Rudi Filapek-Vandyck

RBC Capital on ResMed $RMD: "RMD delivered a strong 1Q27 which beat on revenues and gross margins. "While this result did benefit from the delayed phasing of supply chain investments and elevated RoW device sales that will roll-off in the 2H, we like the company's growth being achieved in the Americas, the range of growth initiatives which appear to be bringing more patients into the OSA funnel, and the company's continued gross margin expansion. "We have increased our forecasts which has lifted our PT to $288/share (from $262) and maintain an Outperform rating." #stockinfocus #ASX #investing

RBC Capital on Coles Group $COL : "A disappointing update - we think the market will focus on 1) likely market share losses in Supermarkets with COL reporting +2.7% comp sales growth vs RBCe +3.2%, and further moderation in October compared to 1Q27 (current RBCe 2Q27 forecast is for a step-up to +4.3% comp sales growth for Supermarkets), 2) -6% 1H27 implied EBIT downgrade to RBCe and consensus for Supermarkets, with COL effectively guiding to flat y-y EBIT growth." #stockinfocus #ASX #investing

RBC Capital on ResMed $RMD: "RMD has delivered a strong result that has beat RBCe and consensus across all key line items. "The company has delivered strong revenue performance across all categories. "Non-GAAP gross margin expanded by 20bps sequentially, which beat management’s guidance for gross margins to compress. "FY27 guidance has been retained. The one area of weakness was FCF which declined 10% YoY. "However we expect the market to like the good revenue growth and gross margin expansion." #stockinfocus #ASX #investing

Rudi's View: High Conviction ASX Opportunities fnarena.com/2026/10/29/rudis… #ASX #stocksinfocus #investing @FNArena

Canaccord Genuity on SiteMinder $SDR: "We are upgrading SDR to BUY and lifting our price target to $4.10. "It has been a difficult CYTD for shareholders, with AI-driven uncertainty around SaaS business models compounded by higher interest rates and waning investor appetite for growth stocks. "We think the dynamic is beginning to turn. SDR's valuation has re-based, interest rate expectations appear closer to a peak than not, and importantly SDR continues to execute, with underlying growth on track and DR+ scaling. "The valuation sentiment around the stock is also likely to change, in our view. SDR has historically been valued on revenue and EBITDA multiples, but as profitability builds, we expect P/E to become increasingly relevant as expectations increasingly roll towards FY28E. "On our model, by FY28E, our forecasts have SDR generating sufficient NPAT that, if management delivers against its medium-term growth and EBITDA ambitions, suddenly SDR's P/E (at spot valuation of $2.87) begins to rapidly compress to ~25x FY28E and then ~15x in FY29E. "We may be early in rekindling the optimism, but the combination of continued execution, fading external headwinds and a depressed starting valuation creates an attractive risk/reward in our view." #ASX #stockinfocus #investing

From today's Australian Broker Call Report @FNArena : They have certainly taken their time, but analysts at Citi today cut their target for NextDC to $12.75 from $21.15, reflecting delayed M3 billing, higher funding costs and the removal of future projects from forecasts. The broker considers the share price reaction to the disappointing market update as excessive, with NextDC shares trading around -20% below estimated replacement value. Citi expects NextDC to remain comfortably within financial covenants, supported by contracted EBITDA and flexibility over capital spending. A potential S4 joint venture could strengthen the balance sheet, albeit at the expense of some project returns. The broker assumes affected M3 capacity begins billing from the second half of FY28. Customer compensation, contract termination and further power or approval delays remain risks. Clarity on M3 penalties, power delivery timelines and potential S4 capital recycling are nominated as key catalysts. #stockinfocus $NXT #ASX #investing

From today's Australian Broker Call Report @FNArena : First response: Citi maintains a Neutral rating and $8.10 target for IGO, balancing record Greenbushes production against ongoing concerns over cash distributions from Tianqi Lithium Energy Australia (TLEA). September quarter recurring EBITDA of $144m exceeded the broker's forecast by 20%. Greenbushes produced 435kt, 15% above consensus, as its third processing plant reached nameplate capacity. Costs fell -7% quarter-on-quarter to $418/t. The report does highlight Kwinana's EBITDA loss of -$65.4m was worse than expected, with production around half consensus and conversion costs remaining well above guidance. TLEA received $546m from Windfield over two quarters without distributing cash to IGO, highlighting Citi's concern that Kwinana is absorbing Greenbushes distributions. Nova's imminent mining closure removes another cash source. The December quarter TLEA distribution decision and Strategic Options Review valuation are key catalysts. $IGO #ASX #stockinfocus #lithium #investing

RBC Capital on Integral Diagnostics $IDX : "IDX has provided a disappointing trading update with lower-than-expected 1Q revenue growth in the Australian and New Zealand businesses, staff shortages impacting revenue growth, higher costs leading to a downgrade in FY27 EBITDA margin, and a reclassification of costs that were previously taken below the line. "The mid-point of the company's FY27 revenue and EBITDA margin guidance ranges implies a ~7% downgrade to consensus earnings." #stockinfocus #ASX #investing

Citi on Wesfarmers $WES: "Wesfarmers' AGM trading update indicates that Bunnings has seen deteriorating sales trends since August. "Sales are tracking below 2H26e (2.4%) on weaker seasonal and commercial sales in recent weeks. This is despite sales growth tracking ahead of 2H26e in the August trading update and compares to 1H27e VA consensus sales growth of 3.8%. "We continue to view material downside earnings risk to Bunnings, with Citi currently forecasting 0.7% EBIT growth in FY27e vs VA consensus at 4.1%. "Meanwhile, sales growth in both Kmart and Officeworks is tracking broadly in-line with 2H26 (2.3% and 2.8% respectively). "Kmart has guided to $30-40 million of implementation and dual running costs for its new DC (previously flagged but not quantified).  We expect the stock likely to trade lower today." #stockinfocus #ASX #investing

RBC Capital on Super Retail $SUL: "LFL sales trends appear weak across the board with all segments having deteriorated since the first 7 weeks update. "We roughly estimate (based on intra-period interpolation) that group LFL sales has deteriorated from +1.5% growth in the first 7 weeks in the quarter to -1.3% decline in weeks 8 to 13. "We anticipate downward revisions to consensus sales forecasts based on current trading momentum." #Stockinfocus #ASX #investing

RBC Capital on JB Hi-Fi $JBH: "JBH AU (~75% of group EBIT) missed us on comp sales in Q1 by -40bps. Other segments performed better however with NZ and TGG beating us by 1.2% and 0.8% respectively. "While the update for JBH AU is soft and tracking below cons 1H27 estimates, product release cycles in 2Q (albeit against a 13.8% 2-year comp sales stack), a ~stronger showing for TGG and NZ and low market expectations heading into today's update may provide a buffer. "We also however note management commentary "in October, the Group has seen sales slow ahead of the important Black Friday and Christmas trading periods." suggesting a deterioration after today's update." #stockinfocus #ASX #investing

CommBank: "We now expect the RBA to hike in November to 4.85%. "After a dovish press conference post the September hike, recent RBA communications have corrected that message and turned hawkish, focussing on upside risks to inflation from offshore and from concerns around domestic capacity pressure. "Inflation in the September quarter printed in line with expectations but overall remains too high. "There remains a risk of further rate hikes due to structural forces though this will wane if there are clearer signs of a slowing economy from here as we expect. "Further tightening after November will very much depend on the progression of the Australian economy, the Middle East conflict and inflation data. "As we have noted there is an ongoing duel between cyclical factors and structural factors. "Weak productivity in Australia is an ongoing challenge that is constraining Australia’s speed limit together with the global capex cycle adding to demand. "These structural forces will keep the RBA on edge as we enter 2027." #ausecon #investing #ASX #bonds

Weekly Insights this week @FNArena fnarena.com/2026/10/28/rudis… #investing #ASX

Honest question: does anyone have any tips for a decent restaurant in Melbourne, not over-priced? All suggestions welcome and appreciated.

Citi on SiteMinder $SDR: "While we do not expect material earnings changes from consensus, the key positive from Siteminder's AGM presentation is the change in wording for medium-term growth aspirations to mid-20% ARR growth vs. previous aspiration of "in the 20s", noting that VA consensus has 16% revenue CAGR through to FY30e (we are more conservative at 15%). "FY27e ARR growth is also expected to be mid-20%, which requires an acceleration from the low 20%s currently and depends on DR+ monetisation (conversion seems to be tracking better). "We do see some upside to near-term EBITDA margins (FY28e more so than FY27e) given Siteminder is accelerating efficiency improvements in 1H27e. "We forecast FY27e EBITDA of $49 million, which is slightly below consensus at $50 million (though we expect some one-off costs for the efficiency program)." #stockinfocus #ASX #investing

"Unfortunately there is a phishing campaign underway affecting accommodation guests at ALH Hotels as well as other accommodation providers. "We ask that you read the details below to ensure you understand the situation and take preventative steps to protect yourself from the risk of this phishing campaign. "RMS, a third-party booking software provider used by ALH Hotels' Nightcap and Nightelier Accommodation, is investigating a cyber security incident involving potential unauthorised access and use of guest data, which may include guest reservation details. "RMS has confirmed that no credit card or payment details were accessed by the unauthorised third party." $EDV #ASX

RBC Capital on Orica $ORI: "While the business continues to perform strongly (higher commodity prices incentivising increased production and shift to higher margin products and services), we remain cautious heading into the FY26 result given the continuation of the North American AN supply outages and inflationary cost pressures. "We also expect the company's FY27 outlook commentary to include references to a heavy plant turnaround year, impacting pre-tax earnings by ~$70m. "We retain our Outperform rating with 17% implied upside and with the stock trading on an FY27e EV/EBITDA of 8.0x and a P/E multiple of 17.6x." #stockinfocus #ASX #investing