment.
24 Nov
ASX:CHC
- Charter Hall has raised its FY2026 earnings per share guidance by 5.5% to 95 cents, indicating a 17% growth over FY2025.
- The increase is attributed to improvements in property investment, development income, and a positive outlook for funds under management (FUM).
- Direct flows are showing improvement following a previously muted period.
- There is potential for further upgrades, as management is incentivized to elevate the share price to $26 or above to meet retention bonus hurdles exceeding $100 million.
- With its strong market position, Charter Hall is positioned to invest in attractive opportunities as the economic cycle progresses, supporting further growth in FUM and earnings.
24 Nov
ASX:LNW
- Totus Capital is optimistic about a re-rating for Light & Wonder as it prepares to move its listing to the ASX.
- This shift is anticipated to trigger a wave of passive buying.
- Despite a 16% slump in shares due to a legal ruling, Totus Capital views the market's pessimism as irrational.
- Light & Wonder constitutes approximately 10% of the Totus portfolio.
- Portfolio manager Ben McGarry believes the current market focus is overly fixated on short-term noise.
- Totus is raising $200 million to invest in Light & Wonder via a single stock fund.
- The move to the ASX positions Light & Wonder on the cusp of joining the S&P/ASX 50 Index, broadening its shareholder base.
- Local fund managers note a liquidity vacuum until the stock is listed in Australia.
- Concerns regarding management trustworthiness and expected weak Q3 results have been alleviated by a recent trading update.
- The latest update was described as "better than feared", with management reaffirming guidance for 2025.
- Light & Wonder trades on just 13 times trailing free cash flow, while the potential for earnings per share to double by 2028 is significant.
- Despite recent performance drag, Totus Capital remains confident that patience will pay off.
- The Totus Alpha Long Short fund fell 1.8% in October but has outperformed the market since inception.
- Light and Wonder shares have recently climbed 4% to about $145 each.
24 Nov
ASX:LTR
- Pendal Group updates its investment thesis on Liontown Resources Ltd (LTR).
- Liontown announced its first spot lithium spodumene auction results.
- The company capitalized on a recent increase in demand and pricing due to higher energy storage production.
- LTR sold 10,000 tonnes at US$1,254/t, exceeding benchmark pricing by at least US$150/t.
- While the spot auction results may not represent all volumes, they indicate a strong current demand for uncontracted spodumene.
- Pendal Group continues to hold its position based on these positive indicators.
24 Nov
ASX:QBE
- Akambo continues to hold QBE Insurance Group Ltd as a conviction play.
- The company has spent years simplifying its business, which is starting to yield positive results.
- QBE's return on equity has surged to around 16 per cent.
- The stock is trading at approximately 10 times earnings, indicating it is undervalued.
- QBE offers a dividend yield of 5 per cent, enhancing its attractiveness.
- According to Barrow, QBE is “really cheap for a top large stock”.
24 Nov
ASX:RHC
- Akambo initially invested in Ramsay Health Care Ltd due to a yield increase to around 4% when shares fell to $34.
- The investment was motivated by Ramsay's announcement to spin off its French hospital operator, Sante.
- Subsequent struggles to sell the debt-laden Sante have led to shares declining to around $31, a decade low.
- Akambo acknowledges that the decision to buy based on divestment prospects was a mistake.
- Despite challenges, Akambo continues to hold Ramsay due to its ownership of most hospitals, providing significant asset backing.
24 Nov
ASX:RIO
- Pendal Group notes Rio Tinto's recent announcement of a 1.2 million-tonne-per-annum cut to alumina production at Yarwun, Queensland.
- The 40% cut accounts for 18% of Rio's total production, aimed at addressing tailings capacity issues projected for 2031.
- This strategic decision allows an additional four years to explore potential solutions for tailings management.
- While the impact on Rio's earnings is negligible due to current depressed market conditions, it may positively influence alumina pricing.
- Non-China alumina demand stands at approximately 60 million tonnes globally, indicating potential for improved pricing dynamics.
- Additionally, this move may influence the decision regarding the closure of the Tomago aluminium smelter, as current power offers are significantly unfavorable.
- Pendal Group continues to hold its position in Rio Tinto, reflecting confidence in the company's strategic adjustments amid market challenges.
24 Nov
ASX:TNE
- Pendal Group updates their investment thesis on TechnologyOne Ltd (TNE), noting a solid FY25 result.
- Annual Recurring Revenue (ARR) grew 18%, with strategic upfront investments maintaining margins.
- TechnologyOne achieved 19% PBT growth despite these investments.
- Free cash flow exceeded expectations, allowing for a dividend payout ratio increase to 65-75%.
- The company successfully offset stock-based compensation.
- Pendal Group views the management team as effectively balancing business operations to benefit all stakeholders.
- Market concerns regarding a slowdown in Asia Pacific ARR growth are seen as misplaced; the company faced supply constraints in FY25.
- New AI-enabled products and initiatives are expected to drive sustained strong growth.
- Pendal Group anticipates that consistent execution will be rewarded by the market in the long term.
24 Nov
ASX:WTC
- Pendal Group continues to hold its position in WiseTech Global Ltd (WTC, +1.3%).
- WTC reiterated guidance at the AGM, indicating a 2H weighted performance.
- Cargowise revenue in 1H is expected to slow to ~10%, with an anticipated acceleration in 2H to ~24%.
- This growth is contingent on the success of the new commercial model, particularly the Cargowise Value Packs set to release on December 1, 2025.
- The launch of these packs has already been delayed from the original date of October 31.
- Customer feedback has been negative, contributing to uncertainty around the new model.
- No pricing details have been released, adding to customer hesitation.
- The company initially targeted a “ask, tell, make” strategy for adoption of the new model.
- Currently, there is little incentive for customers to adopt the new model.
- It is likely that WTC will force adoption sooner rather than later to meet short-term revenue forecasts.
- There are concerns regarding the potential long-term impact on brand and customer relationships.
24 Nov
ASX:WOR
- Pendal Group continues to hold an optimistic view on Worley Ltd.
- Worley reiterated FY26 guidance for moderate growth.
- Expectations for higher revenue growth than FY25.
- Underlying EBITA growth anticipated with margins in the 9-9.5% range.
- Returns expected to be 2H-weighted due to one-off costs for capability repositioning.
- Management has indicated plans for restructuring the European chemicals business.
- Despite challenging market conditions, the underlying business is performing stronger than expected.
21 Nov
ASX:A4N
- Market leading high-purity alumina (HPA) player
- Aiming to supply products into the lithium-ion battery, LED and semiconductor manufacturing sectors
- Expect proprietary technology will disrupt incumbent HPA production through ultra-high purity products with significantly lower unit costs
- Commercial scale Stage 1 facility in Gladstone has provided valuable product validation to potential offtake customers and funding participants
- Production at this facility is sold out
- In May 2024, A4N took FID on Stage 2 and announced a DFS outlining product output of 10.4ktpa for annual EBITDA of A$250-400m versus a capital cost of A$550m
- Agreed letters of intent (LOIs) for 62% of Stage 2 production with main portion of demand from the semiconductor sector
- The key catalyst for the name is continued ramp up at Stage 2
20 Nov
ASX:A2M
- A2 Milk has shown strong growth, reflecting effective management execution.
- Fiscal year 2026 revenue guidance has been upgraded due to better-than-expected trading.
- Core product categories, including infant milk formula and liquid milk, are performing well.
- A weaker New Zealand dollar is anticipated to positively impact reported sales.
- Net impact on EBITDA from currency movements is expected to be minimal.
- The brand's strength is resonating with consumers in Australia and China.
- A2 Milk is positioned for potential success in additional international markets.
- Wilson Asset Management continues to hold due to these positive indicators.
20 Nov
ASX:FLT
- Flight Centre is viewed as a standout investment opportunity.
- Currently trading near its COVID-19 lows from 2020, while the Small Ords have more than doubled in the same period.
- Stock trades on a low PE ratio of 12, and is virtually debt-free.
- Despite being the seventh most shorted stock on the ASX, 1851 Capital sees potential upside.
- The company has faced significant challenges, including pandemics and soft consumer confidence, over the past five years.
- While the leisure segment has struggled, Flight Centre has successfully developed a robust corporate travel business, which is now a key earnings driver.
- Expectations in the market are very low, which can lead to potential outperformance.
- 1851 Capital continues to hold because of new contract wins in corporate travel and easing macro headwinds for leisure.
20 Nov
ASX:PWR
- 1851 Capital continues to hold its position in Peter Warren Automotive Holdings Ltd.
- Car dealers have proven to be strong investments over the past year.
- AP Eagers has significantly outperformed, doubling in value, but now trades at a high 25 times PE.
- Peter Warren Auto is trading at a more attractive 13 times PE, indicating potential value.
- Since its listing in 2021, Peter Warren has encountered several challenges due to economic slowdowns and rising interest rates.
- The company's customer base is primarily located in the “mortgage belt”, which has shifted from headwinds to tailwinds.
- Peter Warren is positioned as a later-cycle beneficiary compared to other listed dealers.
- The company is expanding its presence in the Chinese electronic vehicle market, which is expected to gain market share.
19 Nov
ASX:AHC
- Austco Healthcare (ASX: AHC) is a technology-enabled healthcare solutions provider in a growing industry.
- Demand driven by ageing populations, increasing staffing pressures, and rising expectations for care quality.
- Core products include nurse call systems, real-time location services, and workflow management solutions.
- These technologies enhance patient monitoring, reduce response times, and streamline operations.
- Recent performance shows 51% revenue growth in Q1, totaling $23.2 million.
- EBITDA increased to $4.2 million, with an 18.1% margin, indicating improved operating leverage.
- Unfilled contracted revenue stands at $54.6 million, providing visibility and reducing earnings volatility.
- Management targets 10-14% organic revenue growth for FY26, supported by strong Q1 performance.
- Long-term opportunities arise as facilities upgrade infrastructure, making Austco’s solutions essential.
- Austco remains attractive to global healthcare technology distributors due to its strong IP, high customer retention, and recurring service revenue.
- Despite strengths, valuation appears undemanding, with potential trading at a discount.
- Austco is positioned as a compelling small-cap opportunity in healthcare technology.
19 Nov
ASX:CCR
- Credit Clear (ASX: CCR) is positioned uniquely at the intersection of financial services, technology, and business process optimisation.
- The company's strategy focuses on modernising the collections industry, which is ripe for digitisation and operational improvement.
- The recent acquisition of ARC Europe illustrates Credit Clear's strategic positioning, bringing in $8.8 million in revenue and $1.24 million in EBITDA.
- The transaction price of $10.9 million is rational at approximately 7.2 times forward EBITDA and is expected to be accretive in year one.
- This acquisition helps build scale without diluting shareholder value.
- ARC provides a launchpad for applying Credit Clear's digital collections platform to a larger, more mature market.
- Potential improvements in efficiency and customer engagement could lead to significant revenue expansions and improved margins.
- The company raised $20.75 million in a placement at $0.25 per share, with significant personal investment from the chair.
- Insider alignment is a strong positive indicator in small cap investing, reflecting confidence in long-term value creation.
- Credit Clear has a track record of leveraging acquisitions for broader operational efficiencies in a fragmented collections industry.
- A scalable modern digital platform can be integrated across multiple regions and verticals.
- If management executes well, Credit Clear could evolve into a larger, more diversified operator over the medium term.
- Investors may underestimate the value of a well-executed M&A strategy, especially under experienced leadership.
- Credit Clear is in the early stages of its growth journey, with strategies suggesting a deliberate pathway to significant growth.
- The company has the potential to compound quietly and emerge as a larger entity as market attention increases.
19 Nov
ASX:EDU
- Tamim Funds Management highlights the strong operational execution of Edu Holdings (ASX: EDU) alongside positive structural changes in the education sector.
- Edu Holdings has demonstrated impressive performance in its key divisions, Ikon and ALG.
- At Ikon, total student enrolments reached 4,537 in Trimester 3, marking an 82% increase year-on-year.
- New student enrolments at Ikon rose by 15% year-on-year and 51% compared to the previous term.
- ALG also showed solid performance, with new student enrolments increasing by 26% from the previous term.
- Edu Holdings displays a diversified education model, where strong performance in one area offsets seasonal declines in another.
- The recent Education Legislation Amendment Bill removes student enrolment caps, creating a stable policy environment for growth.
- This legislative change provides Edu Holdings with a multi-year runway for planning and expansion without volume restrictions.
- Expectations for CY25 EPS are projected between 8 to 9 cents, with CY26 EPS anticipated at 10 to 11 cents.
- The stock is supported by an active buyback and dividend strategy, enhancing shareholder returns.
- Edu Holdings trades at valuation multiples below other listed education companies, making it a standout opportunity.
- Demand for education remains resilient, particularly for purpose-driven programs, further supported by policy clarity.
- Tamim Funds Management believes Edu Holdings is well-positioned as an interesting small cap growth story in the coming years.
17 Nov
ASX:AMA
- Thorney Investment Group identifies AMA Group Limited as the single largest contributor in FY2025.
- In FY2024, Thorney Investment Group noted issues related to poor governance and operational execution at AMA.
- In response, Thorney Investment Group and TOP initiated a campaign to recompose AMA’s Board of Directors.
- This effort culminated in mid-June 2024 with the confirmation of a new Board, chaired by Brian Austin.
- The new Board is focused on recapitalising the company’s balance sheet.
- Thorney Investment Group supports the streamlining of operations to enhance efficiency.
- The objective is to restore market confidence in the underlying quality of AMA’s business.
17 Nov
ASX:ANG
- Thorney Investment Group has experienced frustration with Austin Engineering Limited during FY2025.
- Historically, ANG has been a positive contributor for TOP shareholders.
- The company is currently facing operational and contractual missteps that have negatively impacted earnings.
- These challenges have affected the market’s positive disposition towards the company.
- Despite previous assurances, Austin Engineering has not yet rectified these issues.
- A recent market update indicated that the company has taken significant steps to address past errors.
17 Nov
ASX:CSL
- Wilson Asset Management continues to hold its position in CSL Ltd.
- Deputy Portfolio Manager Anna Milne recently attended CSL's Capital Markets Days in the US.
- CSL is recognized as a global biotechnology company focused on plasma therapies, vaccines, and treatments for rare diseases.
- Meetings with the management team provided insights into demand drivers for immunoglobulin products.
- CSL's initiatives to grow market share were positively noted.
- Progress in reducing plasma collection and fractionation costs was encouraging.
- Overall, there is greater confidence in CSL's earnings profile.
- Current share price offers valuation support.
17 Nov
ASX:NGI
- Navigator Global Investments (NGI) hosted its investor day, showcasing partnerships with leading managers.
- Strong endorsements from partners 1315 Healthcare and Waterfall AM highlight Navigator’s value-add.
- Navigator typically acquires 5-25% of a business, providing growth capital and strategic advice.
- Access to the Blue Owl Business Services Platform enhances Navigator's offerings.
- Active pipeline of potential new partner firms targeting growth in private equity and real assets.
- Organic growth targets: Lighthouse aiming for 5% EBITDA growth and NGI Strategic targeting 10%.
- US$80 million in strategic acquisitions aimed at expanding opportunities.
- Navigator is positioned to achieve its 2030 goal of doubling EBITDA from 2025.
17 Nov
ASX:ZIP
- Thorney Investment Group has established a new position in Zip Co Limited for FY2025.
- Zip Co is a rapidly growing player in the ‘buy now pay later’ sector.
- Despite previously poor market sentiment, Thorney identified good value in Zip Co, leading to their investment.
- During FY2025, Zip Co successfully executed its USA market entry, exceeding expectations.
- This strategic penetration has resulted in a significant turnaround in market sentiment, with shares more than doubled during FY2025.
- Despite recent positive developments and achievements in the USA market, the share price has declined from its peak.
- Thorney Investment Group maintains a positive outlook for Zip Co moving forward.
14 Nov
ASX:AYA
- Artrya is a disruptive medical technology company specializing in artificial intelligence solutions for cardiovascular diagnostics.
- Salix is Artrya's flagship offering, a patented, cloud-based AI platform that automates the analysis of coronary computed tomography angiography scans.
- In August 2025, Salix received FDA approval, positioning Artrya to transform the standard of care.
- The platform benefits hospitals by turning costs into profit centers and improves diagnosis speed and accuracy for patients.
- Artrya is partnering with six to eight leading US hospitals in the Sapphire study to support clinical validation and adoption.
- These hospitals perform over 400,000 cardiac CT scans annually, indicating potential revenues exceeding $500 million with high margins.
- Recently, Artrya has signed four significant hospital systems, enhancing its pipeline and providing near-term catalysts.
- The company is fully funded through FY27 to reach critical run-rate breakeven.
- Valuation upside is evident when comparing to US peer Heartflow, valued at $2.8 billion versus Artrya's current market cap of $570 million.
- Index inclusion could serve as a catalyst into 2026.
05 Dec
ASX:RHC
- Clime Investment Management continues to hold Ramsay Health Care Ltd (RHC.ASX) following their recent AGM update.
- Reported growth in earnings from the core Australian business for the first quarter of FY26.
- Notable revenue indexation exceeding cost indexation, indicating better compensation from private health insurers.
- Completion of the review of Ramsay Sante, with findings to be announced before the financial result in February 2026.
- Despite last week's rally, RHC is viewed as good value due to improving fundamentals.
- New management is correcting previous capital misallocations, enhancing the company's outlook.
04 Dec
ASX:AEL
- Balmoral Investors sees significant potential in Amplitude Energy Ltd due to its catalyst-rich environment.
- As an east coast gas producer, Amplitude is well-positioned to benefit from rising gas prices.
- The company is involved in exploration in the Otway and is experiencing improving volumes from its Orbost gas plant.
- There is a growing recognition among regulators and politicians that gas is a crucial fuel for the economy, beyond just a transition fuel.
- With existing gas fields depleting and a lack of investment, Amplitude could face much higher gas prices.
- Amplitude holds strategic value in its existing gas plants in Victoria, especially given the difficulty in obtaining approvals for new infrastructure.
- The current Otway drill program by ConocoPhillips shows promise, though processing options are limited, highlighting the value of Amplitude's Athena gas plant.
- Amplitude Energy has a strong management team that has successfully turned the business around and reset its cash-generating base.
- A recent capital raising has positioned the company favorably for future growth.
- The stock is viewed as attractively priced, with contracted volumes and potential upside to gas prices.
04 Dec
ASX:KOV
- Balmoral Investors continues to hold Korvest Ltd due to its consistent returns over the past decade.
- The company operates in the "old economy" sector, focusing on galvanising steel to prevent corrosion.
- Korvest also owns the EzyStrut business, which manufactures cable tray systems for commercial and industrial uses.
- It is well-positioned to benefit from increased infrastructure spending, including tunnelling and large building projects.
- The company boasts a strong return on invested capital exceeding 20%.
- Korvest offers a solid dividend yield of over 6%, fully franked.
- The management team is strong and conservative, consistently delivering results.
- Korvest maintains an attractive zero-debt balance sheet.
01 Dec
ASX:QBE
- Pendal Group views QBE Insurance’s recent 3Q update as initially positive, highlighted by flat pricing growth and mid-single digit revenue growth.
- Despite the positive outlook, the overall quality of results was considered poor due to higher claims ex-catastrophes.
- QBE reported a benign period for catastrophes, with costs $250 million below budget, indicating potential future claims risks.
- The company issued new guidance for margins to remain steady into CY26, aligning with market expectations.
- Details on ex-catastrophe claims were vague, raising concerns about visibility and risk as they move toward 2026.
- Accident and health claims were identified as an area for improvement, but they only accounted for one third of the overall miss.
- The CEO has maintained a consistent performance over the past four years, focusing on overall results rather than underlying metrics.
- Market skepticism remains, especially as the pricing cycle is expected to become more challenging.
- Currently, QBE trades at a 10x PE with capital returns exceeding 7% and underlying growth projected at 3-5%, suggesting the cautious outlook is already reflected in the stock price.
01 Dec
ASX:QUB
- Qube Holdings is Australia’s largest integrated import and export logistics provider.
- Received a conditional, non-binding proposal from Macquarie Asset Management (MAM) for $5.20 per share, adjusted for future dividends.
- The proposal represents a 24% premium to the volume-weighted average price (VWAP) since Qube's FY2025 result.
- Implies an FY2026 enterprise value (EV)/EBITDA multiple of 13.3x.
- Share price increased by more than 19% on the announcement day.
- Both parties signed an exclusivity deed granting MAM due diligence until February 2026.
- Qube’s directors intend to unanimously recommend the deal, subject to the absence of a superior proposal.
- Possibility of a superior proposal exists due to the strategic nature of Qube's assets.
- Qube's $400 million franking credit balance may allow for increased dividends within the transaction.
- Wilson Asset Management continues to hold in: WAM Leaders (ASX: WLE), WAM Income Maximiser (ASX: WMX), and Wilson Asset Management Leaders Fund.
01 Dec
ASX:WEB
- Web Travel Group (ASX: WEB) reported an EBITDA of 4.5%, exceeding consensus expectations.
- Total Transaction Value (TTV) margin was 6.45%, surpassing guidance of 6.2-6.4%.
- Strong $238 million net cash position and $699 million in liquidity support future capital management initiatives.
- Completed a $150 million buyback in the second half of FY2025.
- Reaffirmed FY2027 targets of at least a 6.5% TTV margin and around 50% EBITDA margin.
- Confidence in scaling TTV towards a $10 billion target by FY2030 has strengthened.
- Outperformance in the market without sacrificing TTV margin could justify an upward re-rating.
- Wilson Asset Management continues to hold Web Travel Group in WAM Capital (ASX: WAM), WAM Research (ASX: WAX), and Wilson Asset Management Founders Fund.
30 Nov
ASX:360
- Life360 delivered a strong September quarter result, showcasing revenue momentum, firmer margins, and healthier cash flow.
- Business remains on track with positive indicators in paid subscriptions and solid user engagement.
- Despite these strengths, the market reacted negatively, leading to a drop in share price.
- Investors expressed concerns over lower-than-expected growth in Monthly Active Users.
- For a company priced for perfection, even minor shifts can trigger significant market reactions.
- QVG Capital continues to hold its position as the fundamentals remain robust despite market fluctuations.
30 Nov
ASX:LNW
- QVG Capital notes that Light & Wonder’s recent share price slump was short-lived, marking it as one of their best performers in November.
- The prior share price weakness was attributed to fundamental factors like modest earnings growth and litigation overhangs from Aristocrat.
- Technical factors included the NASDAQ exit, which forced passive fund selling.
- With the negative technical catalyst now resolved and a significant buy-back in progress, LNW has shown recovery.
- QVG Capital believes LNW benefits from a highly aligned board and management with best-in-class capital allocation.
- The strengthening game pipeline further supports their outlook.
- The Grover acquisition enhances the group’s reach in charitable gaming.
- There remains a valuation gap to Aristocrat that is still wider than the Vegas Strip.
30 Nov
ASX:RIC
- Ridley Corporation Ltd maintains established stockfeed and pet-food businesses.
- QVG Capital's enthusiasm is driven by the $300 million acquisition of Incitec Pivot Fertilisers.
- Management's ability to leverage the acquisition is a key focus for growth.
- Incitec was previously a small, non-core unit within Dyno Nobel focused on explosives.
- Fertilisers represent a meaningful new growth pillar for Ridley.
- Ridley is expected to improve Incitec's performance by providing capital, focus, and support.
- Ridley has a strong track record of operational excellence.
- The company is valued at a low-teen forward PE ratio.
- QVG Capital believes Ridley has a very exciting year ahead with its A+ board and management.
30 Nov
ASX:ZIP
- QVG Capital notes that despite an excellent Q1 update from Zip Co Ltd, the shares experienced volatility.
- Key metrics included accelerating revenue, expanding margins, and a step-change in profitability.
- Market reaction was mixed, with shares initially rising then falling, reflecting investor concerns about the health of the low-end US consumer, which is ZIP’s core demographic.
- However, ZIP’s business model is designed to withstand economic fluctuations: loans are short duration, balances are small, leading to quick turnover of the book.
- This structure helps to contain credit risk.
- Despite acknowledging the risks, QVG Capital remains attracted to ZIP’s high growth potential and high returns on capital.
- At current valuations, QVG Capital believes ZIP offers outstanding investment opportunities.
27 Nov
ASX:ALK
- Alkane Resources has been a long-term holding of Cromwell Funds Management in the Cromwell Phoenix Opportunities Fund.
- In April 2025, Alkane announced a merger with Mandalay Resources, structured as an acquisition.
- Shareholders of Alkane will own 45% of the combined entity, while Mandalay shareholders will own 55%.
- This merger presented an opportunity to acquire Mandalay at a discount to the merger price and to the combined company’s NAV.
- The merger has a high likelihood of closing, supported by both boards and major shareholders.
- Mandalay has struggled for market relevance, making this merger attractive for both sets of shareholders.
- The merger transforms Alkane from a single-mine producer to a multi-mine company, reducing asset-specific risk.
- Alkane has been burdened by legacy hedging contracts, while Mandalay is unhedged, enhancing exposure to gold price movements.
- The increased scale of the merged company has attracted investor interest and passive investment inflows.
- Alkane was added to the ASX 300 Index and upweighted in the VanEck Junior Gold Miners ETF (GDXJ).
- The merged company is led by Nic Earner, respected CEO of Alkane.
- The merger was successfully closed in early August, and since then, the holding has returned almost 66% in CAD.
- The position in Mandalay was trimmed as it rose, but it remains 3.0% of portfolio assets at period end.
26 Nov
ASX:BHD
- Glennon Small Companies continues to hold due to potential favourable outcomes before June 2026.
- The company attended mediation with the former directors and their insurers.
- A court case has indicatively been set for June 2026, with the possibility of an outcome before that date.
- Post-outcome, Glennon Small Companies will evaluate the position and uses for BHD.
26 Nov
ASX:MEL
- Glennon Small Companies announced intentions to reduce exposure to Metgasco.
- Active management of the company was deemed necessary.
- Business operations lacked sufficient cashflow to remain a going concern.
- Metgasco has announced the sale of main assets for $5.9 million.
- Proceeds from the sale will repay debt to GC1, totaling $5.9 million including capitalised interest.
- The asset sale deal is contingent on Vintage Energy (VEN) financing.
- Blended debt on loans was approximately 17%.
- With a significant shareholding, Glennon Small Companies aims to identify new assets for the Metgasco shell.
24 Nov
ASX:A2M
- A2 Milk Company upgraded FY2026 revenue growth guidance from high single digits to low double digits.
- Upgrade driven by strong English label performance as the market recovers.
- Key factors include label shifting, innovation, premiumisation, and e-commerce growth.
- Transformation activities at the Pōkeno milk processing facility are underway.
- Transition of the A2 Platinum product is planned for FY2027.
- Update led to earnings upgrades by analysts, reinforcing positive momentum.
24 Nov
ASX:A2M
- Pendal Group acknowledges A2 Milk's upgraded FY26 guidance.
- Revenue growth forecasted to shift from high single digit to low double digit.
- NPAT is now expected to be slightly ahead of FY25.
- This upgrade was largely anticipated by the market.
- Consensus estimates were already ahead of previous guidance.
- Multiple brokers had predicted this upgrade.
- Analyst estimates have adjusted marginally following the announcement.
24 Nov
ASX:ALQ
- Pendal Group notes that ALS's FY25 results met expectations and slightly exceeded FY26 guidance.
- Market expectations were high, leading to a muted response despite positive results.
- Looking ahead to FY27/FY28, the market anticipates 6-8% annual revenue growth and 50-100 basis points annual margin expansion.
- Life sciences performance may decline, while commodities are expected to rise.
- ALS is positioned to achieve 10-15% EPS growth, although consensus forecasts already reflect this growth.
- A more optimistic commodities cycle and margin expansion, along with a recovery in life sciences, could present upside risks.
- The stock has reached all-time highs, trading at over 26x price to earnings.
- ALS has also outperformed relative to historical ranges compared to global peers.
24 Nov
ASX:ASX
- Akambo updates their investment thesis on ASX Ltd, noting challenges with the CHESS replacement system.
- The project has faced constant delays and cost overruns.
- Barrow initially purchased ASX Ltd stock in June 2024 at around $60, currently trading at $57.48.
- Barrow acknowledges they underestimated regulator frustration regarding the CHESS project delays.
- Concerns about increased competition are considered overblown, especially after Cboe exited the Australian market.
- ASX Ltd is experiencing record high revenue, with earnings per share near historical levels.
- The dividend yield is at a 10-year peak, supporting Barrow's investment.
- Akambo continues to hold ASX, indicating that it may require some patience.
24 Nov
ASX:XYZ
- Pendal Group continues to hold its position in Block CDI due to its optimistic three-year guidance presented during the investor day.
- Block is forecasting gross profit growth of 17% in FY26, with expectations to maintain growth in the mid-teens for at least the next three years.
- There is an anticipated expansion in margins, aiming to reach nearly 30% by FY28.
- The company has extended its buyback program, indicating confidence in its financial health.
- Despite these positive developments, the share price remained relatively unchanged, impacted by broader market sentiment.
24 Nov
ASX:CHC
- Charter Hall has raised its FY2026 earnings per share guidance by 5.5% to 95 cents, indicating a 17% growth over FY2025.
- The increase is attributed to improvements in property investment, development income, and a positive outlook for funds under management (FUM).
- Direct flows are showing improvement following a previously muted period.
- There is potential for further upgrades, as management is incentivized to elevate the share price to $26 or above to meet retention bonus hurdles exceeding $100 million.
- With its strong market position, Charter Hall is positioned to invest in attractive opportunities as the economic cycle progresses, supporting further growth in FUM and earnings.
24 Nov
ASX:LNW
- Totus Capital is optimistic about a re-rating for Light & Wonder as it prepares to move its listing to the ASX.
- This shift is anticipated to trigger a wave of passive buying.
- Despite a 16% slump in shares due to a legal ruling, Totus Capital views the market's pessimism as irrational.
- Light & Wonder constitutes approximately 10% of the Totus portfolio.
- Portfolio manager Ben McGarry believes the current market focus is overly fixated on short-term noise.
- Totus is raising $200 million to invest in Light & Wonder via a single stock fund.
- The move to the ASX positions Light & Wonder on the cusp of joining the S&P/ASX 50 Index, broadening its shareholder base.
- Local fund managers note a liquidity vacuum until the stock is listed in Australia.
- Concerns regarding management trustworthiness and expected weak Q3 results have been alleviated by a recent trading update.
- The latest update was described as "better than feared", with management reaffirming guidance for 2025.
- Light & Wonder trades on just 13 times trailing free cash flow, while the potential for earnings per share to double by 2028 is significant.
- Despite recent performance drag, Totus Capital remains confident that patience will pay off.
- The Totus Alpha Long Short fund fell 1.8% in October but has outperformed the market since inception.
- Light and Wonder shares have recently climbed 4% to about $145 each.
24 Nov
ASX:LTR
- Pendal Group updates its investment thesis on Liontown Resources Ltd (LTR).
- Liontown announced its first spot lithium spodumene auction results.
- The company capitalized on a recent increase in demand and pricing due to higher energy storage production.
- LTR sold 10,000 tonnes at US$1,254/t, exceeding benchmark pricing by at least US$150/t.
- While the spot auction results may not represent all volumes, they indicate a strong current demand for uncontracted spodumene.
- Pendal Group continues to hold its position based on these positive indicators.
24 Nov
ASX:QBE
- Akambo continues to hold QBE Insurance Group Ltd as a conviction play.
- The company has spent years simplifying its business, which is starting to yield positive results.
- QBE's return on equity has surged to around 16 per cent.
- The stock is trading at approximately 10 times earnings, indicating it is undervalued.
- QBE offers a dividend yield of 5 per cent, enhancing its attractiveness.
- According to Barrow, QBE is “really cheap for a top large stock”.
24 Nov
ASX:RHC
- Akambo initially invested in Ramsay Health Care Ltd due to a yield increase to around 4% when shares fell to $34.
- The investment was motivated by Ramsay's announcement to spin off its French hospital operator, Sante.
- Subsequent struggles to sell the debt-laden Sante have led to shares declining to around $31, a decade low.
- Akambo acknowledges that the decision to buy based on divestment prospects was a mistake.
- Despite challenges, Akambo continues to hold Ramsay due to its ownership of most hospitals, providing significant asset backing.
24 Nov
ASX:RIO
- Pendal Group notes Rio Tinto's recent announcement of a 1.2 million-tonne-per-annum cut to alumina production at Yarwun, Queensland.
- The 40% cut accounts for 18% of Rio's total production, aimed at addressing tailings capacity issues projected for 2031.
- This strategic decision allows an additional four years to explore potential solutions for tailings management.
- While the impact on Rio's earnings is negligible due to current depressed market conditions, it may positively influence alumina pricing.
- Non-China alumina demand stands at approximately 60 million tonnes globally, indicating potential for improved pricing dynamics.
- Additionally, this move may influence the decision regarding the closure of the Tomago aluminium smelter, as current power offers are significantly unfavorable.
- Pendal Group continues to hold its position in Rio Tinto, reflecting confidence in the company's strategic adjustments amid market challenges.
24 Nov
ASX:TNE
- Pendal Group updates their investment thesis on TechnologyOne Ltd (TNE), noting a solid FY25 result.
- Annual Recurring Revenue (ARR) grew 18%, with strategic upfront investments maintaining margins.
- TechnologyOne achieved 19% PBT growth despite these investments.
- Free cash flow exceeded expectations, allowing for a dividend payout ratio increase to 65-75%.
- The company successfully offset stock-based compensation.
- Pendal Group views the management team as effectively balancing business operations to benefit all stakeholders.
- Market concerns regarding a slowdown in Asia Pacific ARR growth are seen as misplaced; the company faced supply constraints in FY25.
- New AI-enabled products and initiatives are expected to drive sustained strong growth.
- Pendal Group anticipates that consistent execution will be rewarded by the market in the long term.
24 Nov
ASX:WTC
- Pendal Group continues to hold its position in WiseTech Global Ltd (WTC, +1.3%).
- WTC reiterated guidance at the AGM, indicating a 2H weighted performance.
- Cargowise revenue in 1H is expected to slow to ~10%, with an anticipated acceleration in 2H to ~24%.
- This growth is contingent on the success of the new commercial model, particularly the Cargowise Value Packs set to release on December 1, 2025.
- The launch of these packs has already been delayed from the original date of October 31.
- Customer feedback has been negative, contributing to uncertainty around the new model.
- No pricing details have been released, adding to customer hesitation.
- The company initially targeted a “ask, tell, make” strategy for adoption of the new model.
- Currently, there is little incentive for customers to adopt the new model.
- It is likely that WTC will force adoption sooner rather than later to meet short-term revenue forecasts.
- There are concerns regarding the potential long-term impact on brand and customer relationships.
24 Nov
ASX:WOR
- Pendal Group continues to hold an optimistic view on Worley Ltd.
- Worley reiterated FY26 guidance for moderate growth.
- Expectations for higher revenue growth than FY25.
- Underlying EBITA growth anticipated with margins in the 9-9.5% range.
- Returns expected to be 2H-weighted due to one-off costs for capability repositioning.
- Management has indicated plans for restructuring the European chemicals business.
- Despite challenging market conditions, the underlying business is performing stronger than expected.
21 Nov
ASX:A4N
- Market leading high-purity alumina (HPA) player
- Aiming to supply products into the lithium-ion battery, LED and semiconductor manufacturing sectors
- Expect proprietary technology will disrupt incumbent HPA production through ultra-high purity products with significantly lower unit costs
- Commercial scale Stage 1 facility in Gladstone has provided valuable product validation to potential offtake customers and funding participants
- Production at this facility is sold out
- In May 2024, A4N took FID on Stage 2 and announced a DFS outlining product output of 10.4ktpa for annual EBITDA of A$250-400m versus a capital cost of A$550m
- Agreed letters of intent (LOIs) for 62% of Stage 2 production with main portion of demand from the semiconductor sector
- The key catalyst for the name is continued ramp up at Stage 2
20 Nov
ASX:A2M
- A2 Milk has shown strong growth, reflecting effective management execution.
- Fiscal year 2026 revenue guidance has been upgraded due to better-than-expected trading.
- Core product categories, including infant milk formula and liquid milk, are performing well.
- A weaker New Zealand dollar is anticipated to positively impact reported sales.
- Net impact on EBITDA from currency movements is expected to be minimal.
- The brand's strength is resonating with consumers in Australia and China.
- A2 Milk is positioned for potential success in additional international markets.
- Wilson Asset Management continues to hold due to these positive indicators.
20 Nov
ASX:FLT
- Flight Centre is viewed as a standout investment opportunity.
- Currently trading near its COVID-19 lows from 2020, while the Small Ords have more than doubled in the same period.
- Stock trades on a low PE ratio of 12, and is virtually debt-free.
- Despite being the seventh most shorted stock on the ASX, 1851 Capital sees potential upside.
- The company has faced significant challenges, including pandemics and soft consumer confidence, over the past five years.
- While the leisure segment has struggled, Flight Centre has successfully developed a robust corporate travel business, which is now a key earnings driver.
- Expectations in the market are very low, which can lead to potential outperformance.
- 1851 Capital continues to hold because of new contract wins in corporate travel and easing macro headwinds for leisure.
20 Nov
ASX:PWR
- 1851 Capital continues to hold its position in Peter Warren Automotive Holdings Ltd.
- Car dealers have proven to be strong investments over the past year.
- AP Eagers has significantly outperformed, doubling in value, but now trades at a high 25 times PE.
- Peter Warren Auto is trading at a more attractive 13 times PE, indicating potential value.
- Since its listing in 2021, Peter Warren has encountered several challenges due to economic slowdowns and rising interest rates.
- The company's customer base is primarily located in the “mortgage belt”, which has shifted from headwinds to tailwinds.
- Peter Warren is positioned as a later-cycle beneficiary compared to other listed dealers.
- The company is expanding its presence in the Chinese electronic vehicle market, which is expected to gain market share.
19 Nov
ASX:AHC
- Austco Healthcare (ASX: AHC) is a technology-enabled healthcare solutions provider in a growing industry.
- Demand driven by ageing populations, increasing staffing pressures, and rising expectations for care quality.
- Core products include nurse call systems, real-time location services, and workflow management solutions.
- These technologies enhance patient monitoring, reduce response times, and streamline operations.
- Recent performance shows 51% revenue growth in Q1, totaling $23.2 million.
- EBITDA increased to $4.2 million, with an 18.1% margin, indicating improved operating leverage.
- Unfilled contracted revenue stands at $54.6 million, providing visibility and reducing earnings volatility.
- Management targets 10-14% organic revenue growth for FY26, supported by strong Q1 performance.
- Long-term opportunities arise as facilities upgrade infrastructure, making Austco’s solutions essential.
- Austco remains attractive to global healthcare technology distributors due to its strong IP, high customer retention, and recurring service revenue.
- Despite strengths, valuation appears undemanding, with potential trading at a discount.
- Austco is positioned as a compelling small-cap opportunity in healthcare technology.
19 Nov
ASX:CCR
- Credit Clear (ASX: CCR) is positioned uniquely at the intersection of financial services, technology, and business process optimisation.
- The company's strategy focuses on modernising the collections industry, which is ripe for digitisation and operational improvement.
- The recent acquisition of ARC Europe illustrates Credit Clear's strategic positioning, bringing in $8.8 million in revenue and $1.24 million in EBITDA.
- The transaction price of $10.9 million is rational at approximately 7.2 times forward EBITDA and is expected to be accretive in year one.
- This acquisition helps build scale without diluting shareholder value.
- ARC provides a launchpad for applying Credit Clear's digital collections platform to a larger, more mature market.
- Potential improvements in efficiency and customer engagement could lead to significant revenue expansions and improved margins.
- The company raised $20.75 million in a placement at $0.25 per share, with significant personal investment from the chair.
- Insider alignment is a strong positive indicator in small cap investing, reflecting confidence in long-term value creation.
- Credit Clear has a track record of leveraging acquisitions for broader operational efficiencies in a fragmented collections industry.
- A scalable modern digital platform can be integrated across multiple regions and verticals.
- If management executes well, Credit Clear could evolve into a larger, more diversified operator over the medium term.
- Investors may underestimate the value of a well-executed M&A strategy, especially under experienced leadership.
- Credit Clear is in the early stages of its growth journey, with strategies suggesting a deliberate pathway to significant growth.
- The company has the potential to compound quietly and emerge as a larger entity as market attention increases.
19 Nov
ASX:EDU
- Tamim Funds Management highlights the strong operational execution of Edu Holdings (ASX: EDU) alongside positive structural changes in the education sector.
- Edu Holdings has demonstrated impressive performance in its key divisions, Ikon and ALG.
- At Ikon, total student enrolments reached 4,537 in Trimester 3, marking an 82% increase year-on-year.
- New student enrolments at Ikon rose by 15% year-on-year and 51% compared to the previous term.
- ALG also showed solid performance, with new student enrolments increasing by 26% from the previous term.
- Edu Holdings displays a diversified education model, where strong performance in one area offsets seasonal declines in another.
- The recent Education Legislation Amendment Bill removes student enrolment caps, creating a stable policy environment for growth.
- This legislative change provides Edu Holdings with a multi-year runway for planning and expansion without volume restrictions.
- Expectations for CY25 EPS are projected between 8 to 9 cents, with CY26 EPS anticipated at 10 to 11 cents.
- The stock is supported by an active buyback and dividend strategy, enhancing shareholder returns.
- Edu Holdings trades at valuation multiples below other listed education companies, making it a standout opportunity.
- Demand for education remains resilient, particularly for purpose-driven programs, further supported by policy clarity.
- Tamim Funds Management believes Edu Holdings is well-positioned as an interesting small cap growth story in the coming years.
17 Nov
ASX:AMA
- Thorney Investment Group identifies AMA Group Limited as the single largest contributor in FY2025.
- In FY2024, Thorney Investment Group noted issues related to poor governance and operational execution at AMA.
- In response, Thorney Investment Group and TOP initiated a campaign to recompose AMA’s Board of Directors.
- This effort culminated in mid-June 2024 with the confirmation of a new Board, chaired by Brian Austin.
- The new Board is focused on recapitalising the company’s balance sheet.
- Thorney Investment Group supports the streamlining of operations to enhance efficiency.
- The objective is to restore market confidence in the underlying quality of AMA’s business.
17 Nov
ASX:ANG
- Thorney Investment Group has experienced frustration with Austin Engineering Limited during FY2025.
- Historically, ANG has been a positive contributor for TOP shareholders.
- The company is currently facing operational and contractual missteps that have negatively impacted earnings.
- These challenges have affected the market’s positive disposition towards the company.
- Despite previous assurances, Austin Engineering has not yet rectified these issues.
- A recent market update indicated that the company has taken significant steps to address past errors.
17 Nov
ASX:CSL
- Wilson Asset Management continues to hold its position in CSL Ltd.
- Deputy Portfolio Manager Anna Milne recently attended CSL's Capital Markets Days in the US.
- CSL is recognized as a global biotechnology company focused on plasma therapies, vaccines, and treatments for rare diseases.
- Meetings with the management team provided insights into demand drivers for immunoglobulin products.
- CSL's initiatives to grow market share were positively noted.
- Progress in reducing plasma collection and fractionation costs was encouraging.
- Overall, there is greater confidence in CSL's earnings profile.
- Current share price offers valuation support.
17 Nov
ASX:NGI
- Navigator Global Investments (NGI) hosted its investor day, showcasing partnerships with leading managers.
- Strong endorsements from partners 1315 Healthcare and Waterfall AM highlight Navigator’s value-add.
- Navigator typically acquires 5-25% of a business, providing growth capital and strategic advice.
- Access to the Blue Owl Business Services Platform enhances Navigator's offerings.
- Active pipeline of potential new partner firms targeting growth in private equity and real assets.
- Organic growth targets: Lighthouse aiming for 5% EBITDA growth and NGI Strategic targeting 10%.
- US$80 million in strategic acquisitions aimed at expanding opportunities.
- Navigator is positioned to achieve its 2030 goal of doubling EBITDA from 2025.
17 Nov
ASX:ZIP
- Thorney Investment Group has established a new position in Zip Co Limited for FY2025.
- Zip Co is a rapidly growing player in the ‘buy now pay later’ sector.
- Despite previously poor market sentiment, Thorney identified good value in Zip Co, leading to their investment.
- During FY2025, Zip Co successfully executed its USA market entry, exceeding expectations.
- This strategic penetration has resulted in a significant turnaround in market sentiment, with shares more than doubled during FY2025.
- Despite recent positive developments and achievements in the USA market, the share price has declined from its peak.
- Thorney Investment Group maintains a positive outlook for Zip Co moving forward.
14 Nov
ASX:AYA
- Artrya is a disruptive medical technology company specializing in artificial intelligence solutions for cardiovascular diagnostics.
- Salix is Artrya's flagship offering, a patented, cloud-based AI platform that automates the analysis of coronary computed tomography angiography scans.
- In August 2025, Salix received FDA approval, positioning Artrya to transform the standard of care.
- The platform benefits hospitals by turning costs into profit centers and improves diagnosis speed and accuracy for patients.
- Artrya is partnering with six to eight leading US hospitals in the Sapphire study to support clinical validation and adoption.
- These hospitals perform over 400,000 cardiac CT scans annually, indicating potential revenues exceeding $500 million with high margins.
- Recently, Artrya has signed four significant hospital systems, enhancing its pipeline and providing near-term catalysts.
- The company is fully funded through FY27 to reach critical run-rate breakeven.
- Valuation upside is evident when comparing to US peer Heartflow, valued at $2.8 billion versus Artrya's current market cap of $570 million.
- Index inclusion could serve as a catalyst into 2026.
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