Toby Grimmmm BUY

Baker Young ng

CSL (CSL)

With CSL on track to hit

2022 targets despite challenging conditions, we see current weakness as a longterm opportunity.

Westpac (WBC)

Its shares have lagged their peers over the past year and offer relative value in a rising interest rate environment.

HOLD Mineral Resources (MIN)

The company’s recent update highlights its flexibility and potential to unlock lithium value for shareholders while maintaining high-quality iron ore and services businesses.

Newcrest Mining (NCM)

Given considerable geopolitical and economic uncertainty, and amid positive price signals from both gold and Newcrest shares, further upside potential exists.

SELL Worley (WOR)

Elevated energy prices are supportive and the ESG runway is impressive. However, we think recent share price gains underestimate operational risks and a soft capital expenditure outlook.

Transurban Group (TCL)

Inflation-linked tolls and the removal of pandemic restrictions are positives behind the recent rally, but high petrol prices, elevated costs and rising interest rates are headwinds.