Thoughts on markets, investing, and equity research.
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.
Two companies under our coverage made announcements today. Transurban released August traffic, with group average
I have recently compiled an article for live wire markets on the current economic landscape
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 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.
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).
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.
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.
Hi all, I've just posted several insights articles into the Insights page. Have
The energy transition thesis has fractured. Lithium names are crushed, traditional gas is undervalued, and uranium has attracted a speculative premium mirroring the lithium bubble. Capital is rotating between narratives, not toward value.
Five ASX companies are growing dividends while keeping payout ratios conservative. The dividend growth trajectory over FY26-28 matters more than the starting yield for investors building income streams.