Rudi’s View: Gold, Healthcare, Staples & Copper

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Updates on strategies, model portfolios, key picks, best buys and conviction calls.

By Rudi Filapek-Vandyck, Editor

Macquarie strategists believe the US economy has decelerated into a slowdown, with consequences for which sectors are likely to perform or not on the share market.

The fact the RBA might still hike in August is ignored. Macquarie prefers to take guidance from the fact central banks elsewhere are almost universally moving towards loosening.

Key changes applied to the broker’s Model Portfolio include increased exposure to defensives, growth and REITs and reduced exposure to financials and resources.

The strategists also point out the Macquarie proprietary FOMO meter currently reads 1.42, which is at elevated level, while sentiment in the US seems extemely bullish. The combination of the two is treated as a warning signal.

Macquarie suggests further returns from here onwards are most likely to be “weak” and driven by defensives. Macquarie prefers healthcare and staples.

In terms of individual stocks, Macquarie’s Model Portfolio has added exposure to Amcor ((AMC)) and GrainCorp (GNC)) -both are new inclusions- and to CSL ((CSL)) and ResMed ((RMD)), as well as to growth stocks Xero ((XRO)) and Block ((SQ2)).

REITs have been overweighted through the inclusion of Mirvac Group ((MGR)).

Exposure to National Australia Bank ((NAB)) and CommBank ((CBA)) shares has been slimmed down, as well as to Suncorp Group ((SUN)) on the expectation of negative impact from La Nina weather. The latter should benefit GrainCorp.

All in all, point out the strategists, average returns from shares tend to be lower during a slowdown phase, with the Australian market taking its lead from the US, based on historical precedents.

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Did anyone mention “resources”?

The past week has seen multiple sector updates by resources analysts, with major shifts in preferences occurring.

All in all, optimism for copper remains, met coal is back on the radar and sentiment towards rare earths and lithium and other battery materials varies from poor to really poor. The outlook for iron ore is not looking great, but not terrible either.

The team at JP Morgan retains its large cap preferences for BHP Group ((BHP)), Rio Tinto ((RIO)) and South32 ((S32)), accompanied by positive views on BlueScope Steel ((BSL)) and Sandfire Resources ((SFR)).

In the local gold sector, JP Morgan retains Overweight ratings for Evolution Mining ((EVN)), Northern Star ((NST)) and De Grey Mining ((DEG)). The broker has downgraded Newmont Corp ((NEM)) and Gold Road Resources ((GOR)) to Neutral.

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Staying with the gold producers, Goldman Sachs reports Australian producers have transitioned back to focus on margins and cash generation rather than production growth throughout the year past (even though M&A remains a theme).

This should make the sector more attractive for investors, but share prices have yet to reflect this change. The broker suspects continuously rising costs are keeping the buyers at bay.

Goldman Sachs suggests those producers with higher costs and lots of capex on the agenda are most likely to underperform peers that offer less risk for cost overruns.

Gold producers currently rated Buy at Goldman Sachs are Evolution Mining, De Grey Mining, Gold Road Resources, and Bellevue Gold ((BGL)).

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Similar caution dominates the latest preview for the upcoming quarterly production report updates and August result releases by Australian gold producers at Barrenjoey.

Most of in-house updates on the sector are generating financial estimates below market consensus, reports Barrenjoey, with a combination of lower production, higher costs and more capex all impacting.

Barrenjoey has singled out Northern Star, Regis Resources ((RRL)) and Gold Road Resources for potentially greater downside risks, and sees relatively lower risk for Evolution Mining, Newmont Corp, and Capricorn Metals ((CMM)).

The broker’s advice to investors: those gold equities that demonstrate cash generation relative to peers through reporting season will be rewarded.

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Analysts at RBC Capital are more optimistic (or is that more courageous?). They understand investors in gold companies do not want to get caught out in case FY25 guidances disappoint, but it is their view there should be less risk than last year of such disappointments repeating.

RBC Capital has Outperform ratings for Northern Star, Regis Resources, Westgold Resources ((WGX)), and Bellevue Gold. Both Evolution Mining and Gold Road Resources are rated Underperform.

Separately, RBC Capital also added Brambles to its selection of Top 30 Global Ideas for 2024.

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Canaccord Genuity’s best gold poducer ideas:

-Northern Star Resources ((NST))
-Ramelius Resources ((RMS))
-Resolute Mining ((RSG))
-Adriatic Metals ((ADT))

Best developer ideas:

-Spartan Resources ((SPR))
-Predictive Discovery ((PDI))
-Mitre Mining Corp ((MMC))

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A general update on commodity prices at Petra Capital resulted in positive changes for gold and bauxite, while forecasts for copper and zinc have been upgraded too. Negative adjustments were made for rare earths and graphite fines, while near-term forecasts have been lowered for uranium and lithium.

With Petra Capital’s research zooming in on the smaller end of the sector, and with all share prices trading well below revised price targets, page 5 of the research report only contains Buy ratings.

Blue Energy ((BLU)) in the oil&gas sector, offers the highest upside potential of the bunch, with its shares trading 845% (not a typo) below the broker’s price target.

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Over at UBS, the Australasian Mining sector team prefers copper, aluminium, gold and met coal, but not iron ore or lithium. The broker’s macro view is that mining companies are at risk of providing investors with potentially “stale” forecasts as more capex might be required to sustain production and/or achieve growth.

Among individual companies, UBS’s Top Picks are South32, Newmont Corp, and Coronado Global Resources ((CRN)). The broker recently upgraded Deterra Royalties ((DRR)) to Buy as that share price was seen as too cheap post the unexpected UK acquisition announcement.

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Jarden’s preview on the local energy sector has seen Buy ratings maintained for Karoon Energy ((KAR)) and Carnarvon Energy ((CVN)) while Santos ((STO)), Origin Energy ((ORG)) and Cooper energy ((COE)) kept their Overweight ratings (one step below Buy).

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Morningstar Australia sees value in mineral sands, gold, and thermal coal.

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Morgan Stanley recently updated its global preferences among mining equities for the third quarter which features Rio Tinto and Mineral Resources.

The list of Least Preferred exposures features one ASX-listed company; Fortescue ((FMG)).

As a reminder, Morgan Stanley has made met coal its number one commodity pick.

Investors ready to ride the rally have been guided towards the following key stock calls:

-Yancoal Australia ((YAL))
-Whitehaven Coal ((WHC))

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Macquarie’s prefererd company to play the copper theme is Capstone Copper ((CSC)) with the analysts lauding Capstone as a copper pure play with a strong organic growth outlook. South32 is preferred for aluminium/alumina exposure.

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Morgan Stanley occasionally pampers its clientele with “Actionable Ideas” whereby confidence is high for share prices to perform in a certain way over a relatively short time frame.

On July 7, a report with Three Actionable Ideas was released, including the forecast shares in Suncorp Group ((SUN)) are on their way to re-rate in line with the higher valuation that currently sticks with peer Insurance Australia Group ((IAG)).

The other two conviction ideas are ASMPT and Kia Corp, both listed in Hong Kong.

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Looking forward to August reporting season for ASX-listed healthcare companies, Citi analysts have identified Ansell ((ANN)), Ramsay Health Care ((RHC)) and Sonic Healthcare ((SHL)) as most at risk for missing consensus forecasts.

Citi analysts also took the opportunity to upgrade CSL ((CSL)) to Buy from Neutral and Ebos Group ((EBO)) to Neutral from Sell.

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Ord Minnett‘s Buy-rated stocks in the local technology sector are currently: Cosol ((COS)), Dropsuite ((DSE)), Hansen Technologies ((HSN)), Life360 ((360)), Qoria ((QOR)), Seek ((SEK)), Siteminder ((SDR)), and Xero ((XRO)).

The list contains one lonely Sell rating, which is reserved for Pro Medicus ((PME)).

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Market strategists at Evans and Partners bemoan the fact higher for longer inflation numbers in Australia are preventing the RBA from lowering the burden of high interest rates. This, argue the strategists, effectively places a ceiling over the economy and the share market, limiting upside potential.

The key risk for the quarters ahead, argues Evans and Partners, is that high inflation with low growth becomes the consensus view locally. The strategists thus implore investors to be cautious and selective, “scruitinising those businesses and industries facing cyclical headwinds and instead focussing on companies with more diverse earnings drivers.”

Evans and Partners’ key focus has turned to offshore earners, “as well as businesses with strong industry positions benefiting from structural thematics such as digitalization and decarbonisation”.

Selected names:

-Aristocrat Leisure ((ALL))
-Brambles ((BXB))
-Flight Centre ((FLT))
-Macquarie Group ((MQG))
-Treasury Wine Estates ((TWE))
-James Hardie Industries ((JHX))
-Block Inc ((SQ2))

As well as:

-BHP Group
-Rio Tinto
-Monadelphous Group ((MND))
-APA Group ((APA))
-NextDC ((NXT))
-Macquarie Technology Group ((MAQ))

Also worth mentioning, Evans and Partners’ preferred yield ideas are:

-APA Group
-Arena REIT ((ARF))
-Qantas Airways ((QAN))
-Telstra ((TLS))

Model Portfolios, Best Ideas & Conviction Calls

Analysts at Bell Potter have updated their Key Stock Picks for the year-ahead:

-Among listed investment companies (LICs); Australian Foundation Investment Company ((AFI)), Metrics Master Income Trust ((MXT)), and MFF Capital Investments ((MFF))

-Agriculture & fast moving consumer goods; Bega Cheese ((BGA)), Rural Funds Group ((RFF)), and Elders ((ELD))

-Technology; TechnologyOne ((TNE)), Gentrack ((GTK)), and REA Group ((REA))

-Diversified Financials; Perpetual ((PPT)), Regal Partners ((RPL)), and McMillan Shakespeare ((MMS))

-Real Estate; Dexus Convenience Retail REIT ((DXS)), HealthCo Healthcare & Wellness REIT ((HCW)), and GDI Property Group ((GDI))

-Retailers; Premier Investments ((PMV)), Universal Store Holdings ((UNI)), and Propel Funeral Partners ((PFP))

-Aerospace & Defence; Electro Optic Systems ((EOS)) and Austal ((ASB))

-Industrials; Brickworks ((BKW)), IPD Group ((IPG)), and Cleanaway Waste Management ((CWY))

-Healthcare; Telix Pharmaceuticals ((TLX)), Cyclopharm ((CYC)), Aroa Bioscience ((ARX)), MedAdvisor ((MDR)), and Neuren Pharmaceuticals ((NEU))

-Gold sector; Capricorn Metals ((CMM)) and Santana Minerals ((SMI))

-Base metals; Aeris Resources ((AIS)), Nickel Industries ((NIC)), and Mineral Resources ((MIN))

-Strategic Minerals; Alpha HPA ((A4N)), IperionX ((IPX)), and Liontown Resources ((LTR))

-Energy sector; Boss Energy ((BOE)) and Paladin Energy ((PDN))

-Mining services; Seven Group Holdings ((SVW)), Mader Group ((MAD)), and SRG Global ((SRG))

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Barrenjoey Chief Equity Strategist Damien Boey had already decided it’s time to pivot the investment portfolio in favour of a more defensive positioning.

Barrenjoey’s Bucket List of conviction calls includes the following selection:

-Woolworths Group ((WOW))
-Viva Energy Group ((VEA))
-TechnologyOne ((TNE))
-Medibank Private ((MPL))
-Steadfast Group ((SDF))
-Aussie Broadband ((ABB))
-QBE Insurance ((QBE))
-Santos ((STO))
-Northern Star ((NST))
-Ampol ((ALD))
-Insurance Australia Group ((IAG))
-Ventia Services Group ((VNT))
-AUB Group ((AUB))
-Aristocrat Leisure ((ALL))
-Brambles ((BXB))
-Origin Energy ((ORG))
-Cochlear ((COH))
-Car Group ((CAR))
-Metcash ((MTS))
-Aurizon Holdings ((AZJ))
-Cleanaway Waste Management ((CWY))
-ResMed ((RMD))
-Orora ((ORA))
-Telstra ((TLS))
-CSL ((CSL))

Boey’s reasoning for a more defensive portfolio positioning is because global risk appetite is currently much higher than the economic outlook deserves it to be. Even with the prospect of central bank rate cuts underpinning positive sentiment, Boey thinks it’s more likely risk appetite will, at some point, pull back.

Potential triggers include the Bank of Japan diverging away from its global peers, and devaluations of JPY and/or the Chinese Yuan.

In Australia, the Barrenjoey strategist worries about the RBA raising rates further in response to stubbornly high inflation. With excess savings depleting rapidly among Australians, consumer spending remains at risk of slowing further, with negative flow on effects for the labour market.

Barrenjoey is thus underweight banks and domestic rate-sensitive cyclicals and believes Insurance, Staples, Telcos, Healthcare and Utilities are defensive in this environment.

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JP Morgan‘s last update on Emerging Companies (“small caps”) showed Superloop ((SLC)) is the Top Pick and Dicker Data ((DDR)) is the broker’s Bottom Pick.

The first is lauded for its strong operational momentum on still an undemanding valuation, while the market is seen as too optimistic for Dicker Data’s outlook which includes slowing top line growth.

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The full list of UBS’s Least Preferred stocks now includes:

-Aurizon Holdings ((AZJ))
-ASX ((ASX))
-Bank of Queensland ((BOQ))
-CommBank ((CBA))
-Cochlear ((COH))
-Domain Holdings ((DHG))
-Pilbara Minerals ((PLS))
-Reece ((REH))
-Scentre Group ((SCG))

UBS’s full list of Most Preferred stocks:

-AGL Energy ((AGL))
-BlueScope Steel ((BSL))
-Orica ((ORI))
-Origin Energy ((ORG))
-Rio Tinto ((RIO))
-Santos ((STO))

-AUB Group ((AUB))
-Computershare ((CPU))
-nib Holdings ((NHF))
-QBE Insurance ((QBE))
-Suncorp Group ((SUN))

-Brambles ((BXB))
-Coles Group ((COL))
-CSL ((CSL))
-James Hardie ((JHX))
-NextDC ((NXT))
-Super Retail ((SUL))
-Telstra ((TLS))
-Treasury Wine ((TWE))
-Universal Store ((UNI))
-Worley ((WOR))
-Xero ((XRO))

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Ord Minnett analysts’ Conviction List consists of the following:

-Alliance Aviation Services ((AQZ))
-ARB Corp ((ARB))
-Cosol ((COS))
-EQT Holdings ((EQT))
-Lindsay Australia ((LAU))
-Pinnacle Investment Management ((PNI))
-Red 5 ((RED))
-Regis Healthcare ((REG))
-Select Harvests ((SHV))
-SRG Globval ((SRG))
-Waypoint REIT ((WPR))
-Webjet ((WEB))
-Whitehaven Coal ((WHC))

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Goldman Sachs’s High Conviction calls for the Asia-Pacific region includes only four ASX-listed companies:

-Lynas Rare Earths ((LYC))
-Woolworths Group ((WOW))
-Qantas Airways ((QAN))
-Xero ((XRO))

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Jarden’s select list of preferred small cap stocks in Australia (“Emerging Companies key picks”):

-Temple & Webster ((TPW))
-Lovisa Holdings ((LOV))
-Siteminder ((SDR))
-Nick Scali ((NCK))
-Universal Store Holdings ((UNI))
-Dicker Data ((DDR))

Plus also (“sector picks”):

-Ingenia Communities Group ((INA))
-National Storage ((NSR))
-Telix Pharmaceuticals ((TLX))
-Karoon Energy ((KAR))
-Domain Australia Holdings ((DHG))
-Inghams Group ((ING))
-NRW Holdings ((NWH))
-Light & Wonder ((LNW))
-Pepper Money ((PPM))
-Champion Iron ((CIA))

Has been removed: Regis Healthcare ((REG)).

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Morningstar’s Best Equity Ideas for ASX-listed stocks contains 14 inclusions, with Brambles, Dexus and Endeavour Group joining in and a2 Milk, Ventia Services and Lendlease no longer included. Morningstar’s approach is traditionally centred around ‘cheap value’, or in Morningstar’s own words:

“monthly Best Stock Ideas highlights high-quality Australian and New Zealand companies, which are currently trading at discounts to our assessed fair values.”

-Brambles ((BXB))
-Dexus ((DXS))
-Endeavour Group ((EDV))
-TPG Telecom ((TPG))
-Domino’s Pizza ((DMP))
-Bapcor ((BAP))
-Santos ((STO))
-AUB Group ((AUB))
-ASX Ltd ((ASX))
-Aurizon Holdings ((AZJ))
-Pexa Group ((PXA))

As well as Fineos Corp ((FCL)), ResMed and Newmont Corp among international ideas.

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Morgan Stanley’s Australia Macro+ Focus List contains the following 10 stocks:

-Aristocrat Leisure ((ALL))
-Car Group ((CAR))
-CSL ((CSL))
-Macquarie Group ((MQG))
-Origin Energy ((ORG))
-Paladin Energy ((PDN))
-QBE Insurance ((QBE))
-Suncorp Group ((SUN))
-Treasury Wine Estates ((TWE))
-Woodside Energy ((WDS))

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Morgan Stanley’s Macro+ Model Portfolio consists of the following 32 constituents:

-ANZ Bank ((ANZ))
-CommBank ((CBA))
-National Australia Bank ((NAB))
-Westpac Bank ((WBC))
-Macquarie Group ((MQG))
-QBE Insurance ((QBE))
-Suncorp Group ((SUN))
-Goodman Group ((GMG))
-Scentre Group ((SCG))
-Stockland ((SGP))
-Aristocrat Leisure ((ALL))
-Car Group ((CAR))
-Domino’s Pizza ((DMP))
-The Lottery Corp ((TLC))
-Wesfarmers ((WES))
-James Hardie ((JHX))
-Orica ((ORI))
-Coles Group ((COL))
-Treasury Wine Estates ((TWE))
-CSL ((CSL))
-ResMed ((RMD))
-AGL Energy ((AGL))
-Origin Energy ((ORG))
-Telstra ((TLS))
-Transurban Group ((TCL))
-BHP Group ((BHP))
-Newmont Corp ((NEM))
-Rio Tinto ((RIO))
-South32 ((S32))
-Paladin Energy ((PDN))
-Santos ((STO))
-Woodside Energy ((WDS))

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Wilsons‘ list of Highest Conviction Investment Ideas: TechnologyOne, Worley ((WOR)), Woodside Energy, Aristocrat Leisure, and Collins Foods ((CKF)).

More ideas come with “long term growth” profiles:

-Ridley Corp ((RIC))
-Universal Stores ((UNI))
-ARB Corp ((ARB))
-Neuren Pharmaceuticals ((NEU))
-Pinnacle Investment Management ((PNI))

Among Resources stocks, there are two favoured ideas:

-Beach Energy ((BPT))
-Liontown Resources ((LTR))

And there’s a Speculative basket too:

-Immutep ((IMM))

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Wilsons’ Focus Portfolio‘s largest overweight remains towards growth companies, including a large overweight to the healthcare sector. The largest underweight allocation remains for local banks. The Portfolio also holds a slight overweight allocation to resources, but this is due to “active positioning” in green metals and energy (underweight iron ore).

The Focus Portfolio encompasses the following:

Consumer Discretionary
Aristocrat Leisure ((ALL)), Lottery Corp ((TLC)), Collins Foods ((CKF)), Breville Group ((BRG)), Webjet ((WEB))

Energy
-Woodside Energy ((WDS))

Financials
-ANZ Bank ((ANZ)), National Australia Bank ((NAB)), Westpac ((WBC)), Macquarie Group ((MQG)), Insurance Australia Group ((IAG)), Netwealth Group ((NWL)), Steadfast Group ((SDF))

Healthcare
-CSL ((CSL)), ResMed ((RMD)), Telix Pharmaceuticals ((TLX))

Industrials
-Worley ((WOR))

Information Technology
-TechnologyOne ((TNE)), Xero ((XRO))

Materials
-BHP Group ((BHP)), Amcor ((AMC)), Evolution Mining ((EVN)), Mineral Resources ((MIN)), Arcadium Lithium ((LTM)), Sandfire Resources ((SFR)), South32 ((S32))

Real Estate
-Goodman Group ((GMG)), HealthCo Healthcare & Wellness REIT ((HCW))

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Macquarie Wealth’s recommended Growth Portfolio:

-Goodman Group ((GMG))
-Seek ((SEK))
-Aristocrat leisure ((ALL))
-Northern Star ((NST))
-CSL ((CSL))
-Computershare ((CPU))
-NextDC ((NXT))
-Flight Centre ((FLT))
-Mineral Resources ((MIN))
-Cleanaway Waste Management ((CWY))
-Steadfast Group ((SDF))
-Arcadium Lithium ((LTM))
-ResMed ((RMD))
-Pexa Group ((PXA))
-Treasury Wine Estates ((TWE))
-Viva Energy ((VEA))
-Xero ((XRO))

Macquarie Wealth’s recommended Income Portfolio:

-Suncorp Group ((SUN))
-Telstra ((TLS))
-National Australia Bank ((NAB))
-Westpac Bank ((WBC))
-ANZ Bank ((ANZ))
-BHP Group ((BHP))
-CommBank ((CBA))
-Premier Investments ((PMV))
-Coles Group ((COL))
-Viva Energy ((VEA))
-Atlas Arteria ((ALX))
-Aurizon Holdings ((AZJ))
-APA Group ((APA))
-GPT Group ((GPT))
-Deterra Royalties ((DRR))
-Metcash ((MTS))
-Amotiv ((AOV))
-Charter Hall Retail REIT ((CQR))
-Amcor ((AMC))

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Shaw and Partners Research Monitor for the June quarter shows the broker’s ASX100 Large Caps Model Portfolio consists of the following ten members:

-Aristocrat Leisure ((ALL))
-Domino’s Pizza ((DMP))
-Evolution Mining ((EVN))
-James Hardie Industries ((JHX))
-Pilbara Minerals ((PLS))
-Qantas Airways ((QAN))
-ResMed ((RMD))
-Suncorp Group ((SUN))
-Treasury Wine Estates ((TWE))
-Xero ((XRO))

Preferred exposures among ’emerging companies’ (smaller caps) are:

-Abacus Storage King ((ASK))
-Bannerman Energy ((BMN))
-Black Cat Syndicate ((BC8))
-Global Lithium Resources ((GL1))
-Helloworld ((HLO))
-Metro Mining ((MMI))
-Retail Food Group ((RFG))
-Vista Group ((VGL))
-Tyro Payments ((TYR))
-Webjet ((WEB))

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Stockbroker Morgans‘ list of Best Ideas currently consists of the following 32 ASX-listed companies:

Among Large Caps:
-Coles Group ((COL))
-CSL ((CSL))
-QBE Insurance ((QBE))
-Woodside Energy ((WDS))

Cyclicals:
-GQG Partners ((GQG))
-WH Soul Pattinson ((SOL))
-ALS Ltd ((ALQ))
-Beacon Lighting ((BLX))
-GUD Holdings ((GUD))
-Universal Store Holdings ((UNI))
-Elders ((ELD))
-Acrow ((ACF))
-Maas Group ((MGH))
-Dalrymple Bay Infrastructure ((DBI))
-Karoon Energy ((KAR))

Structural Growth:
-ResMed ((RMD))
-NextDC ((NXT))
-TechnologyOne ((TNE))
-Mach7 Technologies ((M7T))
-Camplify Holdings ((CHL))
-Superloop ((SLC))

Tactical Ideas:
-Treasury Wine Estates ((TWE))
-ClearView Wealth ((CVW))
-Inghams Group ((ING))
-Avita Medical ((AVH))
-Flight Centre Travel ((FLT))

Preferred Resources:
-South32 ((S32))
-Stanmore Resources ((SMR))

A-REITs:
-Cedar Woods Properties ((CWP))
-Dexus Industria REIT ((DXI))
-HomeCo Daily Needs REIT ((HDN))
-Qualitas ((QAL))

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In December, Shaw and Partners released its 10 Best Ideas to benefit from the anticipated small caps’ revival in 2024.

The selected ten:

-AIC Mines ((A1M))
-Austin Engineering ((ANG))
-FireFly Metals ((FFM)), previously AuTeco (AUT)
-Chrysos ((C79))
-Gentrack Group ((GTK))
-Metro Mining ((MMI))
-MMA Offshore ((MRM))
-Peninsula Energy ((PEN))
-ReadyTech Holdings ((RDY))
-Silex Energy ((SLX))

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Macquarie’s ASX Quality Compounders

The highest quality ‘compounders’ as identified by Macquarie quant research inside the ASX300:

-James Hardie ((JHX))
-Cochlear ((COH))
-REA Group ((REA))
-TechnologyOne ((TNE))
-ResMed ((RMD))
-Data#3 ((DTL))
-Pro Medicus ((PME))
-Jumbo Interactive ((JIN))
-PWR Holdings ((PWH))
-Netwealth Group ((NWL))
-Aristocrat Leisure ((ALL))
-Spark New Zealand ((SPK))
-Codan ((CDA))
-Clinuvel Pharmacauticals ((CUV))
-Redox ((RDX))

Given Macquarie’s research strong leaning on the past five years, with high barriers to match, the following 11 companies fell just outside the above list:

-Fisher & Paykel Healthcare ((FPH))
-Medibank Private ((MPL))
-Coles Group ((COL))
-The Lottery Corp ((TLC))
-Lovisa Holdings ((LOV))
-CSL ((CSL))
-IDP Education ((IEL))
-Pinnacle Investment Management ((PNI))
-ARB Corp ((ARB))
-Breville Group ((BRG))
-Johns Lyng ((JLG))

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(Do note that, in line with all my analyses, appearances and presentations, all of the above names and calculations are provided for educational purposes only. Investors should always consult with their licensed investment advisor first, before making any decisions.)  

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