Australia’s earnings season winners emerge
Спикеры
Elfreda Jonker
— Инвестиционный специалист, Alphinity Investment Management
Elfreda Jonker of Alphinity Investment Management discusses Australia's earnings season, arguing results are underwhelming excluding commodities and that dispersion is high. She is positive on BHP and copper, Goodman Group, Ventia Services and AMP, while reducing Australian bank exposure amid consumer weakness. She also sees Australia's data-centre buildout as one way to access AI investment.
- Australian earnings are in line but ex-commodities growth is only about 5% versus a 10% average.
- BHP is a top conviction on copper leverage, balance-sheet strength, management and capital returns.
- Australian big banks face earnings downgrades from softer consumers and falling housing prices.
- She prefers non-bank financials such as Macquarie and AMP as self-help or relative-value stories.
- Goodman Group is liked for data-centre buildout as an Australian AI beneficiary.
- Ventia Services is liked for defense exposure, an AI overlay and cost management.
- Australian consumer sentiment remains cautious due to housing wealth decline.
Идеи
Copper leverage, capital returns support BHP
BHP is a top conviction position and has been increased because more than 50% of its result is now copper. Copper is geared to structural trends including AI buildout, electrification and renewables. BHP also offers balance-sheet strength, quality management, and recently announced higher dividends and buybacks.
Reduce Australian banks on consumer weakness
Australian banks are seeing earnings downgrades because the consumer is softer, with higher interest rates, falling housing prices and weak confidence hurting mortgages. She has been reducing exposure to the sector and prefers other financials instead.
Prefer Macquarie over Australian banks
Within financials, she prefers non-bank financials such as Macquarie, which are starting to look much better than they have over the last few years as the big banks face earnings downgrades.
Goodman benefits from data centre buildout
Goodman Group is a good long-term growth option because it is one of the larger listed companies building out data centres, and she likes investing in different stages of the AI ecosystem.
Defense, AI overlay support Ventia Services
She likes Ventia Services across industrials as a servicing business exposed to multiple sectors but tilting back to defense, which has structural global spending support and higher margins, plus an AI overlay, strong cost management and capital management.
AMP self-help, platform flows improving
AMP has come through years of earnings downgrades, reset its cost base, expanded its platform business, and is seeing benefits from technology investment and North platform flows, plus good offshore exposure in China, reasonable valuation and capital management.
Далее
This Bloomberg Markets video, published August 25, 2026, features Elfreda Jonker discussing COPPER, BHP, Australian banks, MQG.AX, GMG.AX, Ventia Services, AMP. 6 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Elfreda Jonker · Tickers: COPPER, BHP, Australian banks, MQG.AX, GMG.AX, Ventia Services, AMP