
Rudi's View | Apr 23 2026
This story features AMCOR PLC, and other companies.
For more info SHARE ANALYSIS: AMC
The company is included in ASX100, ASX200, ASX300 and ALL-ORDS
Conviction Buys and sector favourites; for those investors looking to amend strategies and portfolio exposures.
By Rudi Filapek-Vandyck, Editor
Life aint fair. The USA and Israel go to war and the Australian economy and share market carry the burden.
In contrast, both the S&P500 and Nasdaq indices in the US posted fresh all-time record highs on Wednesday (Thursday morning Australia time).
The following excerpt from a survey conducted by RBC Capital might shine some light on the ‘why’:
“When thinking about the outlook for the US equity market broadly, we think these results reiterate the idea that the US is a global safety trade in the context of the war and seems likely to continue benefiting as long as concerns about the war’s duration remain elevated, given that the survey suggests the US is the best regional choice from a valuation perspective and will be the region least impacted by effects from the war.
“The results also call into question whether the US will continue to lead if and when war fog clears, since the US is seen as the region benefiting the least in a de-escalation scenario.
“But at the same time, the survey results highlight how it is difficult to find better alternatives to the US. For example, Europe stands out in our survey for a perceived lack of valuation and demand appeal among our stock pickers.
“This is an important point to take note of, as US-based and US-focused equity investors we’ve met with recently have been eager to explore why the US has been such a strong relative and absolute performer since the war began.”
When or how (or why) the war in the Middle East will end is at this point anyone’s guess. I have no better knowledge (or gutfeel instinct) than others, as also explained in Monday’s writing:
https://fnarena.com/index.php/2026/04/22/rudis-view-the-risk-of-disappointment/
On Thursday afternoon, as I am writing these sentences, our inbox receives yet another sector update featuring reduced forecasts, just to be safe, this time from stockbroker Morgans on Australia’s industrials companies; Amcor ((AMC)), Brambles ((BXB)), Reece ((REH)), and Reliance Worldwide ((RWC)).
Slower growth and higher energy prices create headwinds for all these companies, but Morgans is more cautious on housing-exposed companies and therefore prefers Amcor and Brambles (amidst downgraded forecasts).
It should be clear to all and sundry the Australian market has quite a few challenges to deal with over the months ahead. Some wise insights from Michael McCarthy, CEO, Moomoo ANZ:
“I’m seeing signals from bond markets, currency markets, cryptocurrency markets, and share markets that are all lining up with the same message – growth is slowing and interest rates are headed higher.
“The best time to prepare for volatility is at the beginning when you devise your strategy. The next best time is when markets are going well. The third best time is now, because it’s never too late to act.”
To help investors with repairing/preparing their portfolios for what might follow next, the selection of Conviction Calls below might come in handy.
Best Buys & Conviction Calls
Canaccord Genuity‘s assessment of healthcare stocks post February has identified the following candidates poised for potential re-rating over the coming six months:
Candidates for potential re-rate over the next twelve months:
****
Retail sector analysts at Jarden believe 2026 is a bottom-up stock pickers market for that sector; those with the right product, right price, at the right time will come out on top.
Favourable themes are:
Defensive growth:
Tech & AI super cycle:
Structural growers:
Market share winners:
- Temple & Webster ((TPW))
- Beacon Lighting Group ((BLX))
- JB Hi-Fi ((JBH))
- Sigma Healthcare ((SIG))
- Helloworld ((HLO))
****
Macquarie’s favourites among ASX-listed contractors are identified as:
****
Morningstar’s Best Stock Ideas:
- AGL Energy ((AGL))
- Auckland International Airport ((AIA))
- Amcor ((AMC))
- ASX ((ASX))
- Domino’s Pizza ((DMP))
- Dexus ((DXS))
- Endeavour Group ((EDV))
- James Hardie ((JHX))
- Ramsay Health Care ((RHC))
- SiteMinder ((SDR))
- Spark New Zealand ((SPK))
- Woodside Energy ((WDS))
- WiseTech Global ((WTC))
****
Morgans‘ sector favourites:
Technology:
Media:
Telecommunication:
- TPG Telecom ((TPG))
****
Stockbroker Morgan‘s Key Buy picks among diversified financials are (in order of preference):
- MA Financial ((MAF))
- Pinnacle Investment Management ((PNI))
- Generation Development ((GDG))
- Tyro Payments ((TYR))
****
Stockbroker Morgans Best Stock Ideas in Australia:
- ALS Ltd ((ALQ))
- Amcor ((AMC))
- ARB Corp ((ARB))
- Aristocrat Leisure ((ALL))
- Capstone Copper ((CSC))
- CSL ((CSL))
- Dalrymple Bay Infrastructure ((DBI))
- EBR Systems ((EBR))
- Elders ((ELD))
- Flight Centre Travel ((FLT))
- GemLife Communities ((GLF))
- Generation Development ((GDG))
- Goodman Group ((GMG))
- GPT Group ((GPT))
- Judo Bank ((JDO))
- LGI Ltd ((LGI))
- Lovisa Holdings ((LOV))
- MA Financial Group ((MAF))
- Megaport ((MP1))
- Newmont Corp ((NEM))
- Orica ((ORI))
- Pinnacle Investment Management ((PNI))
- Pro Medicus ((PME))
- Ramelius Resources ((RMS))
- REA Group ((REA))
- ResMed ((RMD))
- Sigma Healthcare ((SIG))
- TechnologyOne ((TNE))
- Universal Store Holdings ((UNI))
- Woodside Energy ((WDS))
****
Morgan Stanley’s Australia Macro+ Focus List has remained unchanged since September last year, with the following ten constituents:
- Aristocrat Leisure ((ALL))
- AMP ((AMP))
- ANZ Bank ((ANZ))
- BlueScope Steel ((BSL))
- GemLife Communities Group ((GLF))
- Goodman Group ((GMG))
- Iluka Resources ((ILU))
- Seek ((SEK))
- The Lottery Corp ((TLC))
- Xero ((XRO))
****
Morgan Stanley’s highest conviction favourites among ASX-listed Technology stocks (in order of preference):
In large cap software:
In mid-cap software:
In internet marketplaces:
REA Group ((REA))
Car Group ((CAR))
****
Morgan Stanley’s Australia Macro+ Model Portfolio:
- ANZ Bank ((ANZ))
- CommBank ((CBA))
- National Australia Bank ((NAB))
- Westpac Bank ((WBC))
- Macquarie Group ((MQG))
- AMP ((AMP))
- Generation Development Group ((GDG))
- Suncorp Group ((SUN))
- GemLife Communities Group ((GLF))
- Goodman Group ((GMG))
- Scentre Group ((SCG))
- Stockland ((SGP))
- Aristocrat Leisure ((ALL))
- Domino’s Pizza ((DMP))
- The Lottery Corp ((TLC))
- Wesfarmers ((WES))
- Xero ((XRO))
- James Hardie ((JHX))
- REA Group ((REA))
- Orica ((ORI))
- Qube Holdings ((QUB))
- Seek ((SEK))
- Coles Group ((COL))
- Sigma Healthcare ((SIG))
- CSL ((CSL))
- ResMed ((RMD))
- Telstra ((TLS))
- Transurban ((TCL))
- Tuas ((TUA))
- BHP Group ((BHP))
- BlueScope Steel ((BSL))
- Iluka Resources ((ILU))
- Newmont Corp ((NEM))
- Rio Tinto ((RIO))
- PLS Group ((PLS))
- South32 ((S32))
- Santos ((STO))
- Woodside Energy ((WDS))
****
Ord Minnett’s Analysts’ Conviction List, grouping together the broker’s analysts’ best stock ideas for the year ahead, contains twelve nominations:
- Alkane Resources ((ALK))
- Brazilian Rare Earths ((BRE))
- Breville Group ((BRG))
- Cuscal ((CCL))
- Energy One ((EOL))
- Lindsay Australia ((LAU))
- Qoria ((QOR))
- Regis Healthcare ((REG))
- Service Stream ((SSM))
- Shape Australia ((SHA))
- SiteMinder ((SDA))
- Zip Co ((ZIP))
****
Ord Minnett’s most preferred Technology stocks (all Buy rated):
****
Shaw and Partners‘ latest strategy update highlights the following Buy-rated smaller cap opportunities:
****
Post the February 2026 reporting season, UBS‘s most preferred smaller cap stocks in Australia are:
- ARB Corp ((ARB))
- Collins Foods ((CKF))
- Dicker Data ((DDR))
- Hansen Technologies ((HSN))
- IDP Education ((IEL))
- Imdex ((IMD))
- Megaport ((MP1))
- NextDC ((NXT))
- SiteMinder ((SDR))
- Superloop ((SLC))
- Service Stream ((SSM))
- Web Travel Group ((WEB))
****
UBS‘s real estate sector favourites:
- Vicinity Centres ((VCX))
- Charter Hall ((CHC))
- Goodman Group ((GMG))
- Arena REIT ((ARF))
- Region Group ((RGN))
- Centuria Industrial REIT ((CIP))
****
Paying subscribers have 24/7 access to my personally curated lists: https://fnarena.com/index.php/analysis-data/all-weather-stocks/
(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.)
P.S. I – All paying members at FNArena are being reminded they can set an email alert for my Rudi’s View stories. Go to My Alerts (top bar of the website) and tick the box in front of ‘Rudi’s View’. You will receive an email alert every time a new Rudi’s View story has been published on the website.
P.S. II – If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.
FNArena Subscription
A subscription to FNArena (6 or 12 months) comes with an archive of Special Reports (20 since 2006); examples below.



Find out why FNArena subscribers like the service so much: “Your Feedback (Thank You)” – Warning this story contains unashamedly positive feedback on the service provided.
FNArena is proud about its track record and past achievements: Ten Years On
Click to view our Glossary of Financial Terms
CHARTS
For more info SHARE ANALYSIS: AGL - AGL ENERGY LIMITED
For more info SHARE ANALYSIS: AIA - AUCKLAND INTERNATIONAL AIRPORT LIMITED
For more info SHARE ANALYSIS: ALK - ALKANE RESOURCES LIMITED
For more info SHARE ANALYSIS: ALL - ARISTOCRAT LEISURE LIMITED
For more info SHARE ANALYSIS: ALQ - ALS LIMITED
For more info SHARE ANALYSIS: AMC - AMCOR PLC
For more info SHARE ANALYSIS: AMP - AMP LIMITED
For more info SHARE ANALYSIS: ANZ - ANZ GROUP HOLDINGS LIMITED
For more info SHARE ANALYSIS: ARB - ARB CORPORATION LIMITED
For more info SHARE ANALYSIS: ARF - ARENA REIT
For more info SHARE ANALYSIS: ASX - ASX LIMITED
For more info SHARE ANALYSIS: BHP - BHP GROUP LIMITED
For more info SHARE ANALYSIS: BLX - BEACON LIGHTING GROUP LIMITED
For more info SHARE ANALYSIS: BRE - BRAZILIAN RARE EARTHS LIMITED
For more info SHARE ANALYSIS: BRG - BREVILLE GROUP LIMITED
For more info SHARE ANALYSIS: BSL - BLUESCOPE STEEL LIMITED
For more info SHARE ANALYSIS: BXB - BRAMBLES LIMITED
For more info SHARE ANALYSIS: CAR - CAR GROUP LIMITED
For more info SHARE ANALYSIS: CAT - CATAPULT SPORTS LIMITED
For more info SHARE ANALYSIS: CBA - COMMONWEALTH BANK OF AUSTRALIA
For more info SHARE ANALYSIS: CCL - CUSCAL LIMITED
For more info SHARE ANALYSIS: CGS - COGSTATE LIMITED
For more info SHARE ANALYSIS: CHC - CHARTER HALL GROUP
For more info SHARE ANALYSIS: CIP - CENTURIA INDUSTRIAL REIT
For more info SHARE ANALYSIS: CKF - COLLINS FOODS LIMITED
For more info SHARE ANALYSIS: COL - COLES GROUP LIMITED
For more info SHARE ANALYSIS: CSC - CAPSTONE COPPER CORP.
For more info SHARE ANALYSIS: CSL - CSL LIMITED
For more info SHARE ANALYSIS: DBI - DALRYMPLE BAY INFRASTRUCTURE LIMITED
For more info SHARE ANALYSIS: DDR - DICKER DATA LIMITED
For more info SHARE ANALYSIS: DMP - DOMINO'S PIZZA ENTERPRISES LIMITED
For more info SHARE ANALYSIS: DOW - DOWNER EDI LIMITED
For more info SHARE ANALYSIS: DUG - DUG TECHNOLOGY LIMITED
For more info SHARE ANALYSIS: DUR - DURATEC LIMITED
For more info SHARE ANALYSIS: DXS - DEXUS
For more info SHARE ANALYSIS: EBR - EBR SYSTEMS INC
For more info SHARE ANALYSIS: EDV - ENDEAVOUR GROUP LIMITED
For more info SHARE ANALYSIS: ELD - ELDERS LIMITED
For more info SHARE ANALYSIS: EOL - ENERGY ONE LIMITED
For more info SHARE ANALYSIS: FLT - FLIGHT CENTRE TRAVEL GROUP LIMITED
For more info SHARE ANALYSIS: GDG - GENERATION DEVELOPMENT GROUP LIMITED
For more info SHARE ANALYSIS: GLF - GEMLIFE COMMUNITIES GROUP
For more info SHARE ANALYSIS: GMG - GOODMAN GROUP
For more info SHARE ANALYSIS: GPT - GPT GROUP
For more info SHARE ANALYSIS: HLO - HELLOWORLD TRAVEL LIMITED
For more info SHARE ANALYSIS: HSN - HANSEN TECHNOLOGIES LIMITED
For more info SHARE ANALYSIS: HVN - HARVEY NORMAN HOLDINGS LIMITED
For more info SHARE ANALYSIS: IEL - IDP EDUCATION LIMITED
For more info SHARE ANALYSIS: ILU - ILUKA RESOURCES LIMITED
For more info SHARE ANALYSIS: IMD - IMDEX LIMITED
For more info SHARE ANALYSIS: JBH - JB HI-FI LIMITED
For more info SHARE ANALYSIS: JDO - JUDO CAPITAL HOLDINGS LIMITED
For more info SHARE ANALYSIS: JHX - JAMES HARDIE INDUSTRIES PLC
For more info SHARE ANALYSIS: LAU - LINDSAY AUSTRALIA LIMITED
For more info SHARE ANALYSIS: LGI - LGI LIMITED
For more info SHARE ANALYSIS: LOV - LOVISA HOLDINGS LIMITED
For more info SHARE ANALYSIS: MAF - MA FINANCIAL GROUP LIMITED
For more info SHARE ANALYSIS: MP1 - MEGAPORT LIMITED
For more info SHARE ANALYSIS: MQG - MACQUARIE GROUP LIMITED
For more info SHARE ANALYSIS: NAB - NATIONAL AUSTRALIA BANK LIMITED
For more info SHARE ANALYSIS: NAN - NANOSONICS LIMITED
For more info SHARE ANALYSIS: NEM - NEWMONT CORPORATION REGISTERED
For more info SHARE ANALYSIS: NEU - NEUREN PHARMACEUTICALS LIMITED
For more info SHARE ANALYSIS: NXT - NEXTDC LIMITED
For more info SHARE ANALYSIS: ORI - ORICA LIMITED
For more info SHARE ANALYSIS: PEN - PENINSULA ENERGY LIMITED
For more info SHARE ANALYSIS: PLS - PLS GROUP LIMITED
For more info SHARE ANALYSIS: PME - PRO MEDICUS LIMITED
For more info SHARE ANALYSIS: PNI - PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED
For more info SHARE ANALYSIS: QOR - QORIA LIMITED
For more info SHARE ANALYSIS: QUB - QUBE HOLDINGS LIMITED
For more info SHARE ANALYSIS: REA - REA GROUP LIMITED
For more info SHARE ANALYSIS: REG - REGIS HEALTHCARE LIMITED
For more info SHARE ANALYSIS: REH - REECE LIMITED
For more info SHARE ANALYSIS: RGN - REGION GROUP
For more info SHARE ANALYSIS: RHC - RAMSAY HEALTH CARE LIMITED
For more info SHARE ANALYSIS: RIO - RIO TINTO LIMITED
For more info SHARE ANALYSIS: RMD - RESMED INC
For more info SHARE ANALYSIS: RMS - RAMELIUS RESOURCES LIMITED
For more info SHARE ANALYSIS: RWC - RELIANCE WORLDWIDE CORP. LIMITED
For more info SHARE ANALYSIS: S32 - SOUTH32 LIMITED
For more info SHARE ANALYSIS: SCG - SCENTRE GROUP
For more info SHARE ANALYSIS: SDR - SITEMINDER LIMITED
For more info SHARE ANALYSIS: SEK - SEEK LIMITED
For more info SHARE ANALYSIS: SGP - STOCKLAND
For more info SHARE ANALYSIS: SHA - SHAPE AUSTRALIA CORPORATION LIMITED
For more info SHARE ANALYSIS: SIG - SIGMA HEALTHCARE LIMITED
For more info SHARE ANALYSIS: SLC - SUPERLOOP LIMITED
For more info SHARE ANALYSIS: SPK - SPARK NEW ZEALAND LIMITED
For more info SHARE ANALYSIS: SSM - SERVICE STREAM LIMITED
For more info SHARE ANALYSIS: STO - SANTOS LIMITED
For more info SHARE ANALYSIS: SUN - SUNCORP GROUP LIMITED
For more info SHARE ANALYSIS: TCL - TRANSURBAN GROUP LIMITED
For more info SHARE ANALYSIS: TLC - LOTTERY CORPORATION LIMITED
For more info SHARE ANALYSIS: TLS - TELSTRA GROUP LIMITED
For more info SHARE ANALYSIS: TLX - TELIX PHARMACEUTICALS LIMITED
For more info SHARE ANALYSIS: TNE - TECHNOLOGY ONE LIMITED
For more info SHARE ANALYSIS: TPG - TPG TELECOM LIMITED
For more info SHARE ANALYSIS: TPW - TEMPLE & WEBSTER GROUP LIMITED
For more info SHARE ANALYSIS: TUA - TUAS LIMITED
For more info SHARE ANALYSIS: TYR - TYRO PAYMENTS LIMITED
For more info SHARE ANALYSIS: UNI - UNIVERSAL STORE HOLDINGS LIMITED
For more info SHARE ANALYSIS: VCX - VICINITY CENTRES
For more info SHARE ANALYSIS: VNT - VENTIA SERVICES GROUP LIMITED
For more info SHARE ANALYSIS: WBC - WESTPAC BANKING CORPORATION
For more info SHARE ANALYSIS: WDS - WOODSIDE ENERGY GROUP LIMITED
For more info SHARE ANALYSIS: WEB - WEB TRAVEL GROUP LIMITED
For more info SHARE ANALYSIS: WES - WESFARMERS LIMITED
For more info SHARE ANALYSIS: WOW - WOOLWORTHS GROUP LIMITED
For more info SHARE ANALYSIS: WTC - WISETECH GLOBAL LIMITED
For more info SHARE ANALYSIS: XRO - XERO LIMITED
For more info SHARE ANALYSIS: ZIP - ZIP CO LIMITED

