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

Ryan Lim

16 October 2026 · 5 min read

We have re-initiated coverage of Bank of Queensland following its FY26 result, and twelve other companies under our coverage made announcements this week, among them Warburg Pincus's update on its proposal for Ingenia, a 71MW contract for DigiCo, September-quarter updates from Netwealth, Champion Iron and AMP, and record enrolments at EDU. The complimentary notes below cover what happened; members receive our full assessment of every announcement against our published ratings and fair values, which are unchanged on the other twelve companies. Prices and share price moves are as at the close on Thursday 15 October.

Bank of Queensland (ASX: BOQ)

Bank of Queensland is a regional bank shifting from branch-based retail lending toward specialist business banking. FY26 cash earnings after tax, excluding notable items, were A$358m, down 7% on FY25, and statutory net profit after tax was A$250m, up 88% on an FY25 result that carried a goodwill impairment. Net interest margin rose 6 basis points to 1.70%, commercial lending grew A$2.1bn (16%) and the housing book contracted A$4.6bn (8%). The CET1 ratio of 11.64% is above the top of the 10.25-10.75% target range, and the final fully franked dividend of 20c takes FY26 ordinary dividends to 40c, on top of a 15c special dividend paid in August. For FY27, BOQ has planned for a sustainable return to growth in home lending and is targeting flat annual cost growth. We have re-initiated coverage with a new research report, and a complimentary summary is linked below. The shares rose 5.9% on Thursday to A$6.87.

Ingenia Communities Group (ASX: INA)

Ingenia Communities operates Australia's largest land lease community portfolio. Warburg Pincus reconfirmed its non-binding A$5.25 cash proposal, declared the price best and final in the absence of a superior proposal and will let holders keep the December-half distribution up to A$0.05 a security, but made it a condition that by Monday 19 October the board confirms the proposal would be more favourable to securityholders than Ingenia's proposed acquisition of Peet and grants exclusive due diligence. The shares fell 11.6% on Thursday to A$4.05.

DigiCo Infrastructure REIT (ASX: DGT)

DigiCo Infrastructure REIT owns Australia's largest data centre campus. It signed a 15-year contract for 71MW at SYD1, including 20MW reallocated from existing contracted capacity, with a global technology firm with investment-grade credit support, taking the site to 100% contracted across 88MW with the expansion fully funded. The contract remains subject to customary conditions, and pricing was not disclosed. The shares fell 2.9% to A$2.00 on a weak day for data-centre stocks.

Netwealth Group (ASX: NWL)

Netwealth operates a fee-on-FUA wealth management platform for financial advisers. It lowered FY27 net flow guidance to A$17-19bn from A$18-20bn after quarterly net flows of A$2.6bn (A$3.6bn on its headline basis, which excludes pension payments and two institutional client outflows), and is defending class action proceedings relating to First Guardian. The shares fell 8.0% to A$15.42.

Champion Iron (ASX: CIA)

Champion Iron is a Canadian iron ore producer listed on the ASX and TSX. It reported a preliminary net average realised price of C$89.9/dmt on 4.5Mt of sales for the September quarter, with full financials due before the 29 October conference call (Montreal time; 30 October in Sydney). The shares fell 9.7% to A$2.43.

EDU Holdings (ASX: EDU)

EDU Holdings operates private higher education and vocational campuses in Australia. Total T3'26 enrolments rose 26% to a record 7,489 and domestic Higher Education new student enrolments rose 78%, but international Higher Education new student enrolments fell 10%, which the company attributes to regulatory changes affecting the onshore transfer market, and group new student enrolments fell 13% on weaker vocational intake. The shares have fallen 27.2% since the 13 October release (from A$0.975 on 12 October) to A$0.71, and on 14 October ABD Holdings Pty Limited, of which chief executive Adam Davis is sole director, bought 100,000 shares on market for A$77,416.

WiseTech Global (ASX: WTC)

WiseTech Global operates the dominant logistics software platform used by the world's largest freight forwarders. ASIC concluded its share-trading investigation in respect of Richard White and two other current employees and its governance investigation of the company, issuing no-action letters in each case; it has indicated that an investigation continues in respect of another individual who is not an employee. The shares rose 2.8% to A$34.50.

Treasury Wine Estates (ASX: TWE)

Treasury Wine Estates spans luxury and commercial wine across three divisions. At its AGM it said first-quarter trading was in line with plan, leverage eased to 2.7x, F27 guidance of EBITS at least equal to F26's A$492.3m was reiterated, and initiatives to deliver A$40m of Ascent savings in F27 have been actioned; findings from the Americas strategic and operational review are to be communicated during F27. The shares rose 4.6% to A$5.94.

AMP (ASX: AMP)

AMP is an ASX-listed wealth platform and bank hybrid. Platforms net cashflows rose 20% to A$1.46bn in the third quarter, while Superannuation & Investments returned to net outflows of A$138m after a positive second quarter, leaving S&I A$62m in net outflow for the year to date. The shares were unchanged at A$2.40.

South32 (ASX: S32)

South32 is a diversified base-metals miner transitioning out of aluminium. Its AGM restated the US$125m a year overhead reduction target, the ~US$3.3bn Hermosa Taylor capital cost and the Sierra Gorda expansion, with 99% of proxies in favour of the aluminium sale to Alcoa, and all resolutions put to the meeting were carried on a poll. The shares fell 5.7% to A$4.47 with the miners.

DroneShield (ASX: DRO)

DroneShield designs counter-drone detection technology for military and commercial markets. FY2026 committed revenue reached A$261m, the midpoint of the A$250-270m outlook, and headcount is down 3.4% since June to 519. The shares fell 4.4% to A$1.42.

Vulcan Energy Resources (ASX: VUL)

Vulcan Energy Resources is building a lithium plant powered by its own geothermal wells in Germany. The first Lionheart well to reinject brine into the reservoir matrix showed an interpreted injection capacity of about 64 standard litres per second at planned operating conditions (a measured surface rate of about 35 under test conditions), against about 40 assumed for matrix injectors in the field development plan. The shares fell 4.6% to A$1.145 with lithium stocks (PLS -6.3%, LTR -5.6%, ELV -7.6%).

Kelly Partners Group (ASX: KPG)

Kelly Partners consolidates Australian, US and Philippines accounting practices via a partner-equity model. ASX has granted conditional approval for its removal from the official list in connection with its proposed Nasdaq listing, subject to a special resolution at the 23 October EGM; removal would take place no earlier than one month after that approval and after Nasdaq listing approval, and the company notes there is no certainty the Nasdaq listing will proceed. The shares fell 4.2% to A$4.15.

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Complete research notes and models for all 13 companies are available to members.