Companies under coverage

Explore the stocks under coverage of our award-winning in-house research team.

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Companies under coverage

Australia

Consumer and Industrials
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ALS Ltd (ALQ)

APA Group Stapled (APA)

ARB Corporation (ARB)

Accent Group Ltd (AX1)

Acrow Limited (ACF)

Adairs Limited (ADH)

Adrad Hldings (AHL)

Alliance Aviation (AQZ)

Ama Group Limited (AMA)

Amcor

Amotiv (AOV)

Articore Group Ltd (ATG)

Atlas Arteria Sforus (ALX)

Aurizon Holdings Ltd (AZJ)

Avada Group Limited (AVD)

Baby Bunting Grp Ltd (BBN)

Bapcor Limited (BAP)

Beacon Lighting Grp (BLX)

Bega Cheese Ltd (BGA)

Brambles Limited (BXB)

Breville Group Ltd (BRG)

Brickworks Limited (BKW)

Camplifyholdings (CHL)

Civmec Limited (CVL)

Cleanaway Waste Ltd (CWY)

Coles Group (COL)

Collins Foods Ltd (CKF)

Corp Travel Limited (CTD)

DGL Group Limited (DGL)

Dalrymple Bay Stapled (DBI)

Domino Pizza Enterpr (DMP)

Eagers Automotive (APE)

Elders Limited (ELD)

Endeavour (EDV)

Experience Co Ltd (EXP)

Flight Centre Travel (FLT)

Graincorp Limited (GNC)

Guzman Y Gomez Ltd (GYG)

Hancock & Gore Ltd (HNG)

Helloworld Travl Ltd (HLO)

Idp Education Ltd (IEL)

Inghams Group (ING)

Iph Limited (IPH)

JB Hi-Fi Limited (JBH)

James Hardie Indust Cdi 1:1 (JHX)

Johns Lyng Group (JLG)

Kelly Partners Group (KPG)

LGI Limited (LGI)

Lindsay Australia (LAU)

Lovisa Holdings Ltd (LOV)

MAAS Group Holdings (MGH)

Monadelphous Group (MND)

Motorcycle Holdings (MTO)

Myer Holdings Ltd (MYR)

Nrw Holdings Limited (NWH)

Ntaw Holdings Ltd (NTD)

Nufarm Limited (NUF)

Orica Limited (ORI)

Orora Limited (ORA)

PWR Holdings Limited (PWH)

Peoplein Limited (PPE)

Peter Warren (PWR)

Qantas Airways (QAN)

Reece Limited (REH)

Regal Partners Ltd (RPL)

Reliance Worldwide (RWC)

Shine Justice Ltd (SHJ)

Silk Logistics (SLH)

Sks Tech Group Ltd (SKS)

Smartgroup

Soul Pattinson (Wh) (SOL)

Srg Global Ltd (SRG)

Step One Limited (STP)

Super Ret Rep Ltd (SUL)

Tasmea Limited (TEA)

The A2 Milk Company Nz (A2M)

Tourismholdings Nzx (THL)

Transurban Group Stapled (TCL)

Treasury Wine Estate (TWE)

Universal Store (UNI)

Veem Ltd (VEE)

Ventiaservicesgroup (VNT)

Viva Leisure Limited (VVA)

Vulcan Steel (VSL)

Wagners Hld Company (WGN)

Web Travel Group Ltd (WEB)

Webjet Group Limited (WJL)

Wesfarmers Limited (WES)

Woolworths Group Ltd (WOW)

Worley Limited (WOR)

Financials and Real Assets
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ANZ Group Holdings (ANZ)

ASX Limited (ASX)

Bank Of Queensland (BOQ)

COG Financial Services (COG)

Cedar Woods Prop (CWP)

Centuria I Reit Ord Units (CIP)

Centuria Office Reit Ord Units (COF)

Chalice Mining Ltd (CHN)

Challenger Limited (CGF)

Clearview Wealth Ltd (CVW)

Commonwealth Bank (CBA)

Computershare Ltd (CPU)

Credit Corp Group (CCP)

Cromwell Prop Stapled (CMW)

Dexus Conv Ret Reit Stapled (DXC)

Dexus Industria Reit Stapled (DXI)

Earlypay Ltd (EPY)

Eureka Group Ltd (EGH)

Findi Limited (FND)

GQG Partners (GQG)

Garda Prpty Group Stapled (GDF)

Generation Dev Group (GDG)

Goodman Group (GMG)

HMC Capital Limited (HMC)

HUB24 Ltd (HUB)

Healthco Healthcare and Wellness REIT (HCW)

Homeco Daily Needs Ord Units (HDN)

Hotel Property Stapled (HPI)

Income Asset (IAM)

Insurance Australia (IAG)

Judo Cap Holdings (JDO)

Kina Securities Ltd (KSL)

MA Financial Group (MAF)

Macquarie Group Ltd (MQG)

Magellan Fin Grp Ltd (MFG)

Medibank Private Ltd (MPL)

Moneyme Limited (MME)

NIB Holdings Limited (NHF)

National Aust Bank (NAB)

National Storage Stapled (NSR)

Netwealth Group (NWL)

Pexagroup (PXA)

Pinnacle Investment (PNI)

QBE Insurance Group (QBE)

Qualitas Limited (QAL)

Solvar Limited (SVR)

Suncorp Group Ltd (SUN)

Tyro Payments (TYR)

Waypoint Reit Stapled (WPR)

Westpac Banking Corp (WBC)

Healthcare
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Ansell Limited (ANN)

Aroa Biosurgery (ARX)

Audeara (AUA)

Avita Medical Cdi 5:1 (AVH)

CSL Limited (CSL)

Clarity Pharma (CU6)

Clever Culture (CC5)

Clinuvel Pharmaceut (CUV)

Cochlear Limited (COH)

Cogstate Ltd (CGS)

Control Bionics (CBL)

Dimerix Ltd (DXB)

EBR Systems (EBR)

Ebos Group Ltd Nz (EBO)

Emvision Medical (EMV)

Healius (HLS)

Imexhs Limited (IME)

Impedimed Limited (IPD)

Imricor Med Sys Cdi Forus (IMR)

Mach7 Tech Limited (M7T)

Medadvisor Limited (MDR)

Micro-X Limited (MX1)

Microba Life Sciences (MAP)

Monash IVF Group Ltd (MVF)

Nanosonics Limited (NAN)

Neuren Pharmaceut Nz (NEU)

Neurizon Therapeutic (NUZ)

Opthea Limited (OPT)

Polynovo Limited (PNV)

Pro Medicus Limited (PME)

Proteomics Int Lab (PIQ)

Ramsay Health Care (RHC)

Resmed Inc Cdi 10:1 (RMD)

Sigma Health Ltd (SIG)

Sonic Healthcare (SHL)

Syntara Limited (SNT)

Tetratherix Limited (TTX)

Vitrafy Life Science (VFY)

Resources
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Adriatic Metals Cdi 1:1 (ADT)

Aeris Resources Ltd (AIS)

Astron Ltd (ATR)

Ausgold Limited (AUC)

BHP Group Limited (BHP)

Beach Energy Limited (BPT)

Bowen Coal Limited (BCB)

Catalyst Metals (CYL)

Comet Ridge Limited (COI)

Coronado Global Res Cdi 10:1 (CRN)

Deep Yellow Limited (DYL)

EQ Resources (EQR)

Elementos Limited (ELT)

Evolution Mining Ltd (EVN)

Fortescue Ltd (FMG)

Gold Hydrogen (GHY)

Imdex Limited (IMD)

KGL Resources Ltd (KGL)

Karoon Energy Ltd (KAR)

Liontown Resources (LTR)

MLG Oz Ltd (MLG)

Matrix Composites & Engineering (MCE)

Medallion Metals (MM8)

Meeka Metals Limited (MEK)

Mineral Resources (MIN)

Mitchell Services (MSV)

New Hope Corporation (NHC)

Newmont Corporation Cdi 1:1 (NEM)

Northern Star (NST)

Novonix Limited (NVX)

Omegaoilgaslimited (OMA)

Pantoro Gold Limited (PNR)

Pilbara Min Ltd (PLS)

Regis Resources (RRL)

Rio Tinto Limited (RIO)

Sandfire Resources (SFR)

Santos Ltd (STO)

South32 Limited (S32)

Stanmore Resources (SMR)

Sunstone Metals Ltd (STM)

Tesoro Gold Ltd (TSO)

True North Copper (TNC)

Turaco Gold Limited (TCG)

Vysarn Ltd (VYS)

Whitehaven Coal (WHC)

Woodside Energy (WDS)

Technology, Media, Telecos and Gaming
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Ai-Media Technologie (AIM)

Airtasker Limited (ART)

Aristocrat Leisure (ALL)

Attura (ATA)

Betr Entertainment (BBT)

Car Group Limited (CAR)

Data#3 Limited (DTL)

Firstwave Cloud Tech (FCT)

Frontier Digital Ltd (FDV)

Intelligent Monitoring Group (IMB)

Iress Limited (IRE)

Jumbo Interactive (JIN)

Light & Wonder Inc Cdi 1:1 (LNW)

Megaport Limited (MP1)

Nextdc Limited (NXT)

Objective Corp (OCL)

Rea Group (REA)

Readytech Holdings (RDY)

Seek Limited (SEK)

Siteminder (SDR)

Superloop Limited (SLC)

Swoop Holdings Ltd (SWP)

Tabcorp Holdings Ltd (TAH)

Technology One (TNE)

Telstra Group (TLS)

The Lottery Corp (TLC)

The Star Ent Grp (SGR)

Tpg Telecom Limited (TPG)

Wisetech Global Ltd (WTC)

Xero Ltd (XRO)

Americas
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Adobe Systems Inc (ADBE.NAS)

Alphabet Inc (GOOGL.NAS)

Amazon Inc (AMZN.NAS)

Apple Inc (AAPL.NAS)

Berkshire Hathaway Inc (BRK.B.NYS)

Chipotle Mexican Grill Inc (CMG.NYS)

Cisco Systems Inc (CSCO.NAS)

Constellation Software Inc/Canada (CSU.TSX)

Eli Lilly & Co (LLY.NYS)

Freeport-Mcmoran Inc (FCX.NYS)

General Motors Co (GM.NYS)

Global Business Travel Group I (GBTG.NYS)

Honeywell International Inc (HON.NAS)

Johnson & Johnson (JNJ.NYS)

Linde Plc (LIN.NAS)

Mastercard Inc (MA.NYS)

Mcdonald'S Corp (MCD.NYS)

Meta Platforms Inc A (META.NAS)

Microsoft Corp (MSFT.NAS)

Netflix Inc (NFLX.NAS)

Nike Inc (NKE.NYS)

Nvidia Corp (NVDA.NAS)

Paypal Holdings Inc (Usa) (PAYPAL)

Pfizer Inc (PFE.NYS)

Rtx Corp (RTX.NYS)

Salesforcecom Inc (CRM.NYS)

Sharkninja Inc (SN.NYS)

Starbucks Corp (Us) (STARBU)

Tesla Inc (TSLA.NAS)

Visa Inc (Usa) (VISAIN)

Walt Disney Co/The (DIS.NYS)

Asia
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Alibaba Group Holding Ltd (9988.HKE)

Tencent Holdings Ltd (0700.HKE)

Europe and United Kingdom
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Astrazeneca Plc (AZN.LSE)

Diageo Plc (DGE.LSE)

Glencore Plc (GLEN.LSE)

Hennes & Mauritz Ab (HM-B.STO)

Hermes International (Eur) (HERMES)

Industria De Diseno Textil Sa (ITX.MAD)

LVMH Moet Hennessy Louis Vuitton Se (LVMH.MTA)

Nestle Sa (Switz) (NESTLE)

Novo Nordisk A/S (NOVO-B.CSE)

Roche Holding Ag (ROG.SWX)

Shell Plc (SHEL.LSE)

Siemens Ag (SIE.ETR)

News & insights

Michael Knox discusses how weakening US labour market conditions have prompted the Fed to begin easing, with expectations for further cuts to a neutral rate that could stimulate Indo-Pacific trade.


In our previous discussion on the Fed, we suggested that the deterioration in the US labour market would move the Fed toward an easing path. We have now seen the Fed cut rates by 25 basis points at the September meeting. As a result, the effective Fed funds rate has fallen from 4.35% to 4.10%.

Our model of the Fed funds rate suggests that the effective rate should move toward 3.35%. At this level, the model indicates that monetary policy would be neutral.

The Summary of Economic Projections from Federal Reserve members and Fed Presidents also suggests that the Fed funds rate will fall to a similar level of 3.4% in 2026.

We believe this will happen by the end of the first quarter of 2026. In fact, the Summary of Economic Projections expects an effective rate of 3.6% by the end of 2025.

The challenge remains the gradually weakening US labour market, with unemployment expected to rise from 4.3% now to 4.5% by the end of 2025. This is then projected to fall very slowly to 4.4% by the end of 2026 and 4.3% by the end of 2027.

These expectations would suggest one of the least eventful economic cycles in recent history. We should be so lucky!

In the short term, it is likely that the Fed will cut the effective funds rate to 3.4% by March 2026.

This move to a neutral stance will have a significant effect on the world trade cycle and on commodities. The US dollar remains the principal currency for financing trade in the Indo-Pacific. Lower US short-term rates will likely generate a recovery in the trade of manufacturing exports in the Indo-Pacific region, which in turn will increase demand for commodities.

The Fed’s move to a neutral monetary policy will generate benefits well beyond the US.

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Michael Knox discusses the RBA’s decision to hold rates in September and outlines the conditions under which a November rate cut could occur, based on trimmed mean inflation data.

Just as an introduction to what I'm going to talk about in terms of Australian interest rates today, we'll talk a little bit about the trimmed mean, which is what the RBA targets. The trimmed mean was invented by the Dallas Fed and the Cleveland Fed. What it does is knock out the 8% of crazy high numbers and the 8% of crazy low numbers.

That's the trimming at both ends. So the number you get as a result of the trimmed mean is pretty much the right way of doing it. It gets you to where the prices of most things are and where inflation is. That’s important to understand what's been happening in inflation.

With that, we've seen data published for the month of July and published in the month of August, which we'll talk about in a moment. Back in our remarks on the 14th of August, we said that the RBA would not cut in September. That was at a time when the market thought there would be a September return. But we thought they would wait until November. So with the RBA leaving the cash rate unchanged on the 30th of September, is it still possible for a cut in November?

The RBA released its statement on 30th September, and that noted that recent data, while partial and volatile, suggests that inflation in the September quarter may be higher than expected at the time of the August Statement on Monetary Policy. So what are they talking about? What are they thinking about when they say that? Well, it could be that they’re thinking about the very sharp increases in electricity prices in the July and August monthly CPIs.

In the August monthly CPI, even with electricity prices rising by a stunning 24.6% for the year to August faster than the 13.6% for the year to July; the trimmed mean still fell from 2.7% in the year to July to 2.6% in the year to August. Now, a similar decline in September would take that annual inflation down to 2.4%.

The September quarter CPI will be released on the 29th of October. Should it show a trimmed mean of 2.5% or lower, then we think that the RBA should provide a rate cut in November. This would provide cheer for homeowners as we move towards the festive season. Still, it all depends on what we learn from the quarterly CPI on the 29th of October.

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In recent days, several people have asked for my updated view on the Federal Reserve and the Fed funds rate, as well as the outlook for the Australian cash rate. I thought I’d walk through our model for the Fed funds rate and explain our approach to the RBA’s cash rate.

In recent days, several people have asked for my updated view on the Federal Reserve and the Fed funds rate, as well as the outlook for the Australian cash rate. I thought I’d walk through our model for the Fed funds rate and explain our approach to the RBA’s cash rate.

It’s fascinating to look at the history of the current tightening cycle. The Fed began from a much higher base than the RBA, and in this cycle, they reached a peak rate of 535 basis points, compared to the RBA’s peak of 435 basis points. For context, in the previous tightening cycle, the RBA reached a peak of 485 basis points.

The reason the RBA was more cautious this time around is largely due to an agreement between Treasurer Jim Chalmers and the RBA. The goal was to implement rate increases that would not undo the employment gains made in the previous cycle. As a result, the RBA was far less aggressive in its approach to rate hikes.

This divergence in peak rates is important. Because the Australian cash rate peaked lower, the total room for rate cuts and the resulting stimulus to the economy is significantly smaller than in previous cycles.

The Fed, on the other hand, peaked at 535 basis points in August last year and began cutting rates shortly after. By the end of December, they had reduced the rate to 435 basis points, where it has remained since.

Recent U.S. labour market data shows a clear slowdown. Over the past 20 years, average annual employment growth in the U.S. has been around 1.6 percent, but this fell to 1.0 percent a few months ago and dropped further to 0.9 percent in the most recent data.

This suggests that while the Fed has successfully engineered a soft landing by slowing the economy, it now risks tipping into a hard landing if rates remain unchanged.

Fed Funds Rate Model Update

Our model for the Fed funds rate is based on three key variables: inflation, unemployment, and inflation expectations. While inflation has remained relatively stable, inflation expectations have declined significantly, alongside the drop in employment growth.

As a result, our updated model now estimates the Fed funds rate should be around 338 basis points, which is 92 basis points lower than the current rate of 435. This strongly suggests we are likely to see a 25 basis point cut at the Fed’s September 17 meeting.

There are two more Fed meetings scheduled for the remainder of the year, one in October and another on December 10. However, we will need to review the minutes from the September meeting before forming a view on whether further cuts are likely.

Australian Cash Rate Outlook

Turning to the Australian cash rate, as mentioned, the peak this cycle was lower than in the past, meaning the stimulatory effect of rate cuts is more limited.

We have already seen three rate cuts, and the key question now is whether there will be another at the RBA’s 4 November meeting.

This decision hinges entirely on the September quarter inflation data, which will be released on 29 October 2025.

The RBA’s strategy is guided by the concept of the real interest rate. Over the past 20 years, the average real rate has been around 0.85 percent. Assuming the RBA reaches its 2.5 percent inflation target, this implies a terminal cash rate of around 335 basis points. Once that level is reached, we expect it will mark the final rate cut of this cycle, unless inflation falls significantly further.

So, will we see a rate cut in November?

It all depends on the trimmed mean inflation figure for the September quarter. If it comes in at 2.5 percent or lower, we expect a rate cut. The June quarter trimmed mean was 2.7 percent, and the monthly July figure was 2.8 percent. If the September figure remains the same or rises, there will be no cut. Only a drop to 2.5 percent or below will trigger another move.

We will have a much clearer picture just a few days before Melbourne Cup Day.

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