Research notes

GDF is selling its industrial real estate portfolio, with the transaction close to book value at a time when GDF is trading at a 38% discount to NTA ($1.65/sh pre-transaction). The trade-off is earnings quality. Income moves from low yielding leased industrial property to high returning loans with high borrower concentration and exposure to early-stage and construction lending. To this end, we would draw a comparison with QRI and MXT, which trade at a P/NTA discount of 10% and 14%. >Trading at a significant discount to NTA (half of which is cash backed), and on a distribution yield (excl special distributions) of c.11%, GDF represents value. However, investors will be subject to a 41.7cps gross capital gain (20.8cps after AMIT 50% discount attribution to individuals). The residual business relatively concentrated across cash plus 16 commercial real estate loans to eight borrowers. We rate GDF an ACCUMULATE, with a $1.25/sh price target.

WOW delivered a solid 1Q27 sales trading update. >The performance of the Australian Food division was a key highlight with solid momentum continuing in Australian B2B. >Sales growth in NZ Food moderated toward the end of the quarter due to increased competition and softer consumer sentiment, while BIG W was impacted by weaker discretionary retail conditions. >We adjust FY27/FY28/FY29F group underlying EBIT by +1%/+1%/+1%. Our target price rises modestly to $43.55 (from $43.50). >In our view, while trading conditions remain challenging in NZ Food and BIG W, the core Australian Food business (~88% of group EBIT) continues to perform well, supported by improved execution and sustained sales growth ahead of the market. While we expect this momentum to continue, WOW is now trading on 28x FY27F PE with a yield of 2.7%. As a result, we see limited upside from current levels, with the valuation largely reflecting the growth outlook. We downgrade our rating to HOLD from ACCUMULATE.

Airtasker’s (ART) 1Q27 trading update was solid, driven largely by Australian GMV growth of ~21% on the pcp to A$57.3m. Group revenue of A$14m rose ~16% ex-Oneflare (+1.4% including Oneflare, retired in 4Q26), paid memberships passed 25k (was 10k at Jun-26) and FY27 guidance was reaffirmed. >We make no changes to our forecasts. Our price target is unchanged at A$0.47 and we retain our BUY recommendation.

RMS has released its 1Q27 quarterly report: 48.8koz at an AISC of A$2,656/oz, with cash and gold up A$118m QoQ to A$768m and underlying FCF of A$62m. >Production was impacted by wet weather interrupting haulage from Penny, deferring higher-grade ore into 2Q27. Never Never grade was lower but in line with RMS's mine sequencing, with tonnes and grade the key watch point as the year progresses. FY27 guidance was reaffirmed. >We maintain our BUY rating with a price target of A$5.18ps (previously A$5.02ps).

1Q27 production and costs beat expectations, but a 15kt shipment delayed into October and weaker pricing led to a -12%/-6% revenue miss vs MorgansF/consensus. >FY27 production and cost guidance are unchanged, while capex guidance has been revised to A$1,130-1,195m to include P2000, enhancing infrastructure and the newly announced Fortescue PPA, which is expected to lower P2000 unit costs by a further ~A$15-20/t. >Maintain ACCUMULATE with A$3.60ps target price (previously A$3.70ps).

Freeport-McMoRan (FCX) is an American based miner that is heavily focused on copper mining and produces gold and molybdenum as by-products to its copper production. FCX owns significant interests in three out of seven of the largest copper mines in the world by-production, the Grasberg Minerals district in Indonesia, the Morenci mine in Arizona, and the Cerro Verde mine in Peru. Indonesia is the largest source of FCX’s revenue. The Grasberg district in Indonesia is the second largest copper mine in the world and the largest gold mine, despite gold being produced as a by-product. Additionally, it is one of the lowest cost mines in the world due to the high grades of copper and gold produced. FCX operates seven open pit copper mines in North America and two copper mines in South America.

LVMH Moët Hennessy Louis Vuitton SE is a multinational luxury group conglomerate based in Paris, France. It operates five business segments: Wines and Spirits; Fashion and Leather Goods; Perfume and Cosmetics; Watches & Jewelry; and Selective Retailing. Its 75 brands include Dom Pérignon, Moët & Chandon, Veuve Clicquot, Hennessy, Louis Vuitton, Christian Dior, Givenchy, Acqua di Parma, Tiffany & Co, TAG Heuer, Bulgari, DFS, and Sephora. LVMH operates around 6,300 stores worldwide. LVMH was formed by Bernard Arnault, Alain Chevalier and Henry Racamier in 1987 from the merger of Louis Vuitton and Moët Hennessy. Louis Vuitton itself was founded as a manufacturer of luggage in 1854. Moët Hennessy was formed in 1971 through the merger of the champagne house Moët & Chandon (founded 1743) and the cognac producer Hennessy (founded 1765). Some of LVMH’s more recent major acquisitions include Tiffany & Co. in 2020, Rimowa in 2016 and Loro Piana in 2013.

Space Exploration Technologies Corp. (SpaceX) designs, manufactures, and launches rockets and spacecraft, operates a global satellite broadband network through its Starlink service, and following the February 2026 acquisition of xAI, develops artificial intelligence products including the Grok model and associated computing infrastructure. Founded in 2002 by Elon Musk, SpaceX's stated mission is to reduce the cost of space transportation and ultimately make humanity multi planetary. Its customers span commercial satellite operators, government and defence agencies, and individual consumers and enterprises subscribing to Starlink broadband across more than 160 countries.

ASML is the world’s leading supplier of advanced lithography systems used in the manufacturing of semiconductors, with a dominant position in deep ultraviolet (DUV) and an effective monopoly in extreme ultraviolet (EUV) technology. The company’s systems are critical to the production of sophisticated microchips. ASML’s product portfolio includes High-NA EUV and Low-NA EUV lithography systems, ArF immersion, KrF and i-line DUV systems for both advanced and mature nodes, advanced packaging lithography, and metrology, inspection, and computational lithography solutions that optimise yield and productivity. Its customers are global semiconductor foundries, logic and memory manufacturers (e.g., TSMC/Samsung/Intel), supported by long-term relationships, high switching costs and a growing installed base that underpins recurring service revenue. Headquartered in Veldhoven, Netherlands, ASML was founded in 1984 and is listed on Euronext Amsterdam and NASDAQ.

Meta Platforms, Inc. (formerly known as Facebook, Inc.) is a leading global technology platform business headquartered in Menlo Park, California, US. Co-founded in 2004 by Mark Zuckerberg, Meta's mission is to connect people and build community through its innovative technology portfolio and social networking platforms.