Insights

Coverage Update 15 October 2026 (BOQ, INA, DGT, NWL, CIA, EDU, WTC, TWE, AMP, S32, DRO, VUL, KPG)

We have re-initiated coverage of Bank of Queensland following its FY26 result, and twelve

Ingenia (ASX:INA): from 86 cents in the dollar to a A$5.25 bid

We upgraded Ingenia to Buy at A$3.66 on 31 August, at 86 cents in the dollar of its net tangible assets. Warburg Pincus has since proposed A$4.75, A$5.05 and A$5.25 cash a security.

Long-Short Strategy Update - October 2026

CORE Long-Short fell 1.6% in a month the ASX 200 fell 3.7%; since inception +12.0% against -2.4%, with the short book paying for three quarters of the long side's loss.

Coverage Update 17 September 2026 (TCL, KLS)

Two companies under our coverage made announcements today. Transurban released August traffic, with group average

Two weeks out from reporting season | Rio's read-throughs

Livewire Markets articles

I have recently compiled an article for live wire markets on the current economic landscape

The Spectrum Problem: How Tuas's A$1.6 Billion Deal Unravelled in Three Days

IMDA suspended its review of Tuas's S$1.4B M1 acquisition after discovering potential unauthorised spectrum use. The deal is effectively dead with a 21 May long-stop date. Fair value drops 44% to A$2.22 as franchise risk replaces valuation risk.

Koala's IPO: 64% Gross Margins, a Proven Cash Engine, and a US Market Barely Touched

Koala lists on the ASX at A$3.40, which is 46% below our A$5.56 fair value. A proven AU/JP cash engine funds a US scaling option with less than 0.2% penetration of a A$39B market. Full 7-year forecast included.

AI's First P&L: Narrative vs Numbers in February 2026

February 2026 was the first reporting season where AI claims appeared in financial results, not just strategy slides. Three companies quantified impact (WTC, PPS, FLT), one showed adoption metrics (NHF), and three offered narrative only (SRV, AD8, SEK).

The Leaderless Quarter: What 20+ CEO Departures Tell You About Quality

Twenty-plus ASX companies changed CEOs during one reporting season. Crisis departures average 4.8/10 quality, managed transitions 7.2/10. The bedding-in category, where new CEOs have had 6-18 months, offers 18% average upside.

Why the RBA's Rate Hikes Are Not Working: Five Structural Channels the Models Miss

Alpha Insights identifies five income channels, from inflation-indexed pensions to legislated superannuation drawdowns, that are insulating $4.9 trillion in retiree wealth from the RBA's interest rate tool. Bottom-up evidence from 400+ ASX-listed companies confirms the transmission failure.

Iran war series - Part 1

Hi all, I've just posted several insights articles into the Insights page. Have