Coverage Update 21 October 2026 (NXT, ALX, PPT, IFT, WDS, TCL, NST, SIG, PME, PLS, BSL, TLX, WGX, SEK, NIC, BPT, ASB, SSM)

Ryan Lim

21 October 2026 · 6 min read

Eighteen companies under our coverage made announcements on Wednesday, among them NEXTDC's revised FY27 guidance after a delay to power supply at its M3 Melbourne campus, Infratil's update on CDC's power timelines, proposed French tax changes affecting Atlas Arteria, Perpetual's first-quarter flows, September-quarter reports from Woodside, Northern Star, Westgold and Beach Energy, and updates from Transurban, Telix, Sigma Healthcare, PLS, Nickel Industries, Austal, Pro Medicus, SEEK, BlueScope Steel and Service Stream. 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 all eighteen companies. Prices and share price moves are as at the close on Wednesday 21 October.

NEXTDC (ASX: NXT)

NEXTDC develops and operates data centres in Australia and Malaysia. It revised its FY27 guidance after Jemena suspended parts of the 66kV works serving its M3 Melbourne campus in September, with the works not expected to restart before February 2027 and the next increase in power supply to M3 now expected during FY28. Guidance now excludes the affected M3 contracts: FY27 net revenue of A$475-500m (previously A$615-640m) and underlying EBITDA of A$245-265m (previously A$385-410m). Capex guidance falls to A$4.5-5.0bn, new developments and land purchases are on hold, and a review is due by the 20 November AGM. The shares fell 41.7% to A$5.35 when trading resumed after a two-day halt.

Atlas Arteria (ASX: ALX)

Atlas Arteria owns toll roads in France, the United States and Germany, including its interest in APRR. September-quarter proportionate toll revenue fell 0.4% on a year earlier excluding currency movements, with APRR's toll revenue down 1.7% as light-vehicle traffic fell with fuel prices at a new peak in September. Atlas Arteria also set out the draft 2027 French Budget Bill, now being debated in the French Parliament, which would raise the rate of the long-distance transport infrastructure tax (TEILD); for illustrative purposes, it said the proposed rate would have added approximately EUR210m to the APRR Group's costs had it applied in 2025, and the final rates and start date will not be known until final approval. The shares were unchanged at A$3.68.

Perpetual (ASX: PPT)

Perpetual operates asset management and corporate trust businesses and is selling its wealth management business to Bain Capital. It reported asset management net outflows of A$9.6bn for the September quarter, A$8.4bn excluding cash, which with currency and market movements took total assets under management down 5.5% to A$212.0bn; Barrow Hanley accounted for A$5.8bn of the outflows. Corporate Trust funds under administration rose 2.8% over the quarter to A$1.4 trillion, and the Wealth Management sale is expected to complete in the final quarter of calendar 2026. The shares fell 0.2% to A$17.03.

Infratil (ASX: IFT)

Infratil is an infrastructure investment company whose investments include CDC Data Centres. After investor queries about power delivery timelines for under-construction sites in Australia, it said CDC has confirmed that power delivery and construction timelines are tracking as anticipated and that CDC-related financial guidance is unchanged. The shares rose 1.9% to A$9.97.

Woodside Energy (ASX: WDS)

Woodside Energy is an Australian oil and gas producer. Third-quarter production was 46.2 MMboe and the average realised price US$84/boe, and Woodside narrowed its 2026 production guidance to 174-181 MMboe from 174-185 MMboe, with capex and cost guidance unchanged. Scarborough is 99% complete and its first LNG cargo remains on track for the fourth quarter of 2026. The shares rose 0.4% to A$33.96.

Transurban (ASX: TCL)

Transurban develops and operates toll roads in Australia and North America. Group average daily traffic rose 3.1% on a year earlier in the September quarter, or 1.6% excluding the West Gate Tunnel, and average dynamic tolls rose 20.0% on the 95 Express Lanes and 47.4% on the 495 Express Lanes; July and August North American traffic figures were restated after a reporting issue with a new gantry, with no impact on reported revenue. At its AGM the Board reaffirmed FY27 distribution guidance of 72.0c a security. The shares rose 3.0% to A$14.05.

Northern Star Resources (ASX: NST)

Northern Star Resources is a gold producer with operations in Western Australia and Alaska. It sold 363,891oz in the September quarter at an all-in sustaining cost of A$3,217 an ounce and kept FY27 guidance of 1,500-1,650koz at A$3,050-3,450 an ounce, weighted to the second half. The KCGM mill tie-in was completed on 28 September, about two weeks later than anticipated. The shares rose 1.8% to A$25.06.

Sigma Healthcare (ASX: SIG)

Sigma Healthcare is the franchisor of the Chemist Warehouse pharmacy network, alongside its national wholesale and distribution business. Chemist Warehouse branded store sales in Australia rose 12.1% from 1 July to 16 October, with like-for-like sales up 9.8%, and international sales rose 30.2% in the September quarter in constant currency; Sigma expects double-digit sales growth from Chemist Warehouse branded stores for the rest of the first half. The shares fell 2.8% to A$2.75.

Pro Medicus (ASX: PME)

Pro Medicus supplies medical imaging software through its Visage business. It signed a seven-year, A$43m contract with Virtua Health, an academic health system with five hospitals in South Jersey, for its Visage 7 suite in the cloud, including cardiology. The shares rose 2.7% to A$184.83.

PLS Group (ASX: PLS)

PLS describes itself as a leading global producer of lithium materials, and it owns the Pilgangoora operation in Australia. It priced US$700m of senior unsecured notes due 2032 at 8.00%, with settlement expected on 23 October and the proceeds for general corporate purposes, including capital expenditure and other growth opportunities. The shares fell 0.7% to A$2.91.

BlueScope Steel (ASX: BSL)

BlueScope Steel is a steelmaker with businesses in Australia, North America, Asia and New Zealand. It said Kristie Keast, Chief Executive North America, will leave the company at the end of October, with Sue Stark, President of BlueScope Buildings North America, leading the region on an interim basis while a global search is run. The shares fell 0.3% to A$32.74.

Telix Pharmaceuticals (ASX: TLX)

Telix Pharmaceuticals sells radiopharmaceutical imaging products and is developing radiopharmaceutical therapies. It reported third-quarter revenue of US$245m, up 19% on a year earlier, with Precision Medicine revenue up 30% to US$201m, and said FY26 revenue is tracking toward the upper end of its US$950-970m guidance; the shareholder meeting on its merger with Isotope Technologies Munich (ITM) is now expected on 1 December. The shares fell 7.9% to A$14.52.

Westgold Resources (ASX: WGX)

Westgold Resources is a gold producer in Western Australia. It produced 98,393oz in the September quarter at an all-in sustaining cost of A$2,912 an ounce and said it remains on track for FY27 guidance of 385-425koz; Beta Hunt reached a record annualised mining rate of 2Mtpa in September. The shares rose 2.2% to A$5.08.

SEEK (ASX: SEK)

SEEK operates online employment marketplaces and owns 83.8% of the SEEK Growth Fund. It said the Fund manager's Stage 2 carry is payable only if at least A$840m of liquidity is made available to investors, including approximately A$700m for SEEK, and that the Fund is focused on the potential near-term sale of investments currently valued at more than A$1bn. The shares rose 4.4% to A$13.37.

Nickel Industries (ASX: NIC)

Nickel Industries describes itself as owning a portfolio of mining and low-cost downstream nickel processing assets in Indonesia. The company that owns the ENC HPAL project, in which Nickel Industries holds a 46% interest, signed a US$245m non-recourse project finance facility led by OCBC, which allows a distribution of term loan proceeds to the project's shareholders. The shares were unchanged at A$0.675.

Beach Energy (ASX: BPT)

Beach Energy is an oil and gas producer with operations in Australia and New Zealand. It produced 5.4 MMboe in the September quarter, up 9% on the June quarter, with sales revenue of A$565m, and maintained FY27 guidance of 19.5-23.0 MMboe; Waitsia has produced about 235 TJ a day since its 8 October restart. The shares rose 5.5% to A$0.96.

Austal (ASX: ASB)

Austal describes itself as Australia's global shipbuilder and defence prime contractor. It has secured A$245m of debt funding from the National Reconstruction Fund Corporation, subject to conditions precedent, for dedicated shipbuilding facilities at Henderson for its ~A$4bn Landing Craft Heavy contract, with the Commonwealth paying all funding costs. The shares rose 0.7% to A$4.21.

Service Stream (ASX: SSM)

Service Stream provides network and maintenance services to telecommunications and utilities clients and property and asset services to Defence. At its AGM it said first-quarter performance reflects a solid start and that FY27 is expected to deliver a step change in revenue and earnings growth, and the Chairman cited A$8.2bn of work in hand. The shares rose 5.6% to A$2.25.

Complimentary research

Member research

Complete research notes and models for all 18 companies are available to members.